CBRE Global Investors, on behalf of its clients, announces the acquisition of an iconic office property, Tobaksmonopolet 2, Södermalm in Stockholm. The asset was sold by Aberdeen.
Tobaksmonopolet 2 is a well-known, historic landmark property located on the inner-city island of Södermalm in Stockholm. The asset benefits from excellent access to public transport with overground, Metro and bus connections all within close proximity. The building has a total lettable area of approximately 17,500 sq m and is let to internationally recognized occupiers including H&M, Weekday, Swedish Match and NEPA.
The building was constructed between 1917 and 1922 serving as the head office for the Swedish Tobacco Monopoly (today known as Swedish Match). Tobacco production was discontinued in the building in 1965. Today the property offers refurbished office space attractive to modern occupiers.
John Mulqueen, Head of Transactions EMEA, CBRE Global Investors said: “The Nordic region is a key market for our business and our local team were successful in acquiring quality assets on behalf of our funds during 2016. We have a significant amount of capital to invest in the region this year.”
Andreas Norberg, Managing Director and Head of Transactions Nordics, CBRE Global Investors added: “This asset will provide our investors with exposure to a unique property in a strong and stable office market in Stockholm. Södermalm is very attractive to office tenants, and we are very positive about the long term outlook for this location.
During the past year we acquired Jägersro Center in Malmö and HH1 in Oslo. The acquisition of Tobaksmonopolet 2 compliments our recent acquisitions further strengthening our Nordic portfolio. We look forward to acquiring more quality assets in the region for our clients in 2017.”
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.6 billion in assets under management* as of December 31, 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers