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Atrium Ljungberg acquires property worth a billion in Liljeholmen in Stockholm

Today Atrium Ljungberg signed an agreement to acquire the property Point Liljeholmen in Stockholm - an office building of approximately 40,000 m2. In line with its strategy, Atrium Ljungberg is thereby increasing its office property portfolio and becoming a significantly larger player in a strong subsidiary market. 

Point Liljeholmen is a leasehold property (Stora Katrineberg 16) strategically located in Liljeholmshamnen next to Marievik's office area and Liljeholmen's Galleria. The property comprises several connected buildings, with a total letting area of approximately 40,000 m2, as well as an underground garage.

The property is almost fully let to roughly thirty well-reputed companies, of which Grontmij, Roche, Stockholm County Council, Boehringer Ingelheim and VIA Egencia are the five largest office tenants.

The acquisition will take place through a company transaction with an underlying property value of SEK 1.1 billion. The asset is being sold out of a pan European fund jointly managed by LaSalle Investment Management and Aviva Investors and the asset was locally managed by Genesta. The date of possession will be 2 February 2015.

The property has an excellent location close to the city and is situated in a beautiful area by the water. Services are in close proximity, as well as good transport links within a few minutes walking distance and easy access to E4/E20. It will provide a stable operating surplus with good opportunities for rental growth and thereby contribute to our overall growth objective of increasing the operating surplus by ten per cent per year,” comments Micael Averborg, Business Area Director, Transaction and Markets, Atrium Ljungberg.

Liljeholmen and Marievik are an established office cluster where market-leading companies such as Ahlsell, Cisco, Bombardier, UC, H&M, Lantmäteriet (the Swedish mapping, cadastral and land registration authority) and Pernod Ricard have offices. In accordance with the City of Stockholm's vision of allowing the city centre to expand southwards, there are plans to further develop and concentrate the area with attractive residential properties and services to strengthen the link with Södermalm.

Our strategy is to own larger connected property portfolios in which we can have our own customer-orientated property management. This property supplements our existing properties on Södermalm and connects the portfolio in a good manner. The City's plans for the area are completely in line with our way of working to develop urban environments with a blend of different businesses,” concludes Micael Averborg.
 

Nacka, 18 December 2014
Atrium Ljungberg AB (publ)

Press release 18-12-2014

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