Skanska Selling 120,555-SF Office Property

MALMO, SWEDEN-A unit of the publicly traded Stockholm-based real estate company Skanska is selling a 120,555-sf office building here to a fund managed by Deutsche Bank Group for $47.4 million (SEK $354 million). The property, S:t Jorgen 21, is “virtually fully leased,” according to Skanska.The buyer is the open-ended funds grundbesitz-global managed by DB Real Estate Investment GmbH. The seller is officially Skanska Projektutveckling Sverige AB. Nils Olof Nilsson, president of Skanska Oresund, says Skanska is selling the asset in order to invest in new projects. S:t Jorgen 21, better known as Baltzar City, is a two-year-old office property with ground-floor retail shops located in the center of Malmo. The scheduled closing date for the sale is Aug. 31. Skanska’s gain on the sale will be $7.2 million (SEK $54 million).Malmö is the commercial center of southern Sweden. A truly international city, Malmö boasts 265,000 residents who speak some 100 languages and belong to 164 different nationalities. The strongest sectors in Malmö are logistics, retail and wholesale trade, construction and property. Skanska Project Development Sweden focuses primarily on the initiation, development, management and sale of commercial property projects (offices, logistics and volume retail centers). The main emphasis is on Stockholm, Gothenburg and the Oresund region.