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Blackstone Buys 915,000-SF Sweden Office Portfolio

STOCKHOLM-Skanska Project Development Sweden sells four properties here to the New York-based investment advisor for US$155.6 million.

By Brian K. Miller | Updated on April 22, 2005

STOCKHOLM-Skanska Project Development Sweden has sold a four-building, 915,000-sf office portfolio in and around Stockholm for SK$1.1 billion (US$155.6 million). The buyer was the American investment bank the Blackstone Group of New York.The properties are Apelsinen 5 in Solna; Sprängaren 8 in Sundbyberg; Skalholt 1 in Kista, and; Dykaren 10 in Stockholm The first three properties were built by Skanska in the 70′s and 80′s. The other was acquired by Skanska in 1999 and then fully renovated.A Blackstone representative was unavailable Friday morning for comment. Skanska says it cleared SK$550 million on the transaction (US$71.2 million). 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 geographic emphasis is on Stockholm, Gothenburg and the Öresund region.

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