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HDG Mansur sells Blafjall 1 in Kista, Stockholm to Morely
3 Oct, 2007, Stockholm
The HSBC Amanah Global Properties Income Fund, a fund managed by HDG Mansur Investment Services, Inc. (“HDG Mansur”), has completed the sale of a Blåfjäll 1 in Kista, Stockholm to Morley’s European Property Fund at a price in excess of 750,000,000 SEK (ca. €80m). The prime office property is fully let to Ericsson.
Philip Churchill, Head of Investment Management, Europe commented that: “Since purchasing this asset over two and a half years ago office yields in Stockholm have sharpened and this transaction represents another example of the fund’s ability to execute its strategy by moving its geographic exposure to take advantage of evolving market conditions”.
Magnus Lange, partner in charge of Cushman & Wakefield’s Swedish office comments: "This transaction shows the continued attraction of Stockholm and the Kista office market to international investors. The building is recognised as one of the most modern and efficient in the area and the rental outlook looks very positive given the improving market fundamentals"
Julian Taylor, Fund Manager, of Morley’s European Property Fund commented that “This represents the European Property Fund’s eighth acquisition since March and Sweden is the fifth country in which we are now invested. The transaction completed in three weeks since agreeing Heads of Terms which illustrates our ability to source and close deals efficiently on behalf of investors in this innovative pan-European Fund”HDG Mansur was advised jointly by Cushman & Wakefield’s Swedish office and the London based cross-border team. Morley’s European Property Fund was advised by Knight Frank’s European Investment Team.
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