07 Aug 2007
LaSalle Investment Management (“LaSalle”) today announced it has sold Kungshuset, a prime office building in Stockholm, for SEK 1.13 billion (€123 million), on behalf of LaSalle Euro Growth Fund II.
An affiliate of GIC Real Estate, the property investment arm of the Government of Singapore Investment Corporation, has purchased the property which has a lettable area of 17,211 square meters, including offices, retail and a cinema.
Kungshuset is multi-tenanted with an average lease length of 6.5 years. LaSalle Euro Growth Fund II recently completed a full renovation of the upper floor office space, which it leased from 1 August 2007 to Norwegian bank DnB Nor for seven years.
LaSalle was advised on the sale by Jones Lang LaSalle and also worked with local asset manager Genesta Property Nordic AB, who had originally introduced the investment opportunity to LaSalle and managed the asset since acquisition in 2004.
LaSalle Euro Growth Fund II
LaSalle Euro Growth Fund II is a value-add Fund which was launched in 2001. The Fund invests in multiple property types across the Euro Zone.
About LaSalle Investment Management
LaSalle Investment Management, Inc., a member of the Jones Lang LaSalle group (NYSE: JLL), is a leading global real estate investment manager, with approximately $45 billion of assets under management. LaSalle Investment Management is active across a range of real estate capital and operating markets including private and public, debt and equity. LaSalle Investment Management is authorised and regulated for investment business in the UK by the Financial Services Authority.
About GIC Real Estate Pte Ltd
GIC Real Estate is the real estate investment arm of the Government of Singapore Investment Corporation. GIC Real Estate manages a multi-billion dollar portfolio of direct and indirect property investments with over 200 investments in more than 30 countries. It is one of the largest institutional investors in Asia and currently ranks amongst the world’s top 10 global real estate investment firms.