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Jones Lang LaSalle advises Vasakronan on Sweden’s largest ever single real estate asset transaction

Blåmannen 20 city block acquired for Euro 483 million

London & Stockholm, 22nd December 2010 -  Vasakronan, a property company owned by the four Swedish government pension funds, has acquired the entire Blåmannen 20 city block in Stockholm, also known as “Klara Zenit”, for SEK 4.35 billion (Euro 483 million) from HausInvest, the German open-ended property fund managed by Commerz Real.  Jones Lang LaSalle advised Vasakronan on the acquisition of Blåmannen 20 which is the largest single asset real estate investment to ever complete in Sweden.
Blåmannen 20, located in the heart of Stockholm’s Central Business District, consists of three attached buildings, renovated and rebuilt between 2000–2003 providing approximately 70,000 sq m of high quality office and high street retail accommodation. Tenants include well known brands such as Clas Ohlson, H&M and Oriflame.
Daniel Gorosch, Head of Capital Markets and Leasing at Jones Lang LaSalle in Sweden, said: “Blåmannen 20 is a prime core asset with a strong tenant mix of retail and office occupiers and we are proud to have advised on the largest single property transaction on the Swedish market to date and to do business with two of Europe’s major real estate investors – Vasakronan and Commerz Real.”

Daniel added: “This deal is also an excellent example of how Jones Lang LaSalle’s widespread expertise and service offer can create additional value for our clients. Jones Lang LaSalle has managed the property since it was acquired by Commerz Real in 2003, and since then has been actively involved in several important lettings, including those recently in 2010 to Clas Ohlson and Intersport.”

The deal commenced in September 2010 and closed on 21st December 2010.