M&G acquires Stockholm office for €230m

M&G Real Estate has acquired the leasehold of Blekholmen 1, an office project in central Stockholm, for €230 million ($244 million) from NIAM.The acquisition was made on behalf of M&G Real Estate’s core European property strategy.

The deal marks M&G Real Estate’s largest single continental European acquisition, surpassing the €208 million ($221 million) acquisition of Market Central Da Vinci in Rome, a joint venture with GWM Group in September 2016.

Located next to Stockholm’s Central Station, the 365,000-square-foot Blekholmen 1 is leased to 30 tenants and recently has undergone significant refurbishment.

Including this latest acquisition, M&G Real Estate’s European core property strategy has deployed more than €1 billion ($1.1 billion) of capital since March 2015, with