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Allianz Real Estate buys Swedish office asset for €175M

Allianz Real Estate bought the Gangaren 11 office complex in Stockholm for about €175 million from local developer AMF Fastigheter AB.

The 30,000-square-meter property in the West Kungsholmen district was built in 2009 and is fully leased to financial services company Skandia AB, according to a release.

The purchase, made on behalf of the Allianz group, is the company's first equity acquisition in Sweden in six years. Allianz Real Estate made its first debt investment in the country in 2016, by providing a 690 million-kronor refinancing for the Bergvik shopping center in Karlstad.

Areim, Vinge, CMS, PwC, Drees & Sommer and EY advised Allianz on the acquisition.