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Kungsleden buys Swedish office asset for 1B kronor

Stockholm-based real estate developer Kungsleden AB acquired the STUDIO property in Malmo, Sweden, from Skanska for 1 billion Swedish kronor.

The 14-story property spans roughly 18,250 square meters of rentable space, featuring offices and a hotel, as well as public and social spaces. The development, which was completed in 2017, will be transferred in May. Tenants include Story Hotel, EY, United Spaces, Scan Coin and Altitude Meetings.

Leases at the property average nearly seven years and the rental value totals approximately 60 million kronor, according to a release.

As of March 12, US$1 was equivalent to 8.25 Swedish kronor.