Mengus Divests the Copper Building to Folksam
Sweden Mengus’s second fund Mengus 2011 divests the office property Duvan 6, also known as the Copper Building, in central Stockholm.
The property on Klara Södra Kyrkogata was purchased by Mengus in August 2014 when all leases were up. Since then Mengus has upgraded and refined copper Building, renegotiated the ground rent, extended the existing leases and in addition signed new deals with new tenants. Today the Copper Building has an occupancy rate of approximately 99 percent and the largest tenant is Jag, Småa and Svenska Kyrkan.
“We are very happy to have carried through our business plan and reached our goal in regards to development and leasing. Copper Building is Mengus 2011’s first divestment this year,” says Per Niklasson, Managing Partner at Mengus.
The transaction was carrie through as an annual sale. Cushman & Wakefield and Mannheimer Swartling were Mengus’s financial and legal advisors in the transaction.
“It is gratifying that we get the chance to acquire this office property in the most central parts of Stockholm, where the demand of offices is very high and still increasing. The location must be one of the best for offices in Sweden,” says Lars Johnsson, Manager of Folksamgruppens Property Activities.
The property is certified according to the environmental certification system Breeam In-Use.
The purchase price is not public.