The total acquisition price, including a larger investment programme, amounts to approximately MSEK 400 with an expected stabilised yield of approximately 7 percent.

"We are pleased to have made our first acquisition in Sweden in a long time. The hotel property has a strong location from both a leisure and business perspective with great development potential. We look forward to creating a modern and inspirational hotel product together with a new tenant, and increase the value of the hotel property”, says Liia Nõu, CEO of Pandox.

During 2023 the hotel will be operated under a fixed lease with the current operator, after which it will be renovated and reopened during the second quarter 2024 with a new concept. A new lease agreement with a new operator will then come into force. The hotel will be reported under the business segment Property Management and initially be financed by liquid funds and existing credit facilities.

Stockholm is the capital of Sweden and the largest city in the Nordics with more than 1.6 million inhabitants in the greater metropolitan area. Stockholm is an attractive tourist and business destination with beautiful surroundings, a rich cultural life and a strong private sector, particularly within the services industry.