GE Buys Swedish Office Tower

GE Commercial Finance Real Estate has bought the leasehold to Göta Ark, an office building located in downtown Stockholm. The purchase price amounts to roughly $57 million (U.S.). Approximately 28% of the property is leased to the Local Authority of Stockholm. This is the second office property that GE Commercial Finance Real Estate has acquired in Stockholm since last summer.

"The acquisition of Göta Ark and the asset in Kungsholmen represent an important strategic step for GE," says Lennart Sten, managing director of GE Commercial Finance Real Estate Nordic.

The Göta Ark office building was built in 1985. GE may choose to renovate the property in coming years. "The property enjoys an extremely good location, with excellent parking facilities in its own garage and close proximity to commuter rail lines, subways and the bus terminal at Slussen," adds Sten of GE.

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