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Oil billions pumped into Stockholm property

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18:34 CET+01:00
Sturegallerian, Stockholm's most glamorous shopping mall, has been sold to the United Arab Emirates for 4 billion kronor.

Swedish property company Diligentia, a subsidiary of Skandia Livs, had owned the property for 20 years.

The official buyer is Tamweelview European Holdings, which is owned by the Abu Dhabi Government Investment Authority. The latter is one of the world's biggest investors and is controlled by the president of the United Arab Emirates, Sheik Khalifa bin Zayed Al-Nahyan.

Tamweelview's offer was too good for Diligentia to refuse, according to manging director Per Uhlén.

"We had very high price expectations - and they have been exceeded," he told Metro.

Housing numerous fashion boutiques, Sturegallerian is a favoured haunt for the rich set of Stockholm.

But the deal does not just include shops. Sturebadet, a health club, and a number of restaurants, such as Sturehof and Sturecompagniet, will also have new landlords when the shares are transferred on Dececmber 15th.

In total, the property covers around 60,000 square metres, of which 37,000 square metres is office space and 13,000 square metres is shop space. The price works out at 67,000 kronor per square metre.

Per Uhlén told Metro that he felt a twinge of sadness to let go of such a prestigious location.

"Of course, it's a bit sad, but at the same time it feels great to have developed Sturegallerian into a property in better shape than ever before," he said.

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