Press

HDG Mansur sells Swedish asset for €80 million

03 October 2007

The HSBC Amanah Global Properties Income Fund, a fund managed by HDG Mansur Investment Services, Inc. (HDG Mansur), has completed the sale of a Blåfjäll 1 in Kista, Stockholm to Morley's European Property Fund at a price in excess of 750,000,000 SEK (ca. €80m). The prime office property is fully let to Ericsson.

Philip Churchill, HDG Mansur, Head of Investment Management, Europe commented:

"Since purchasing this asset over two and a half years ago office yields in Stockholm have sharpened and this transaction represents another example of the fund's ability to execute its strategy by moving its geographic exposure to take advantage of evolving market conditions."

Magnus Lange, partner in charge of Cushman & Wakefield's Swedish office commented: "This transaction shows the continued attraction of Stockholm and the Kista office market to international investors. The building is recognised as one of the most modern and efficient in the area and the rental outlook looks very positive given the improving market fundamentals."

Julian Taylor, Fund Manager, of Morley's European Property Fund commented:

"This represents the European Property Fund's eighth acquisition since March and Sweden is the fifth country in which we are now invested. The transaction completed in three weeks since agreeing Heads of Terms which illustrates our ability to source and close deals efficiently on behalf of investors in this innovative pan-European Fund."

HDG Mansur was advised jointly by Cushman & Wakefield's Swedish office and the London based cross-border team. Morley's European Property Fund was advised by Knight Frank's European Investment Team.

Editor's notes:

HDG Mansur is an international real estate industry leader with 25 years experience in providing real estate fund/asset management services and property development services worldwide. These services are structured to support the specific requirements of high net worth individuals and their private banks, trust companies and financial advisors. As of June 30, 2007, HDG Mansur's business activity includes:

  • $5.6 billion in international real estate investments
  • $2.6 billion of real estate assets currently under management worldwide
  • $4.0 billion in real estate financing
  • $1.2 billion in planned and managed equity
  • $2.9 billion in real estate value of fund investments
  • 29 million square feet in real estate investments
  • 25 years of experience
  • 3 offices worldwide – London, New York, and Indianapolis

For more information contact Kieron Smith at ADC Blueprint: +44 (0) 207 349 6280 / ksmith@adcblueprint.com

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