Doughty Hanson Real Estate, the London-based opportunistic property fund business, has acquired an office in Gothenburg, Sweden.
The firm said the 49,000 square foot asset was occupied by car manufacturer Volvo which uses it for research and development functions.
The acquisition is the twelfth investment for Doughty Hanson's €590 million fund, Doughty Hanson & Co European Real Estate II, which closed in July 2006.
It is also the fund's second investment in Sweden following the sale of its €315 million Kista Office Portfolio in Stockholm.
Robert Bongart, associate responsible for Nordic activities, said in a statement that the office was a “quality asset with strong defensive cash flows”.
Julian Gabriel, senior principal and co-head of Doughty Hanson real estate, added the transaction had taken place at a time of relatively limited liquidity in the market.