GE Real Estate invests SEK1bn in Sweden

The US investor has gone on a spending spree in Sweden, investing in acquisitons and developments and beefing up its team in the country.

GE Real Estate says it has made investments totalling SEK1bn (€106 million, $143 million) in Sweden so far this year and beefed up its Swedish team at the same time.
The firm has made investments in Danderyd, Stockholm, Karlstad, and other cities across Sweden amounting to a total transaction value of almost SEK1 billion in 2007, the firm said in a statement.

As well as acquisitions, the firm has invested in development including two large extensions to exisitng assets which got underway this year. The first was a project in Skövde where 3,200 square meters of additional office space is being created for the Swedish National Tax Board, the Swedish Enforcement Administration and Legislation, the Police Authority and the Swedish Prosecution Authority.

During the year the company has also strengthened its team with the addition in May of Joakim Einarson as head of business development. Einarson joined from Catella.

“A number of transactions in the cities we are interested in are currently trading at high levels and therefore we have focused on identifying areas within our current portfolio where we believe we can extract growth through applying asset management initiatives,” said Lennart Sten, managing director of GE Real Estate Nordic.

GE’s activities in Europe are led by president and chief execuitve officer Olivier Piani. The company has recently opened an office in Barcelona, acquired a mall in Bulgaria with partner Quinlan Private and a €100 million portfolio of residential developments in the Czech Republic with Czech developer Crestyl and London-based hedge fund manager Cheyne Capital.