Seeking cashflow, SPP buys bricks and mortar in Uppsala, Sweden

SPP, one of the asset management brands of Norwegian insurer Storebrand, has announced the purchase of a property in Swedish university town Uppsala, housing the local police headquarters, prosecutor’s office, and the prison and probation service.

The building was completed in 2003-4, and is subject to long-term tenancy agreements with the relevant authorities. The sale of the property was completed on 21 June and the seller was Nordisk Renting AB.

Tomas Svensson, managing director of Storebrand Fastigheter said: “The investment fits that part of SPP’s investment strategy, which means acquiring properties with stable cashflow from state and municipal tenants. It is a good complement to Karlstad CCC, where we have Karlstad municipality and the Swedish Consumer Agency as the two biggest tenants.”

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