Telia sells downtown Stockholm office building for SEK 450 million

Today, Telia signed an agreement covering the sale of its downtown office building, Västra Trädgårdsgatan 15, for SEK 450 million. In Sweden, the building is better known as "Tändstickspalatset" ("The Match Palace") since it was the former headquarters of the Swedish Match Group for many years. The buyer is Trädgårdsgatan Properties AB (Sweden). The purchase covers the building's movable property, including artwork and antiques.
The office building was purchased to serve as the headquarters of the merged Telenor/Telia Group. Since the merger was never carried out, Telia proceeded with the sale of the property. Telia expects to record a small capital gain on the sale. Västra Trädgårdsgatan 15, one of the most classic office buildings in Stockholm, was built at the end of the 1920s as the head office for Tändsticksbolaget (Swedish Match) and industrialist Ivar Kreuger. The building was designed by Swedish architect Ivar Tengbom. - - - - The real estate consultant Christian Hahne was Telia's advisor and broker for the sale of the property to Trädgårdsgatan Properties AB, a company wholly owned by Mohammed Al-Amoudi, whose real estate management company, Midroc Properties AB, owns and manages a portfolio of properties with an area exceeding 24,000 square meters in the downtown Stockholm area. D. Carnegie, which currently rents office space in sections of Tändstickspalatset, is also a former tenant of Midroc Properties, having rented office space in Midroc's building at Gustav Adolfs Torg in Stockholm. Through this significant property acquisition Carnegie's stringent requirements can also be met in the future at Tändstickspalatset. The Capital Trust Group was advisor to the buyer and Thulefastigheter AB was the real estate firm hired for handling the transaction.

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