Axa Real Estate Investment Managers has bought an island site in Stockholm’s most exclusive district

The fund manager has bought the 700,000 sq ft (65,032 sq m) Sturekvarteret centre in Stockholm for SKr4bn (£300m) from Diligentia, the property arm of Swedish insurance group Skandia.

It has bought the centre for its client, Tamweelview European Holdings, which is a company owned by the Abu Dhabi Investment Authority.

The entire scheme includes 10 buildings comprising 430,560 sq ft (40,000 sq m) of offices and the 139,930 sq ft (13,000 sq m) Sturegallerian shopping centre.

Retailers include Zara and Swedish retailer MQ. The total rental income of the scheme, including assessed market rents for the vacant premises, is around SKr240m (£17.97m). There is a 34% office vacancy rate and a 15% retail vacancy rate.

Catella Corporate Finance acted for Diligentia; Savills advised AXA REIM.