The Hötorg sky scrapers
The property of Beridarebanan 11 so called the 3rd and 4th Hötorgs sky scrapers was one of our first missions in the midst of the worst property crisis Sweden has experienced. The former owner BGB had gone bankrupt. The houses were basically empty and the interest was low. The buyers did not stand in line. Requested price was 17 989 SEK / sq. meters, the direct yield of 8.5% and a requested rent was 2 000 SEK / sqm. No one took the bait. The houses were transferred later to 385 million SEK with a direct yield of 9.7%. Some years earlier BGB paid over three times as much or more than 1.2 billion for the same house. Hötorg sky scraper shows clearly that the commercial property market in Stockholm City can be extremely unstable. The case was considerably more powerful in the Stockholm City area compared to the rest of Sweden. To see how the prospectus appeared in 1992 to get a historical reflection: Click here (PDF)
