Europa Capital, the pan-European real estate investment manager announces that it has completed the acquisition of an office building in Stockholm on behalf of Europa Capital’s pan-European value-add fund, Europa Fund V, from Swedish insurance company, Gamla Livförsäkringsaktiebolaget SEB Trygg Liv.
Brädstapeln 13 comprises 12,000 sq m of office accommodation arranged over 6 floors, with 114 sq m of retail on the ground floor and potential to expand the total lettable space. The property itself was constructed in 1972 and refurbished in 2003.
Located on the island of Kungsholmen in central Stockholm, Brädstapeln 13 is a short walk over the canal from the new Stockholm City Station, which is the busiest railway station in Sweden.
Europa Capital will carry out an extensive asset management programme at the property, which will see it undergo a full refurbishment to modern standards.
Hugo Black, Partner at Europa Capital, commented: “Stockholm is a key market for us due to its favourable market dynamics, including a rapidly rising urban population and a higher GDP growth forecast than the other Nordic countries, making it one of the most attractive cities for investment in Europe.
“Office employment has grown by over 17% in Stockholm since 2010, but office supply has only grown by 5%. There is limited opportunity to create new supply of office space in the city, so by undertaking a full refurbishment of Brädstapeln 13 we believe we will be able to capitalise on the strong occupier demand and thereby deliver a compelling investment opportunity.”