Europa Capital, the pan-European real estate investment manager, in partnership with NCAP, the Nordic asset manager, announces that it has signed the first pre-let of newly refurbished prime office space at Fleminggatan 20 (“F20”) in Stockholm, Sweden, to Svevia AB, the infrastructure contractor, on behalf of its value add fund, Europa Fund V.
Svevia AB has agreed to take c. 1,100 sq m of space on a five-year lease and is expected to move into the building, which will serve as the Company’s head office, in September. Svevia AB is the largest road operation and maintenance company in Sweden, as well as being the fourth largest civil engineering company, with approximately 1,900 employees and a turnover of SEK 8.1 billion (in 2019). Svevia AB works to promote sustainable development by ensuring the company’s responsibility for people, the environment and the economy. Sustainability has been one of the most important aspects in the choice of new modern office premises.
Constructed in 1972, F20 (formerly known as Brädstapeln 13) comprises c. 12,000 sq m of prime office space arranged over seven floors. Since acquiring the building in July 2019, Europa Capital and NCAP have been undertaking an extensive refurbishment of the property, which is on track to achieve a BREEAM ‘very good’ standard and is expected to complete in 2021.
Situated on the island of Kungsholmen in central Stockholm, Fleminggatan 20 is a short walk over the canal from the new Stockholm City Station, the busiest railway station in Sweden. Fleminggatan 20 forms part of the transformation of the Fleming- / Scheelegatan neighbourhood, an up-and-coming business location on east Kungsholmen.
The area offers a number of attractive amenities. Fleminggatan 20 will also add to this with a ground floor restaurant and coffee shop.
James Pennington, Director at Europa Capital, commented: “This pre-letting secures a high calibre occupier with a really strong covenant, whilst also complementing our vision for the repositioning of the asset as a green certified building. The fact that we were able to achieve prime rents during the pandemic is a testament to our innovative design and our forward-thinking redevelopment expertise for office space. Additionally, this pre-letting is further evidence of the continued demand for centrally located buildings that provide high quality and flexible office accommodation. Accordingly, we have at present a number of ongoing live discussions with other prospective occupiers.”
