Momentum continues with 40% of space now pre-let as refurbishment nears completion
Europa Capital, the pan-European real estate investment manager, in partnership with NCAP, the Nordic asset manager, announces that it has signed a second pre-let at Fleminggatan 20 (“F20”), a newly refurbished prime office building in Stockholm, Sweden, with AB Svensk Exportkredit (“SEK”), the state-owned export credit agency, on behalf of its value add fund, Europa Fund V.
SEK has agreed to take c. 3,500 sq m of space, representing approximately 29% of the total available office, on a seven-year lease. SEK will use the premises for its new head office, occupying the fifth and sixth floors. This is the second letting to be secured at F20 in a short space of time following the pre-let of c. 1,100 sq m to Svevia AB, the infrastructure contractor, in February. As a result, approximately 40% of the building is now pre-let.
SEK is a state-owned company that finances Swedish exporters, their subsidiaries, and international buyers of Swedish goods. Since 1962, loans from SEK have made it possible for thousands of Swedish companies to expand their production, make acquisitions, hire more people and sell goods and services to customers all over the world. SEK targets companies with a turnover of more than SEK 500 million and aims to drive the development of sustainable business.
James Pennington, Director at Europa Capital, commented: “In a sign of the ongoing momentum at F20, this second agreement secures another high quality tenant and provides government-backed income. The fact that we have managed to pre-let 40% of the building before its completion is a strong vote of confidence in the future of the office post the pandemic, especially those offices like F20 which offer high service levels and well designed space in attractive locations. We continue to experience a good level of occupier interest in F20 and remain focused on letting up the remainder of the space.”
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, a Fitwel certification, 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 including a newly opened SATS gym, ICA, Systembolag and Holy Greens. Fleminggatan 20 will also add to this with a ground floor restaurant and coffee shop.
Europa Capital and NCAP were advised by Cushman & Wakefield.