KPA Pension, the municipal pension fund subsidiary of Swedish pensions and insurance group Folksam, has acquired a 13,316sqm office building in Stockholm from Europa and NCAP for an unspecified amount.
Europa, in partnership with Nordic asset manager NCAP, acquired the Brädstapeln 13 office property for its pan-European value-add fund in 2019.
At the time, Europa said it would carry out an extensive asset management programme at the property built in 1972, which would see it undergo a full refurbishment to modern standards.
Europa said it has now sold the newly refurbished seven-storey with a 95% occupancy.
James Keast, director of asset management at Europa, said: “Refurbishing Brädstapeln 13, a 1970s office block, into a modern, flexible workspace has attracted a diverse range of high-quality tenants, achieving 95% occupancy and capturing rental growth in the process.
“Having successfully executed this business plan on behalf of our clients, we’re pleased to announce the sale of Brädstapeln 13 as an institutional-quality asset to KPA Pension, a strong domestic buyer which also owns the adjoining building.”
John Routledge, partner at Nordic asset manager NCAP, said: “This has been an exciting project with Europa and we are delighted to have so successfully repurposed this 1970s office building to be fit to accommodate the increasing demands of modern occupiers.
“Our view that this area of Kungsholmen was a natural extension to Stockholm’s CBD has been vindicated by strong occupier interest and the high rental levels we have achieved.”
Jonas Bjuggren, director of real estate at Folksam, said: “We are continuing our long-term and strategic expansion of our property portfolio through an acquisition in the middle of our core market, Stockholm.
“The property is located next to the existing owned property, Brädstapeln 16, which KPA acquired in 2019. We see great opportunities for synergies in the form of energy investments and increased management efficiency. Our focus on high-quality office properties in attractive locations remains unchanged.”
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