Nordic investment and asset manager Capman Real Estate has sold an office property in northern Stockholm after increasing the occupancy level during 17 months of ownership.
Apelsinen 4 (Orange 4) comprises 13,240 m2 of leaseable area in the growing Solna district of the Sweden's capital. It was acquired for an undisclosed price by Humlegården, a company that focuses on real estate in Stockholm. Humlegården already owns Apelsinen 5, a two-building property comprising 20,000 m2 of leasable space.
The Capman Nordic Real Estate fund had acquired Apelsinen 4, located on Solna Strand, in December 2014. The seven-floor building includes two parking floors.
'During our ownership, we have raised the occupancy rate from 70% to 93% and re-negotiated leases for almost 4,000 m2,' said Ed Williams, senior partner at Capman Real Estate. 'In addition, we have made significant technical and operational improvements in the building. Due to its convenient location and appealing attributes, Solna Strand is currently attracting both occupants and investors and the timing for us to sell the property is excellent.'
Apelsinen 4 is the second exit for the CapMan Nordic Real Estate fund. The focus of the €273 mln fund is to acquire mainly office, retail and residential properties located in established submarkets of major Nordic cities. The fund was established in 2013.
