Pan-European real estate investor Europa and Nordic asset manager NCAP have offloaded an office building in central Stockholm, Sweden.
The buyer is KPA Pension, a leading pension company for Swedish local governments within the Folksam Group.
The building, Brädstapeln 13, is a 13,316 m2, seven-story structure boasting a 95% occupancy rate. The latest tenant, the Swedish National Financial Management Authority (ESV), will occupy 1,719 m2 of space from early 2025.
Europa acquired Brädstapeln 13 in July 2019 and completed renovations in 2021. These included creating an additional 1,409 m2 of lettable space, a new reception lobby, restaurant space, and improved sustainability performance to BREEAM "Very Good" certification.
James Keast, Director of Asset Management at Europa, commented: ‘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. 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 NCAP, added: ‘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. We are especially proud to have achieved this against the very challenging backdrop of the Covid period and more recent interest rate rises.’
Other notable tenants include Foodora (food delivery) and AB Svensk Exportkredit (state-owned export credit agency).
The property is situated on Kungsholmen Island, central Stockholm, near Stockholm City Station. JLL and TM & Partners advised Europa on the sale.
