Tristan, Capman sell €32m Stockholm office after repositioning strategy

A fund advised by European investment manager Tristan Capital Partners has agreed to sell an office building near Stockholm to the listed Swedish real estate company Klövern for SEK 300 mln (€32 mln).

The sale took place less than three years after Tristan's joint venture with CapMan Nordic Real Estate fund acquired the property.

The joint venture, in which Tristan’s Curzon Capital Partners III fund (CCPIII) has a majority interest, acquired the building in December 2012.

Closing of the sale to Klövern is scheduled for September 2015.

The fully-let 13,300 m2 Silverdal I office building is located in the Sollentuna area of Greater Stockholm. The property’s largest tenants are Pfizer and BMW, which account for 70% of the rental value. CapMan Real Estate has been managing the property on behalf of the joint venture.

Karol Bartos, executive director at Tristan Capital Partners, said the deal is a 'great example of the fund’s strategy'. 'We have transformed it into a core asset by attracting blue chip tenants well ahead of our initial business plan. We have taken the opportunity to exit at a time when there is growing demand for Swedish assets, allowing us to realise the fund’s eighth investment.'

CCPIII is a core plus fund that closed in 2011. It had 23 investments in eight countries worth €1.3 bn as of December 2014.

CapMan Nordic Real Estate fund was established in 2013 to acquire office, retail and residential properties located in established submarkets of major Nordic cities. Excluding Silverdal I, the fund has made 10 investments to date.