Swedish real estate investor Revelop has aquired an urban industrial asset in Stockholm from the bankruptcy estate of Oscar Properties.
The latest acquisition, Sicklaön 88:1, comprises 7,585sqm of industrial and B2B retail space located opposite the Sickla shopping district in Stockholm’s Nacka Municipality.
Revelop plans to convert the industrial asset, which has a 55% vacancy rate, to include its proprietary self-storage concept, SPACE.
Thomas Sipos, group CEO and executive partner at Revelop, said: “The acquisition is clearly aligned with our strategy to actively seek and acquire assets with value-creation potential in submarkets with strong structural growth.
“Sickla is an important growth area in the rapidly expanding Nacka Municipality in the Stockholm area, where a total of 11,300 residential units and 10,000 new workplaces are planned or under construction. The new metro line to Nacka will further strengthen the location.
“I am very happy that we have been able to acquire this asset at an attractive value from Oscar Properties bankruptcy estate, after many years of proactively trying to source it from the previous owner.”
He added that Revelop will implement a “comprehensive” investment programme “to address tenant improvements, technical upgrades, and deferred maintenance”. The programme incorporates ESG projects to reduce CO2 emissions and aims to lower energy consumption by 30%, the investor said.
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