A joint venture between CapMan and CCP III, a fund advised by Tristan Capital Partners, has acquired Pfizer AB's Swedish headquarters through a sale and leaseback transaction for SEK 166 million (approx. €19 million). The Malten 1 building is located in Sollentuna in the Greater Stockholm area.
The 16,000 m² office building was built in 2005 for Pfizer by Skanska and is positioned alongside the E4 motorway in Silverdal, in the municipality of Sollentuna, which is strategically located between Stockholm's central business district and Arlanda Airport. BMW and Pfizer lease space in the building and there is a further 3,000 m² of office space available for leasing. CapMan Real Estate will manage the property on behalf of the joint venture.
"We are excited about our partnership with CCP III and Tristan Capital Partners and the acquisition of this property. We very much look forward to working with the existing tenants, Pfizer and BMW, and also to introducing new tenants to the high quality space available within the building," says Ed Williams of CapMan Real Estate.
"This acquisition represents an opportunity for our Curzon Capital Partners III core plus fund to acquire a high quality property with vacancy and to take advantage of a strong economy and leasing market where an active asset management strategy can add value through the presence on the ground of our local partner CapMan," says Cameron Spry, Head of Investments at Tristan Capital Partners.
"This acquisition is the first one closed in Sweden since we established CapMan Real Estate's operations in Stockholm a year ago. It is perfectly in line with our value-add investment strategy we have executed also in our past real estate funds," comments Mika Matikainen, Head of CapMan Real Estate.