Europa Capital, acting in partnership with NCAP, the Nordic asset manager, has completed the acquisition of an office building in Stockholm from a Swedish insurance company Gamla Livforsakringsaktiebolaget SEB Trygg Liv. Bradstapeln 13 comprises 12,000m² of office accommodation arranged over 6 floors, with 114m² of retail on the ground floor and potential to expand the total lettable space. The property itself was originally constructed in 1972 and refurbished in 2003. Located on the island of Kungsholmen in central Stockholm, the asset is a short walk over the canal from the new Stockholm City Station, which is the busiest railway station in Sweden.
Europa Capital, assisted by NCAP will carry out an extensive asset management programme at the property, which will see it undergo a full refurbishment to modern standards. The purchase price was not disclosed.
Hugo Black, Partner at Europa Capital, commented: “Stockholm is a key market for us due to its favourable market dynamics, including a rapidly rising urban population and a higher GDP growth forecast than the other Nordic countries, making it one of the most attractive cities for investment in Europe. Office employment has grown by over 17% in Stockholm since 2010, but office supply has only grown by 5%. There is limited opportunity to create a new supply of office space in the city, so by undertaking a full refurbishment of Brädstapeln 13 we believe we will be able to capitalise on the strong occupier demand and thereby deliver a compelling investment opportunity.”
John Routledge, Partner at NCAP commented: “Opportunities such as this are few and far between in Stockholm, so we are delighted to have been able to secure Bradstapeln 13 with Europa Capital. We believe the Property is very well placed to benefit from the very positive developments in the Stockholm office market. Not only do we see tremendous potential in the building itself, but we expect to see current market trends helping to reinforce this part of Kungsholmen, as one of Stockholm’s premier office locations.’’
