Valad Europe, the multi-let real estate investment manager, has completed the re-gear of three leases on a total of 4,747 m² of mixed warehouse, office and service workshop space across three of its Swedish assets.
All three leases, which are with Finnveden Lastvagnar AB, one of the largest truck resellers in Sweden, were due to expire between 2013 and 2015, have now been extended until 2018. The re-gears include 2,209 m² at Mellomkvarn 1, Skövde; 1,173 m² at Lilla Björn 1, Falköping; and, 1,365 m² at Geten 5, Skara.
They follow less than a year after Bilia AB, a long term tenant alongside Finneveden Lastvagnar AB, renewed its leases with Valad at the same three properties and a further three properties.
Per Nordström, Valad Europe's Head of Asset Management in Sweden, said: "An important part of our job as asset managers is to maintain a strong mix of tenants across our portfolio, which not only involves filling voids when they occur, but also renewing the leases of tenants looking to stay.
"The ability of our locally based teams to stay close to our tenants and anticipate their changing needs is central to our ability to do smart real estate deals to improve the income and performance of our funds."
Valad Europe manages approximately 1 billion of assets in the Nordic region, comprising 200 properties and almost 2,000 tenants, managed by teams in Sweden, Denmark and Finland. In Sweden, Valad Europe's team of 26 people operate out of offices in Stockholm, Gothenburg, Malmö and Växjö.
Source: Tavistock Communications