Valad Europe ('Valad'), the multi-let real estate investment manager, has sold Kardemumman 1 & 2 to Palmung Mellin Fastigheter ('Palmung') for 3.1 million. The asset was held in Valad's V+ Nordic fund.
Kardemumman 1 & 2 comprises 2,344 m of mixed office and light industrial space and is leased to Elos Fixturlaser AB ('Elos'), a developer and manufacturer of laser based shaft alignment tools for rotating machinery. The property is located in Östergårdsgatan 9, Mölndal, on the southwest coast of Sweden.
Frej Adolph, Valad Europe's Head of Asset Management in Sweden, commented: "The ability to trade assets in current markets is an extremely important way of enhancing value on behalf of our investors. The sale of Kardemumman 1 & 2 is a result of consistent hard work by our asset management team who were able to add significant value to the property, extending the lease by five years and carrying out a thorough refurbishment."
Ulf Palmung, CEO of Palmung, commented: "We are very pleased with the addition of these quality properties which will strengthen our portfolio in the southwest of Sweden."
The V+ Nordic fund is a mixed commercial property fund investing in high yielding, good quality secondary office and industrial assets located across the four main Nordic economies.
Colliers International and MAQS advised Valad Europe on the disposal.
Source: Valad Europe