CapMan Nordic Real Estate fund has agreed to sell "Apelsinen 4" - an office building located in a favoured and growing business area in Solna Strand, Northern Stockholm - to the property company Humlegården.
"We are extremely happy to have exceeded the objectives of our value-add strategy for this asset well ahead of time. During our ownership, we have raised the occupancy rate from 70% to 93% and re-negotiated leases for almost 4,000m². In addition, we have made significant technical and operational improvements in the building. Due to its convenient location and appealing attributes, Solna Strand is currently attracting both occupants and investors and the timing for us to sell the property is excellent," commented Ed Williams, senior partner at CapMan Real Estate.
CapMan Nordic Real Estate fund acquired Apelsinen 4 in December 2014. The seven-floor building comprises 13,000m² of leasable space including two parking floors. The property is located in Solna Strand, a popular submarket with excellent connections to the city centre and primary airports.
Apelsinen is the second exit of the CapMan Nordic Real Estate fund. The focus of the €273m fund is to acquire mainly office, retail and residential properties located in established submarkets of major Nordic cities. The fund was established in 2013.
