Europa Capital announces the sale of Bradstapeln 13, a newly refurbished 13,316m2, seven-storey office building in central Stockholm, Sweden, to a leading pensions company.
This follows the signing of the most recent office letting at the building in December 2023 with Ekonomistyrningsverket (ESV), the Swedish National Financial Management Authority, taking the overall occupancy to 95%. ESV will occupy 1,719m2 of office space from early 2025.
Europa acquired Bradstapeln 13 in July 2019, gaining vacant possession in 2020 after a refurbishment program that included adding 1,409m2 of lettable space. The HVAC system was relocated to the basement from the seventh floor, freeing up space for lettable offices. Europa also added a new reception lobby, and a restaurant space, and improved the building's sustainability performance. The enhancements allowed Europa to lease the vacant office and restaurant space to achieve 95% occupancy, generating long-term income streams. Located in central Stockholm, Bradstapeln 13 benefits from excellent connectivity and is a short walk from Stockholm City Station.
James Keast, Director, Asset Management at Europa, commented: “Refurbishing Bradstapeln 13, a 1970s office block, into a modern, flexible workspace has attracted a diverse range of high-quality tenants, achieving 95% occupancy and capturing rental growth in the process. Having successfully executed this business plan on behalf of our clients, we’re pleased to announce the sale of Bradstapeln 13 as an institutional quality asset.”
John Routledge, Partner at NCAP, added: “This has been an exciting project with Europa, and we are delighted to have so successfully repurposed this 1970s office building to be fit to accommodate the increasing demands of modern occupiers. Our view that this area of Kungsholmen was a natural extension to Stockholm’s CBD has been vindicated by strong occupier interest and the high rental levels we have achieved. We are especially proud to have achieved this against the very challenging backdrop of the Covid period and more recent interest rate rises. This is a testament to the excellent project team we put together alongside Europa – RED Management AB & Studio Stockholm. We remain positive about the long-term future of Stockholm City Centre as an attractive business location and look forward to working on new challenging projects.”
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