Invesco Real Estate has sold the Skalen 30 prime office asset in Stockholm’s Hagastaden submarket to Humlegården Fastigheter AB. The sale has been executed on behalf of Invesco Real Estate’s flagship European strategy. The development and repositioning of Skalen 30 and the divestment was made together with Invesco Real Estate’s local partner Fokus Nordic.
Initially built in 1974, Skalen 30 was acquired by Invesco Real Estate in February 2019 and completely rebuilt, refurbished and extended between 2020 and 2024 into a best-in-class, high-specification office building. Also known as FENIX, the 20,543m2 building is fully let to 10 corporate tenants and offers a wide range of amenities including a gym, restaurant and deli, rooftop bar, and conference facilities.
Certified BREEAM Excellent and with an EPC B energy rating, the building was the first in the Nordics to receive the WiredScore Platinum certification. Sustainability elements and features include photovoltaic panels, a bioptic roof, circular showers, and recycled materials reused from demolition.
Located in the northern part of central Stockholm, Hagastaden is one of the city’s major urban development projects. The area is known for its modern buildings, with landmarks such as Stockholm’s tallest residential Norra Tornen and the office building Forskaren. Emerging as a key office location, it is expected to be completed in 2030 with office accommodation for 50,000 workplaces and 6,000 homes.
The pan-European strategy has maintained an active approach to asset repositioning and sales as a means to deliver long-term value and an overall total return for its investors. The success of the asset repositioning by the local investment team created a compelling opportunity to sell FENIX and realise value.
Toby Simon, Managing Director – Fund Management, Invesco Real Estate, said: “The Skalen 30 redevelopment story showcases the very best of Invesco’s asset management capabilities and the expertise we have in-house and through our network of partners. It is a true best-in-class office asset, complementing and supporting the rapid growth of the Hagastaden submarket.”
Rob Johnston, Managing Director, Head of Investments – UK/Nordics, Invesco Real Estate, said: “Stockholm remains a very attractive office market, offering compelling opportunities for global real estate investors. As with all prime city locations, quality tenants are looking for quality assets and this has been reflected in the letting success we have achieved. We are delighted to have concluded our sale process to Humlegarden Fastigheter AB.”
Invesco Real Estate was advised by Fokus Nordic, Savills and Gernandt & Danielsson.
Image source - Invesco Real Estate.
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