Revelop acquired Stockholm asset from Oscar Properties (SE)

Revelop acquired Stockholm asset from Oscar Properties (SE)

Revelop has acquired an urban industrial asset in the Stockholm area from the bankruptcy estate of Oscar Properties.

 

Revelop has had a strong start to the investment year, taking advantage of the market dislocation. In 5 individual transactions, a total of 20 assets comprising c. 96,000m2 have been acquired, representing c. €133.5m in asset value. These acquisitions have been made after Revelop has secured equity capital commitments of €258.1m for its latest value-add fund within a ten-month period.

 

The latest acquisition - Sicklaon 88:1 - comprises 7,585m2 industrial and B2B retail spaces in a strategic location directly opposite the Sickla shopping district in rapidly growing Nacka Municipality. With a 55% economic vacancy, the asset offers significant value potential from leasing and repositioning as well as development.

 

The acquisition is clearly aligned with our strategy to actively seek and acquire assets with value-creation potential in submarkets with strong structural growth,” said Thomas Sipos, Group CEO and Executive Partner at Revelop.

 

Sickla is an important growth area in the rapidly expanding Nacka Municipality in the Stockholm area, where a total of 11,300 residential units and 10,000 new workplaces are planned or under construction. The new metro line to Nacka will further strengthen the location, and the station in Sickla will be located in direct proximity to the asset. Furthermore, the location being directly opposite the Sickla shopping district provides the asset with a strategic and high-visibility position, and Revelop plans to convert the asset to include its proprietary self-storage concept, SPACE.

 

I am very happy that we have been able to acquire this asset at an attractive value from Oscar Properties' bankruptcy estate, after many years of proactively trying to source it from the previous owner,” said Thomas Sipos.

 

Revelop will implement a comprehensive CAPEX program to address tenant improvements, technical upgrades, and deferred maintenance. The program incorporates ESG projects to reduce CO? emissions and aims to lower energy consumption by 30%.

 

 

Image source - Revelop.

 

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