CapMan Nordic Real Estate I Fund has sold Heron City, a landmark retail centre to Serena Properties. The asset has a total lettable area of approximately 49,000m² and is located in Kungens Kurva, one of the busiest retail areas in the Nordic region, 15 minutes from Stockholm city centre.
The property was originally acquired by CapMan Nordic Real Estate I, Varma and Cavendo in 2016, in a joint venture with CapMan as the majority owner and Cavendo as Operating Partner. Since acquisition, the fund has carried out successful leasing and developed the property with substantial upgrade investments, many of which have aimed to improve energy efficiency and decrease the energy consumption of the property. During CapMan’s ownership, annual energy usage has decreased by around 3 GWh.
"We have futureproofed Heron City by improving quality and energy efficiency while reducing operating costs, thereby increasing the value of the property,” said Per Tangerstad, Partner at CapMan Real Estate.
