Stendorren Fastigheter AB has signed a 10-year lease with a customer regarding c. 2,500m2 warehouse and showroom premises on the property Baglampan 25 in Bromma. The remaining 1,200m2 of the building will constitute garage space, intended to be let to third parties. The estimated annual net operating income is c. €0.6m, and the total new investment, excluding building right value, amounts to c. €7.4m. The implicit value of the utilized building right is estimated to c. €2.9m, which is three times the book value of the building right. The building permit has been obtained, and preparatory work has already begun. The client is expected to take possession of the premises in the fourth quarter of 2025.
"We are pleased to have the opportunity to develop a new building in collaboration with the client, adapted to its operations in the strategically well located Ulvsunda industrial area in Bromma. This new development complements Stendorren’s existing portfolio in Bromma and confirms both the economic and strategic value of continuously developing the company's substantial bank of 640,000m2 building rights into attractive cash flow generating properties," said Maria Jonsson, Head of Development at Stendorren.
"We are pleased that we have completed and signed purchase agreements regarding six properties totalling c. €65.7m during the third quarter. Combined with the development of Baglampan 25, this brings our total new investment volume to SEK 821 million (€73m). The annual net operating income from these acquisitions and this new construction project amount to a total of SEK 59 million (€5.3m), representing an 8.5% increase in Stendorren's total annual net operating income,” said Erik Ranje, CEO of Stendörren.
Written by Leon Goldwater for Europe Real Estate.
Image source - Cision.
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