CapMan buys and sells in the Nordics

CapMan Real Estate’s Nordic Real Estate III Fund has acquired a modern office property in Häggvik, north of central Stockholm from Centria. 

Financial details were not disclosed.

Developed in 2002, the 12,000 m2 property is currently fully leased to three tenants. Once leases expire CapMan plans to lease out the space to multiple tenants and diversify the income risk in the property.

In addition, the company’s Nordic Real Estate Fund has agreed to sell St. Olavs gate 23, a 4,500 m2 vacant office building located in central Oslo, to the Norwegian student organisation SiO. The agreed property value is  NOK 290 mln (€28 mln).

The historic property, originally constructed in 1900, was acquired by CapMan in June 2017 as its first acquisition in Norway. The previously outdated office space has since then been stripped to its structure and prepared for a complete renovation which will reinstate the historical value of the property. A building permit has also been obtained, allowing for an extension of approximately 500 m2 into the rear courtyard.

‘When we purchased this property in 2017, we were very much drawn towards the value-add opportunities we saw in this location. We could also see that the development of the adjacent new facilities for Oslo University at Tullinkvartalet would further strengthen the area itself as a cluster for higher education. The current high demand for modern properties and increased interest from organisations in the education and innovation sector makes the timing and result of this transaction optimal,’ said Magnus Berglund, investment director at CapMan Real Estate.

St. Olavs gate 23 is the 15th exit of the 2013 vintage value-add fund, CapMan Nordic Real Estate I, which has seven assets left in the portfolio.

The team’s third Nordic value-add fund, CapMan Nordic Real Estate III, was established in September 2020 and has completed its final close with equity of €564 mln, exceeding its target size of €500 mln and reaching its hard cap.

CapMan Real Estate currently manages a total of €3.6 bn in real estate assets. The Real Estate team comprises over 40 real estate professionals in Helsinki, Stockholm, Copenhagen, Oslo and London.


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