Swedish property company Stenvalvet has acquired a school property in Stockholm from Nordic private asset firm, CapMan.
Financial details were not disclosed.
According to the vendor, Skutkrossen 17, situated in Vinsta, north-west Stockholm, was disposed of by the CapMan Nordic Real Estate I fund. Buyer Stenvalvet specialises in public properties.
CapMan Nordic Real Estate I Fund purchased the property in 2017. At acquisition, the 12,096 m2 property was leased to ten tenants including the the City of Stockholm’s Education Department as the main tenant. Since acquisition, CapMan has formalised the zoning at the property for longer term school use, expanded the school area, extended the duration of the school lease and improved the rental terms.
'We invested in Vinsta as it is a fast-growing suburb with increasing demand from schools and businesses. The area has undergone very positive changes and will benefit further from the opening of the Stockholm Bypass in the coming years with Vinsta being one of the key entry / exit junctions on the bypass,' said Per Tängerstad, partner at CapMan Real Estate.
'Having completed many value-add activities at the property, we are now pleased to sell to a strong and long-term owner of school properties who we have cooperated with successfully in the past,' Tängerstad added.
The sale of Skutkrossen marks the thirteenth exit of the CapMan Nordic Real Estate I Fund. According to the firm, the focus of the €273 mln fund was to acquire mainly office, retail and residential properties located in established submarkets of major Nordic cities. CapMan is currently raising its third value-add Nordic fund.