Fabege buys Stockholm office from CapMan

Swedish property company Fabege has announced the acquisition of the Påsen 1 office complex in Hammarby Sjöstad, Stockholm, from CapMan Nordic Real Estate in a share deal worth SEK 441 mln (€42 mln).

The building is very close to Fabege’s properties along Hammarby Fabriksväg and nextdoor to Trikåfabriken 9 on Textilgatan. It has a lettable area of about 10,000 m2, 8,270 m2 of which is office space and the remainder is storage, with an additional area for parking spaces.

Transfer of ownership is scheduled for the second quarter of 2020. CapMan made the acquisition on behalf of its CapMan Nordic Real Estate II Fund.

‘This acquisition represents one more piece of the puzzle in realising our vision for the area and consolidating our position as a local urban developer in Hammarby Sjöstad,’ commented Stefan Dahlbo, Fabege’s CEO.

‘We purchased this property in March 2018 and were very much drawn towards the value-add opportunities we saw at that time. Hammarby Sjöstad and its surrounding area in southern Stockholm has experienced rapid development and growth in the past few years and we have seen rental values rise significantly as a result. We are pleased to capitalise the value we have created to date and also to sell to Fabege who is a long-term owner and developer in the area,’ commented Per Tängerstad, partner at CapMan Real Estate.

Påsen 1 is the second exit of the CapMan Nordic Real Estate II Fund. The focus of the €425 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.

Nordanö and Mannheimer Swartling assisted CapMan on the sale.

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