Barings buys mixed-use property in Stockholm

Barings buys mixed-use property in Stockholm

Barings has purchased Vanda 3, a 63,000 sqm mixed-use property in Akalla, Stockholm, from Pictet Alternative Advisors and Brunswick Real Estate.

Barings has acquired the asset on behalf of a pan-European core property strategy.

Brunswick will continue to manage the property on behalf of Barings.  

Vanda 3 is a 63,000 sqm high-quality and flexible mixed-use property in Akalla, Stockholm, which includes data centre, printing, warehouse and office premises. The property is well positioned in the northern suburbs of Stockholm and offers several development opportunities with its strategic location from both a logistics and infrastructure perspective, and the area is one of Stockholm’s most prioritised for data centres.

”Since the acquisition in December 2020, Pictet and Brunswick have increased the net operating income of the property by almost 20% and initiated two major sustainability projects which will reduce energy consumption by approximately 60%,” said Brunswick in a press release.

David Hävermark, Partner at Brunswick, said: “We are very pleased with the partnership with Pictet and our achievements during a fairly short period of time, not least on the energy side where the environmental footprint of the property will be reduced significantly. There is still a lot of value to be created and we now look forward to continue developing the property together with Barings.”

Partha Sarathy, Head of Asset Management at Pictet, said: “We are pleased with the sale of this outstanding property to Barings. Following a successful repositioning and a secured income profile with excellent ESG credentials, this unique asset offers great potential for a long-term capital investor.”

Andreas Norberg, Managing Director and Head of Nordics Real Estate at Barings, said: “Vanda 3 is well positioned as an income-producing asset, boasting significant potential for both last-mile logistics and as a data centre. With excellent transport links, a strong and diverse mix of tenants and uses, and good sustainability credentials, Vanda 3 is a strong addition to our Nordics portfolio as part of our European core strategy. Our ambition is to further strengthen its dominant market position and we are happy that we have been able to retain Brunswick as our manager for the asset.”

Gunther Deutsch, Managing Director and Head of European Real Estate Transactions at Barings, said: “An impressive core plus asset already, we plan to further improve on Vanda 3’s mix of uses and its ESG credentials. Barings is in a strong position to make the most of opportunities across Europe thanks to our on-the-ground expertise, global insights, and substantial liquidity. We will be uncompromising in the assets we acquire, with a particular focus on properties in prime locations that are priced accurately amid the economic context, and we are particularly keen to explore joint ventures and individual opportunities in logistics, residential and offices in markets such as the Nordics, the UK, France, Germany, Italy, Spain and the Netherlands.”