CapMan Real Estate managed Nordic Real Estate II Fund has sold two adjacent office properties, Lybeck 2 and Ladugårdsgärdet 1:51, with a total leasable area of over 29,000 sqm in Södra Värtan, Stockholm, to Nordic fund manager Areim.
The properties were originally acquired by CapMan in December 2017 together with a third property, a station building, which was exited separately in 2020.
Since acquisition, CapMan Real Estate has signed several significant leases with government tenants and carried out substantial refurbishment works. CapMan Real Estate has also initiated a zoning process in order to significantly increase the building rights on both properties.
“Since our acquisition we have completely refurbished large parts of the building and signed new leases with several government tenants. We have also worked with and prepared the building for the ongoing zoning plan process, which holds the potential for interesting future developments. We are very satisfied with what we have achieved during our ownership. The successful exit demonstrates the effectiveness of our strategy and contribute to the continued success of our second value-add fund,” says Anna Reuterskiöld, Head of CapMan Real Estate Sweden.