CapMan Nordic Real Estate II Fund has signed a an agreement with Fabege to sell Pasen 1, an 10,000 sqm multi-let office property in Hammarby Sjöstad, Stockholm for €41.6 million(SEK 441.4 million).
“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,” comments 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 million 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.