CapMan Real Estate and Tristan sell Silverdal I in the Greater Stockholm area ahead of schedule for SEK 300 million

CapMan Press Release - 3 July 2015 at 9:15 am EEST

CapMan Real Estate and Tristan sell Silverdal I in the Greater Stockholm area ahead of schedule for SEK 300 million

A joint venture between CapMan Nordic Real Estate fund and Curzon Capital Partners III, a fund advised by Tristan Capital Partners, has agreed to sell the Silverdal I office building to the Swedish real estate company Klövern AB (publ) for SEK 300 million less than three years after their joint venture acquired it. Silverdal I is located in Sollentuna in the Greater Stockholm area. This is the first exit of the CapMan Nordic Real Estate fund.

"We are very satisfied with this investment, where our value-add strategy was successfully implemented ahead of our original schedule. The property is now fully let to nine tenants and numerous operational improvements have been made. This transaction successfully kicks off exits from of our Nordic Real Estate fund," comments Ed Williams, Senior Partner at CapMan Real Estate.

Silverdal I, (registered name Malten 1), is situated alongside the E4 motorway in Silverdal, in the municipality of Sollentuna, which is strategically located between central Stockholm and Arlanda Airport. The largest tenants in the fully let property are Pfizer and BMW, which account for approximately 70 percent of the rental value. The lettable area amounts to approximately 13,300 sq. m. and consists mostly of office premises. CapMan Real Estate has been managing the property on behalf of the joint venture.

"Silverdal I is a great example of our fund's strategy: we have transformed it into a core asset by attracting blue chip tenants well ahead of our initial business plan. We have taken the opportunity to exit at a time when there is growing demand for Swedish assets, allowing us to realise the fund's eighth investment," says Karol Bartos, Executive Director at Tristan Capital Partners.

The transaction is expected to close in September 2015.

The focus of the CapMan Nordic Real Estate fund, established in 2013, is to acquire office, retail and residential properties located in established submarkets of major Nordic cities. Excluding Silverdal I, the fund has made ten investments to date.

 

For more information, please contact:
Ed Williams, Senior Partner, CapMan Real Estate, tel. [phone]