CapMan Real Estate and CCP III, a fund advised by Tristan Capital Partners, have formed a joint venture that subsequently bought the PFizer AB headquarters in the Greater Stockholm area. This sale and leaseback transaction valued at SEK 166 million landed the fresh joint venture the Malten 1 building in Sollentuna.
Built in 2005 by Skanska for Pfizer, this 16,000 square meter building is located near the E4 motorway in Silverdal, in the municipality of Sollentuna. This gives it a strategic location, close to both Stockholm's central business district and Arlanda Airport. BMW and Pfizer currently lease space in the building and there is a further 3,000 sqm of office space available for leasing. CapMan Real Estate will manage the property on behalf of the joint venture.
"We are excited about our partnership with CCP III and Tristan Capital Partners and the acquisition of this property. We very much look forward to working with the existing tenants, Pfizer and BMW, and also to introducing new tenants to the high quality space available within the building," says Ed Williams of CapMan Real Estate.
"This acquisition represents an opportunity for our Curzon Capital Partners III core plus fund to acquire a high quality property with vacancy and to take advantage of a strong economy and leasing market where an active asset management strategy can add value through the presence on the ground of our local partner CapMan," says Cameron Spry, Head of Investments at Tristan Capital Partners.
"This acquisition is the first one closed in Sweden since we established CapMan Real Estate's operations in Stockholm a year ago. It is perfectly in line with our value-add investment strategy we have executed also in our past real estate funds," comments Mika Matikainen, Head of CapMan Real Estate.
CapMan Real Estate currently manages four real estate funds, two of which invest in commercial properties in Greater Helsinki and other Finish commercial and development projects, one that invests in hotel properties, mainly in Finland, and a fourth, CapMan Yrjönkatu 17 Ky, which owns a hotel in central Helsinki.