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. +46 (0)8 445 1051
Monica O’Neill, Partner, Tristan Capital Partners, tel. +44 20 3463 8900
CapMan is one of the European leaders in the private equity industry. For more than 25 years, we have been developing companies and real estate and supporting their sustainable growth. We are committed to understanding the needs of our customers in an ever-changing market environment. Our objective is to provide attractive returns and innovative solutions for our investors and value adding services for professional investment partnerships, growth-oriented companies and tenants. Our independent investment partnerships – Buyout, Real Estate, Russia and Credit – as well as our associated company Norvestia are responsible for investment activities and value creation. CapMan’s service business offering includes fundraising advisory services, purchasing activities and fund management services to both internal and external customers. CapMan has 100 private equity professionals and assets under management of 3.0 billion.
Tristan Capital Partners www.tristancap.com
Tristan Capital Partners is an employee-owned investment management boutique specialising in public market real estate investment strategies across the UK and Continental Europe. Tristan is the Portfolio Manager for Curzon Capital Partners IV and for Curzon Capital Partners III and for the private equity funds European Property Investors, LP, European Property Investors Special Opportunities, LP and European Property Investors Special Opportunities 3, LP. Its pan-European real estate funds include core-plus and value-added/opportunistic strategies with total assets under management of 5 Billion. Tristan’s headquarters are in London and it has offices in Luxembourg, Milan, Paris, Stockholm, Dusseldorf, Barcelona and Warsaw.
Klövern is a real estate company committed to working closely with customers to offer them efficient premises in Swedish growth regions. As of March 31, 2015, the value of the properties totaled SEK 31.0 billion and the rental value on an annual basis was SEK 3.0 billion. Klövern is listed on Nasdaq Stockholm.