NREP has (via NREP Nordic Strategies Fund III) signed an agreement to acquire the properties Ångtvätten 16, Tvålen 7, Tvålen 4 and Stora Essingen 1: 4 in Stockholm with the intention of owning and managing these until a new detailed plan for the area has been adopted.
The properties are located on Stora Essingen and comprise just over 19,000 sqm of lettable area, mainly consisting of office premises and a parking garage. The Teachers' Union is the largest tenant with a lease agreement that runs until 2022. The properties are part of a larger ongoing development area of approximately 700 residential units.
In connection with the acquisition, a conditional agreement has also been entered into between NREP and JM, whereby JM undertakes to run the new detailed plan and to acquire the majority of the building rights that are created at a lawful detail plan.
"We are very happy to do this business together with JM, in an exciting business structure that can potentially also be applied to other similar project properties," says Rickard Svensson Dahlberg, CIO at NREP.
Savills has been the seller's advisor.
Rickard S Dahlberg.
NREP Acquires in Stockholm
Sweden — NREP acquires office properties at Stora Essingen and at the same time signs contingent agreement for transfer to JM.