The acquisition is taking place via companies with an underlying property value of SEK 441 million before deductions for deferred tax. Transfer of ownership is scheduled for the second quarter of 2020.

Påsen 1 offers a strong link to Hammarby Sjöstad’s past, with its period industrial design and characteristics that showcase new, must-have features of the modern office, such as large industrial windows facing the street. The area behind the property houses a new apartment block and a spacious park, which boosts the sense of a city that never sleeps.

Fabege recognises the potential in both enhancing the range of shops and restaurants along Textilgatan up from Mårtendal light railway station, and improving the existing building with a view to creating a more modern and flexible office solution. The transaction strengthens Fabege’s ability to satisfy demand for offices in Hammarby Sjöstad.

“This acquisition represents one more piece of the puzzle in realising our vision for the area and consolidating our position as a local urban developer in Hammarby Sjöstad,” commented Stefan Dahlbo, Fabege’s CEO.

Fabege is pressing ahead with investments in continued growth in Hammarby Sjöstad, as there are still plenty of opportunities to develop the district, not least considering that the blue subway line is being expanded south and will have two new stations in the area.

2019 saw the completion of two projects: Trikåfabriken 9, which was nominated Building of the Year in Stockholm, and Båtturen 2, which is the new headquarters for Goodbye Kansas. Ongoing plans include new development rights, improvements to existing buildings and the development of an appealing range of services.

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.

“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.

Nordanö and Mannheimer Swartling assisted Capman on the sale.