The seven storey building is strategically located within the CBD with direct internal access to Hötorget metro station through the basement. Mitsubishi Estate London, advised by Europa Capital, expects to undertake a full refurbishment of the asset with a view to re-letting the building.
The project builds on the existing relationship between the two companies. Mitsubishi Estate is Europa Capital’s principal shareholder and the two companies are currently assembling a portfolio of commercial development properties in Europe through a separate investment strategy.
Yuichiro Shioda, Managing director and CEO of Mitsubishi Estate London, said: “Trends in the Stockholm office market have been positive in recent years, boosted by a consistently robust underlying economic environment, a strong labour market, high demand and scarce supply. Whilst the Covid-19 pandemic has impacted on all occupational markets, the supply/demand imbalance within the Stockholm market indicates that it should recover more quickly than other European capitals.”
NCAP acted on behalf of Mitsubishi Estate London and Europa Capital and will be the Local Development Manager. TM & Partners was Mitsubishi Estate London’s and Europa Capital’s legal advisor. Savills acted on behalf of the vendor.