The property Skvalberget 33 is located at Brahegatan 10 in the CBD of Östermalm and comprises 6,100 square meters of rentable area. Barings acquired the property in September 2020 with the intention of developing the property primarily through new leases and the creation of new areas. Since the acquisition, Barings has successfully re-let 64 percent of the property and renegotiated existing leases. In addition, Barings has made extensive preparations to convert the technical spaces in the attic into offices and received positive advance notice to create additional rentable space in the courtyard.

“The sale of Skvalberget 33 takes place after the team did fantastic value creation work and executed the original business plan from the acquisition above set targets. The sale ensures a very good return for our investors and contributes to the fund's impressive track record,” comments Andreas Norberg, Managing Director and Head of Nordics Real Estate at Barings.