Barings’ Acquisition of Skvalberget 33 Property

Cirio advised BLDG Holding.

Barings has completed the cEUR72 million off-market acquisition, on behalf of institutional investors, of Skvalberget 33, a 6,185 sq m office building in the CBD of Stockholm, Sweden from BLDG Holding AB.

Comprising eight-storeys Skvalberget 33 is fully let to four tenants on leases, with an average of 2.6 years to break, and is currently significantly under-rented. Current occupiers include Academic Work, Meltwater and Stratsys. The final tenant, Beckmans Design School, which occupies three floors, has indicated that it intends to exercise its lease break in 2.5 years, presenting an opportunity to upgrade this space, as part of a wider asset management plan, and capture reversion.

Skvalberget 33 is situated in an excellent location in the Eastern part of CBD Stockholm, Sweden’s economic and political centre, close to local amenities including several of Stockholm’s most popular and well-known restaurants and bars, and within two minutes’ walking distance of Östermalmstorg subway station, connecting to Stockholm Central Station. The building is also situated opposite one of the entrances to the well known and popular Sturegallerian, a high end retail and leisure destination which is currently undergoing a major transformation as part of the revitalisation of one of Stockholm’s most important neighbourhoods. Sturegallerian is being developed to include office, housing, retail and hotels of the highest standard.

One of the world’s largest diversified real estate investment managers, Barings offering a broad spectrum of solutions across private real estate debt and equity.

Cirio´s team consisted of Johan Hessius (Picture), Joel Sandin Persson and Joakim Blecher.

Involved fees earner: Joakim Blecher – Cirio Law Firm; Johan Hessius – Cirio Law Firm; Joel Sandin Persson – Cirio Law Firm;

Law Firms: Cirio Law Firm;

Clients: BLDG Management Co. ;