Tristan and CapMan Real Estate JV completes partial sale and leaseback for Pfizer HQ
A joint venture between a fund advised by pan-European property investment manager Tristan Capital Partners and CapMan Real Estate has acquired the Swedish office headquarters of Pfizer in Sollentuna in the Greater Stockholm area.
It was acquired through a sale and leaseback transaction with the pharmaceutical company for SEK166m.
Cameron Spry, head of investments at Tristan Capital Partners, says: “This acquisition represents an opportunity for our Curzon Capital Partners III core plus fund to acquire a high quality property with vacancy and to take advantage of a strong economy and leasing market where an active asset management strategy can add value through the presence on the ground of our local partner CapMan.”
The 16,000 square-metre office building was built in 2005 for Pfizer by Skanska and is positioned alongside the E4 motorway in Silverdal, in the municipality of Sollentuna, which is strategically located between Stockholm’s central business district and Arlanda Airport. BMW is a tenant in the building, as well as Pfizer, and there is a further 3,000 sqm of office space available for leasing.
CapMan Real Estate will manage the property on behalf of the joint venture.
Mika Matikainen, head of CapMan Real Estate, says: “This acquisition is the first one closed in Sweden since we established CapMan Real Estate’s operations in Stockholm a year ago. It is perfectly in line with the value-add investment strategy we have executed also in our past real estate funds.”
- How to set up a hedge fund