Barings acquires Stockholm office property
Barings Real Estate is to acquire Härolden 44 in Stockholm, Sweden, also known as Fleming 7, as part of its pan European core investment strategy on behalf of institutional investors for over EUR100 million.
The office property is located just a three minutes’ walk from Stockholm Central Station and offers a total lettable area of approximately 10,000 sq m. The fully let office property was built in 1965 and has been refurbished several times over the years, including a recent extension of the property with two additional office floors in 2017. The property has 12 tenants, including a parking garage, a restaurant, and a fitness centre. The property holds a BREEAM certificate with a rating of Very Good.
The vendor is the Swedish fund manager Mengus. Barings was advised on the transaction by Catella Corporate Finance and on the legal side by REAL.
Advokat Gunther Deutsch, Head of Real Estate Transactions Europe at Barings, says: “The acquisition of Fleming 7, which is our second investment in Sweden after an acquisition of a retail high street building in Malmö, was bought for one of our pan European core strategies to strengthen Barings’ presence in the Nordics. We are continuously looking for logistics, office, residential and hotel opportunities in Sweden and Finland varying from core to value add on the risk spectrum.”