Nordika has agreed to sell an institutional office asset in Stockholm to listed Swedish real estate company Kungsleden.
The 25,000 sqm office property was acquired in 2013 from Lasalle Investment Management with challenges to work through which included high vacancies of apx 40%. Nordika has since the acquisition stabilized and upgraded the property to institutional standard. The property is now almost fully let and operating cost have been reduced by circa 20%.
Jonas Grandér, CEO of Nordika, said:
“It is highly satisfying to acquire a difficult asset and then, through hard work turn it around, and create an institutional product. The sale is the first exit for Nordika and given the difficult fund raising times that Nordika experienced in 2011, we are glad to be able to show our investors exceptional returns well in excess of expectations. The Kista office sub-market is gaining strength and is being transformed from being an IT and Telecom related cluster into a diversified Stockholm sub-market in strong location.”
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