Europa has sold a 7,000sqm office building in Swedenβs capital on behalf of its parent Mitsubishi Estate.
Europa said it has completed the sale of the 10-storey 32-36 SveavΓ€gen building in central Stockholm, on behalf of Mitsubishi Estate London.
IOFFICE, a Swedish co-working operator, occupies 88% of the total space. In 2023, the firm agreed to a 10-year lease for the office and ancillary areas, with the agreement secured during a renovation of the asset.
Sabine Jones, director at Europa, said: βThe sale marks the successful conclusion of our business plan for 32β36 SveavΓ€gen, breathing new life into this historic building which is now firmly established as a bellwether for Stockholmβs office market.
βThrough our active asset management expertise, we have refurbished this property to create a high-quality workspace, which meets the increasing demands of modern occupiers, secured a long-term lease with IOFFICE and crystalised value for our client.
βWell-located, prime offices continue to perform well in major European cities and remain significantly attractive to both investors and occupiers.β
Shinichi Kagitomi, CEO of Mitsubishi Estate London, said: βWe are pleased to have delivered yet another flagship office building in a major European capital.
βThe transformation of 32-36 SveavΓ€gen into a high-quality asset reflects our strategy across our European platform, and we remain confident in the long-term fundamentals of the prime office markets in Europeβs key cities which are characterised by strong occupier demand and limited new supply.β
John Routledge, partner at NCAP, said: βThis is a sensitive CBD site and building, which meant that from day one, we had to be mindful of planning sensibilities. Together with our local project team and working closely with Stockholm Municipality, we have been able to create an exceptional working environment.
βThis marks our second successful Stockholm office redevelopment working together with Europa and Mitsubishi Estate London, who have proved to be highly engaged and motivated capital partners.β
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