Barings acquires Core Office property in Central Stockholm
May 24, 2018
LONDON, 23 May 2018 – Barings Real Estate, part of Barings LLC, one of the world’s largest diversified real estate investment managers, announces that it will 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 €100m.
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 center. 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 said, “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.
Barings Alternative Investments (BAI), part of Barings LLC, is a 450+ associate team located across 11 countries that manages $52.3 billion* in client capital. BAI seeks differentiated sources of returns by incorporating decades of investment experience in alternative assets offering investors access to a diverse range of opportunities across private equity, real assets, asset-based investments and the four quadrants of real estate. We serve as a trusted partner to clients, leveraging our global presence and robust origination capabilities to identify the most attractive risk-adjusted return opportunities. The Barings Real Estate team offers a broad range of investment opportunities globally across the public and private debt and equity markets. The team invests across all major property sectors with a focus on global relative value and trend-backed preferred strategies.
Barings is a $305+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. Part of MassMutual, Barings maintains a strong global presence with over 1,800 professionals and offices in 16 countries.
*As of 3/31/18.
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