Europa Capital signs second pre-let in Stockholm

Pan-European real estate investment manager Europa Capital, in partnership with Nordic asset manager NCAP, has signed a second pre-let at Fleminggaten 20 (pictured), a newly refurbished prime office building in Stockholm.

The signing was done with AB Svensk Exportkredit (SEK), the state-owned export credit agency, on behalf of its value add fund Europa Fund V.

SEK has agreed to take c.3,500 sq m of space, representing approximately 29% of the total available office, on a seven-year lease. SEK will use the premises for its new head office, occupying the fifth and sixth floors. This is the second letting to be secured at F20 following the pre-let of c.1,100 sq m to Svevia AB, the infrastructure contractor, in February. As a result, approximately 40% of the building is now pre-let.

SEK is a state-owned company that finances Swedish exporters, their subsidiaries, and international buyers of Swedish goods. SEK targets companies with a turnover of more than SEK 500 million and aims to drive the development of sustainable business.

James Pennington, director at Europa Capital, said: “In a sign of the ongoing momentum at F20, this second agreement secures another high quality tenant and provides government-backed income. The fact that we have managed to pre-let 40% of the building before its completion is a strong vote of confidence in the future of the office post the pandemic, especially those offices like F20 which offer high service levels and well designed space in attractive locations.

“We continue to experience a good level of occupier interest in F20 and remain focused on letting up the remainder of the space.”

John Routledge, partner at NCAP, added: “I am very pleased that SEK has signed a lease agreement at F20 for its head office. It is extremely rewarding to secure such a fantastic tenant and is a testament to the attractive product that Europa Capital and the team have created at Fleminggatan 20. We look forward to welcoming SEK to the building.”