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Invesco Real Estate, the USD 85bn global real estate investment business of Invesco Ltd. (NYSE: IVZ), has sold the Skålen 30 prime office asset in Stockholm's Hagastaden submarket to Humlegården Fastigheter AB. The sale has been executed on behalf of Invesco Real Estate's flagship European strategy. The development and repositioning of Skålen 30 and the divestment was made together with Invesco Real Estate's local partner Fokus Nordic.
The Skålen 30 redevelopment story showcases the very best of Invesco's asset management capabilities and the expertise we have in-house and through our network of partners. It is a true best-in-class office asset, complementing and supporting the rapid growth of the Hagastaden submarket
Initially built in 1974, Skålen 30 was acquired by Invesco Real Estate in February 2019 and completely rebuilt, refurbished and extended between 2020 and 2024 into a best-in-class, high-specification office building. Also known as FENIX, the 20,543 sqm building is fully let to 10 corporate tenants and offers a wide range of amenities including a gym, restaurant and deli, rooftop bar, and conference facilities.
Certified BREEAM[1] Excellent and with an EPC[2] B energy rating, the building was the first in the Nordics to receive the WiredScore Platinum certification. Sustainability elements and features include photovoltaic panels, a bioptic roof, circular showers, and recycled materials reused from demolition.
Located in the northern part of central Stockholm, Hagastaden is one of the city's major urban development projects. The area is known for its modern buildings, with landmarks such as Stockholm's tallest residential Norra Tornen and the office building Forskaren. Emerging as a key office location, it is expected to complete in 2030 with office accommodation for 50,000 workplaces and 6,000 homes.
The pan-European strategy has maintained an active approach to asset repositioning and sales as a means to deliver long-term value and an overall total return for its investors. The success of the asset repositioning by the local investment team created the compelling opportunity to sell FENIX and realise value.
Toby Simon, Managing Director – Fund Management, Invesco Real Estate, said: "The Skålen 30 redevelopment story showcases the very best of Invesco's asset management capabilities and the expertise we have in-house and through our network of partners. It is a true best-in-class office asset, complementing and supporting the rapid growth of the Hagastaden submarket."
Rob Johnston, Managing Director, Head of Investments – UK /Nordics, Invesco Real Estate, said: "Stockholm remains a very attractive office market, offering compelling opportunities for global real estate investors. As with all prime city locations, quality tenants are looking for quality assets and this has been reflected in the letting success we have achieved. We are delighted to have concluded our sale process to Humlegården Fastigheter AB."
Invesco Real Estate were advised by Fokus Nordic, Savills and Gernandt & Danielsson.
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[1] BREEAM = Building Research Establishment Environmental Assessment Method
[2] EPC = Energy Performance Certificate
About Invesco Ltd.
Invesco Ltd. (Ticker NYSE: IVZ) is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in more than 20 countries, Invesco managed USD 1.8tn in assets on behalf of clients worldwide as of 31 December 2024. For more information, visit www.invesco.com/corporate.
About Invesco Private Markets
Invesco has global expertise and strong capabilities in private markets. With a global platform of USD 128.5bn of assets under management in real estate and private credit, we offer both scale and depth of expertise with over 600 investment professionals across 16 countries and over 40 years of innovative experience to our investors as of 31 December 2024.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with USD 85.0bn in real estate assets under management, 613 employees and 21 regional offices across the U.S., Europe and Asia. Invesco Real Estate has a 40-year investment history and has been actively investing across the risk-return spectrum, from core to opportunistic, in equity and debt real estate strategies, and in direct and listed real estate for its c. 400 institutional client relationships during this time. In Europe, Invesco Real Estate has eight offices in London, Munich, Milan, Madrid, Paris, Prague, Luxembourg and Warsaw, and 191 employees. It manages 205 assets across 14 European countries and with assets under management of USD 16.4bn. The team has a strong track record across all the commercial sectors, hotels and residential sectors as of 30 June 2024.
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