The English School
In July 2015, CapMan Nordic Real Estate Fund I (“CMNRE”) acquired an 8,000 sqm vacant office building in Älvsjö, south west Stockholm. Although Älvsjö is not a particularly strong office location, at the time of the acquisition, it was the fastest growing urban area in Stockholm municipality. In order to serve the needs of the community better, CMNRE purchased the property with an objective to convert the office building into a much needed school.
The acquisition, which was conditional upon signing a long lease for 100% of the space with a well-known school operator, took place in July 2015. Following the completion, CapMan converted the building into modern school premises in two phases. The first phase included floors 1-3 enabling the school to open already in August 2016 while the second phase included the two upper floors, which opened one year later. The building works were completed on budget prior to the expected delivery date enabling an early sale of the asset to a core buyer.