Stockholm Waterfront
Stockholm Waterfront consists of a large hotel and congress centre in Stockholm CBD, close to all facilities and right next to Stockholm’s Central Station and the Town Hall. Once work is completed, Stockholm Waterfront will offer a first-class conference centre of 14,000 m2, accommodating 3,000 guests with a banqueting floor along with with a business hotel consisting of 414 high-quality rooms.
The brief
With Savills Sweden as advisor, the Norwegian pension fund Vital Forsikring purchased the prestigious property Stockholm Waterfront from a consortium made up of JARL Asset Management, NIAM and CarVal investors.
The client
Vital, which is a subsidiary of DnB NOR, owns and manages properties with a total area of 1.3 million m2 through Vital Eiendom. Their total value in September 2010 was approximately 35.2 billion Norwegian kroner.
Our solution
Savills presented the project to Vital at an early stage after which discussions began with the owners, JARL Asset Management, NIAM and CarVal investors. Our task included mapping out Stockholm’s hotel market and competing hotels and projects, income modelling, cash-flow analysis, advice in the drawing up and negotiation of the Share Purchase Agreement. After the signing of the SPA, the transaction was concluded and Vital Forsikring ASA acquired 100% of the shares in the newly formed company.
Added value
Savills added value to the deal by working for a process in which Vital negotiated only with the vendor consortium. Savills carried out thorough due diligence on the project which then formed the basis for negotiations with the vendors. Savills also supported Vital in the negotiations and in the drawing up of the final Share Purchase Agreement A which led to an advantageous deal for Vital.
