ROUND HILL CAPITAL TO DEVELOP A 10,400 SQM GLOBAL TEST & TECHNOLOGY CENTER FOR ALSTOM IN VÄSTERÅS, SWEDEN
Round Hill Capital (RHC), a leading global real estate investment, development and asset management firm, has signed a lease agreement with global transportation leader Alstom to deliver a high-quality office building extension in Finnslätten, Västerås, Sweden’s leading industrial and business park.
The building permit has been obtained and construction will launch in November this year with handover to the tenant expected in mid-2023. The modern 10,400 sqm building will be directly connected to Alstom’s existing manufacturing and testing facility on the property and will house the company’s new global Test and Technology Centre with over 600 workers; a centre of excellence in research and innovation serving to develop the next generation energy-efficient electric propulsion systems to enable clean transportation in the rail and automotive sectors.
Designed for the modern workforce, the new 4-storey building will provide the tenant with flexible office space, including social and collaborative workspaces, an atrium with skylights to maximise natural light, a canteen, bike storage and end-of-trip facilities.
The Finnslätten area is fast becoming a global hub for high-tech manufacturing companies in the automation and electrification sectors. The new Finnslätten masterplan, approved in early 2021, will ensure that the area can continue its rapid growth to meet the high occupier demand while also improving infrastructure further.
Round Hill Capital has been investing and managing assets in the industrial and logistics sector for six years, totalling more than 750,000 sqm.
Michael Bickford, Founder and CEO at Round Hill Capital, said:
“We are delighted to have signed a lease agreement with Alstom to deliver a high-quality office building in Västerås, Sweden; representing one of the largest commercial leases signed in Sweden to date in 2021. This transaction demonstrates the value of active management, delivering value to our investors while at the same time supporting our tenant’s strategic ambitions. We continue to identify further investment opportunities to acquire light industrial and logistics assets where we can use our expertise to generate attractive yield-driven returns.
Fredrik Owman, Managing Director at Alstrom, said:
“We are excited to have reached an agreement with Round Hill Capital to build a new test and technology centre in Västerås. This new centre will play a key role in our core mission of developing greener and smarter railways worldwide, bringing together top industry experts and academics to create the future of electric trains. The centre will also create an important meeting place locally as the area continues its rapid rise as one of the leading tech and industrial hubs in Europe.”