Barings extends Stockholm data centre lease

Author: Joe Peck

Alternative investment manager Barings has secured a 10-year lease extension with a global data centre operator at its Vanda 3 site in Kista, Stockholm, Sweden, while also obtaining an additional 30MW of power capacity to support future expansion.

The agreement strengthens occupancy at the Vanda 3 asset and supports further data centre development as demand for power capacity continues to grow. Infrastructure work is already underway to connect the additional capacity to the site.

Vanda 3 is a mixed-use site within Stockholm’s established data centre cluster in Kista. Covering approximately 65,000m², it currently includes data centre, logistics, storage, and industrial space, with the unnamed global data centre operator occupying around 15,000m².

Additional power supports future expansion

The additional 30MW of capacity, secured through Ellevio, will enable the conversion of existing buildings for further data centre use, including space expected to become available in the future. It will also support additional development across the site.

Barings is also seeking planning approval for a further 25,000m² of building rights in 2027, increasing the site’s long-term development potential.

Olli Forsman, Director, Transactions & Asset Management Nordics at Barings, comments, “The lease extension with the global data centre operator is a strong endorsement of Vanda 3’s quality and long-term relevance as a data centre location.

“Alongside this, securing additional power capacity is a pivotal milestone that significantly enhances the asset’s ability to support further expansion. In a market where access to power remains a key constraint, this puts us in a strong position to support both existing and new operators looking to scale in Stockholm.”

Kristina Johnson, Senior Director, Nordics Asset Management at Barings, adds, “The combination of secured power, existing infrastructure, and development flexibility creates a compelling proposition for data centre operators and positions the asset well to capture future demand.

“The Nordics is one of our preferred markets across a range of asset classes and capital profiles, and we will continue to explore all opportunities where we can create value on behalf of our partners.”