Vällingby Centrum in the western part of Stockholm was originally conceived as a hive of activity. A multi-use space filled with offices, retail and leisure amenities, as well as housing for the local community, the complex was founded on progressive community principals established in the 1950s.
These are principals that Nordic real estate investor NREP plans to adopt following its €161 million acquisition in late April. NREP acquired Vällingby Centrum from Svenska Bostäder, Stockholm’s municipal housing company, which built the complex in 1951.
The latter will stay involved long after the transaction. According to the Copenhagen-based manager, its six properties will remain subject to their close collaboration to ensure its ‘ABC model’ – “Arbete – Bostad – Centrum,” which translates to “Work – Living – City Center” – is maintained. The model has since become known as the ’15-minute city’ where suburban zones are built to become self-functioning communities. NREP plans to update and expand Vällingby Centrum’s housing offering, but that central tenet will be preserved.
Humble roots to vibrant hub
Vällingby Centrum was inaugurated in front of 100,000 Stockholm residents and Prime Minister Tage Erlander in November 1954. Its origins lie a decade earlier, when prominent Swedish city planning director and architect Sven Markelius began planning his vision to transform a once-quiet city suburb into a vibrant hub of activity.
The construction of the first apartment buildings in the area began in 1951 following the commissioning of Svenska Bostäder. By completion in 1954, 17,000 residents had moved into Vällingby Centrum, and the surrounding area gradually expanded to fulfil its self-sufficient destiny by the early 1960s. The Vällingby district was recognized by the Swedish National Heritage Board in 1987.
Mindful of this progressive heritage, Rickard Svensson-Dahlberg, co-founder and partner at NREP, says: “Vällingby Centrum provides an exciting opportunity to enhance the potential of a vibrant community hub with social sustainability at its core.”
“We want to pay homage to its roots by seeing it prosper as a desirable place to live, work and play, and one that’s welcome to all.”
NREP is known for prioritizing social sustainability in its real estate investments, which will allow this Stockholm suburb to bring its roots into a carbon-neutral future. If the walls could talk in the Vällingby Centrum, they would be pleased to be entering a new era while keeping their long-standing values so they can continue to cater to residents who want it all in just 15 minutes.
Planning for Vällingby Centrum begins, led by Sven Markelius
Svenska Bostäder commissioned to build Vällingby Centrum and part of the housing
Vällingby Centrum is inaugurated in the presence of Prime Minister Tage Erlander
The Vällingby district is recognized by the Swedish National Heritage Board
NREP acquires Vallingby Centrum from Svenska Bostäder for €161m