Barings Secures 10-Year Lease Extension With Global Data Centre Operator, Adds 30MW at Stockholm's Vanda 3

Barings, a $481 billion global alternative asset manager, has secured a 10-year lease extension with a global data centre operator at its Vanda 3 asset in Kista, Stockholm, while simultaneously unlocking an additional 30 megawatts of power capacity at the site, the firm announced July 1, 2026.

The transaction was executed on behalf of a European core real estate strategy and reinforces occupancy at a mixed-use property that Barings has been repositioning as a data center hub in one of northern Stockholm's established data center clusters.

Vanda 3: A Mixed-Use Asset in Stockholm's Kista Data Center Cluster

Vanda 3 is located in Kista, in northern Stockholm, within an established data center cluster. The asset totals approximately 65,000 square meters and currently comprises a combination of data center, logistics, storage and industrial uses. The global data centre operator occupies approximately 15,000 square meters of the space.

Power Upgrade: 30MW From Ellevio Already in Progress

Central to the announcement is a newly agreed power upgrade with Swedish utility Ellevio that will increase Vanda 3's total capacity by 30MW. Infrastructure works to connect the additional capacity to the grid are already underway, according to Barings.

The firm said the new power allocation is intended to support the conversion of existing buildings on the site — including space expected to become available — as well as future development. Barings is also targeting the addition of 25,000 square meters of new building rights at Vanda 3 in 2027, which would further expand the asset's development potential beyond its current 65,000-square-meter footprint.

"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," said Olli Forsman, Director, Transactions & Asset Management Nordics, at Barings. "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."

Asset Repositioning Within a Core Strategy

For Barings' European core real estate strategy, the combination of a long-term lease extension, a secured power upgrade and targeted development rights represents a layered approach: stabilizing income from existing operating infrastructure while creating the conditions for further data center development on the site.

About Barings

Barings is a subsidiary of MassMutual with a minority investment from MS&AD. Barings Real Estate, a division of the firm, invests across major property sectors globally and offers financing solutions to real estate borrowers. As of March 31, 2026, Barings manages $481 billion in assets.

Sources: Barings Press Release, July 1, 2026