Castellum has completed the deal with Fastighetsaktiebolaget Lilium, which entails the sale of twenty properties in Sundsvall, and the purchase of six properties in Linkoping, Sweden. “Linkoping is an attractive regional city where we’d like to grow and develop our product offers. This transaction makes us one of the two largest players in town, and moreover, the deal provides building rights possibilities in the city. With us as a partner, both existing and new customers can grow and develop their businesses as well,” commented Henrik Saxborn, Castellum CEO.
The six properties in Linkoping comprise 67,000m² of office space, centrally located in the vicinity of Castellum’s existing office buildings in the city. Acquisition price amounted to €159.9m (SEKm 1,638) including costs and assessed deferred taxes of €8.5m (SEKm 87). The assets are fully leased, with a rental income amounting to approx. €10.7m (SEKm 110). The sale is being conducted at a yield of 4.8% of the current operating net, after administration costs.
The sales price for the Sundsvall properties, which comprise 157,400m² of office space, amounted to €324.2m (SEKm 3,321) after deduction for costs and assessed deferred taxes of approx. €13.2m (SEKm 135). Underlying real estate price thereby amounted to €337.3m (SEKm 3,456), in line with the most recent valuation. The sales transaction was conducted at a yield of 5.0% of the current operating net, after administration costs.
“This deal signifies that we’re concentrating our portfolio to stronger growth sectors and areas. Castellum’s portfolio continues to comprise the largest listed offices portfolio, and one of the absolute biggest logistics portfolios in Sweden. It’s a cornerstone of our long-term strategy to continue to grow and enhance the quality and density of our portfolio through projects as well as acquisitions”, said Henrik Saxborn, Castellum CEO.
