Castellum sells the property portfolio in Värnamo and Växjö (SE)

Castellum AB (publ) has, through the wholly owned subsidiary Fastighets AB Corallen, sold the company’s 53 properties in Värnamo and Växjö totaling 271,500 m². The transaction also includes a property of 10,500 m² in Gothenburg owned by the wholly owned subsidiary Eklandia Fastighets AB.
The buyer is Hemfosa Fastigheter.
The sales price amounted to SEK1,946 mln (€210.000) after reduction for assessed deferred tax and transaction costs of SEK98 million (€10.6 million) in total. Hence, underlying property price amounted to SEK2,044 (€221.000) which was in line with latest valuation. The change of possession will take place in December, 2014.
With the acquisition 15 employees in Corallen’s property management organization in Värnamo and Växjö transfer to Hemfosa Fastigheter.
“This is our largest single sale since Castellum’s IPO 1997. Now we continue to be a net investor, both through acquisitions and above all by new constructions, extensions and reconstructions”, says Castellum’s CEO Henrik Saxborn in a comment. “For example we have created the conditions by the land acquisition at the central railway station in Örebro city and on Lindholmen in Gothenburg, totalling SEK96 million (€10.3 million).”
“The transaction will strengthen the company and gives us better conditions to continue to deliver growth in income from property management – and hence create shareholder value to low risk”, Saxborn adds.
Source: Castellum