Castellum carries out an exchange deal with Wallenstam, wherein Castellum acquires two properties – including building rights zoned for office space – in Gothenburg, while selling two properties in Kallebäck and in Mölnlycke city-centre. Property occupation and vacating dates are both set for December 15th, 2017.
Acqusition price amounts to circa €29.4m (280m SEK), based on an underlying real estate value of €30.4m (290m SEK), as well as deductions for deferred tax of around €1.05m (10m SEK). The sales price for the divested properties totals circa €35.1m (335m SEK), after deductions for deferred tax and transaction costs of around €1.5m (15.0m SEK) The sales price lies circa €4.2m (40m SEK) above Castellum’s latest valuation.
The acquisition in Gothenburg comprises two property-managed buildings on Mölndalsvägen, featuring a total lettable area of approx. 8,624 m², which primarily covers office space. Moreover, a further 7,000 m² of existing office building-rights have also been obtained as part of the transaction.
The sales in Kallebäck and central Mölnlycke comprise a total 35,000 m², mostly storage and industrial, with some portion of office space. The deal also signifies that Castellum has now completely withdrawn commercial activities from central Mölnlycke.
“It’s gratifying to carry out an exchange transaction that entails good office areas as well as zoning-planned building-rights for more office space in Gothenburg. Vacancy rates are historically low here, and the lack of modern offices poses a challenge when existing customers want to expand. This deal promotes the ongoing repositioning and further concentration of our portfolio”, says Henrik Saxborn, Castellum CEO.
