Castellum invest €30.4m in Stockholm office reconstruction (SE)

Castellum will invest €30.4m (SEKm 307) for reconstruction of a unique property in central Stockholm. The asset, Sabbatsberg 24, designed by architect Ferdinand Boberg and built in 1906 as the administration building for Stockholm’s Gasverk, totals 11,500 m². Castellum took occupancy in May 2017, with an intention to transform the building to create a lively mixed-use area, featuring modern work and meeting space.

 

The first reconstruction stage, scheduled to begin spring 2018 will cover 9,000 m². The completion is expected for the Q3 2019. Due to high demand for office premises in central Stockholm, Castellum is commencing this reconstruction without a fixed customer – therefore ideally positioned for adapting to customer requirements while the project takes shape. Fully leased, the investment is assessed to generate an annual rental income of c.€4m (SEKm 40).

“We’re experiencing massive demand for office space in central Stockholm. With this reconstruction of the Sabbatsberg 24 property, Castellum is expanding the assortment and will be able to offer unique office solutions in an extremely attractive location close to Central Station”, says Henrik Saxborn, Castellum CEO.