Castellum has divested four office properties in central Östersund for a total of €26.1m (SEK 256m). In addition, two new construction projects have begun: storage and production facilities in Gothenburg, totalling €18.35m (SEK 180m), as well as a commercial property in Uppsala, amounting to €7.14m (SEK 70m).
The Östersund sales represent 18,700m², an area which covers a little over a third of Castellum’s property holdings in the vicinity. Purchaser is Intea, a company committed to long-term ownership of community-service properties. The change of possession will take place on December 1st, 2016. Rental values total €2.21m (SEK 21.7) and major tenants include Skatteverket, Länsstyrelsen in Jämtland county and Courts of Sweden. The economic occupancy rate is 96%, and the average contract length is 3.2 years.
The four properties included in the transaction are: Lagmannen 6, Onkel Adam 9, Tingshuset 7 and Åkeriet 10.
The investment in Mölndal, south of Gothenburg, which entails new construction covering 19,000m², will amount to €18.35m (SEK 180m), of which €3.87m (SEK 38m) refers to acquisition of land. The new building is estimated to be completed by year end, 2017/2018. A ten-year leasing contract for the entire building has been signed with Exertis CapTech, one of Sweden’s leading distributors within the IT sector. Annual rental values amount to €1.47m (SEK 14.4m).
In Uppsala, Castellum is erecting a commercial building covering approx. 5,150m². The investment will total €7.14m (SEK 70m), of which €1,53m (SEK 15m) refers to own land. Completion is scheduled for autumn, 2017. The property is located in Boländerna, Uppsala’s largest commercial area.
Total annual rental value is calculated at €550.000 (SEK 5.4m). Leasing contracts comprising 76% of the annual rental value have already been signed. The two major contracts consist of a five-year agreement with Decathlon, a French-owned sports equipment enterprise, and a ten-year contract with the Möbelhuset Miljöbutiken furniture retailer.
Castellum has, after deduction of outstanding commercial papers, unutilized credit facilities of approx. €410m (SEK 4bn), which will be used for the investments.
