Castellum AB (publ) has sold 21 properties in Malmö and 7 properties in Lund. Sale price totalled €92.2m (SEK 893m), after transaction costs and deferred assessed taxes of €4.5m (SEK 44m), which is in line with the latest valuation. The properties are to be vacated by December 1st, 2016.
The recently sold portfolio covers 114,000m², comprising 21 properties amounting to 88,000m². in Malmö as well as 7 properties covering 26,000m². in Lund. 9 of the 28 properties are site-leasehold rights.
The sale is aligned with ongoing portfolio development strategies that Castellum has been carrying out in Malmö and Lund, in order to achieve higher density and more efficient management in selected sub-markets.
“In connection with the Norrporten acquisition, Castellum had already announced upcoming divestments of €410m (SEK 4bn), targeting properties which do not comprise a long-term strategic holding – all with the purpose of retaining a strong balance sheet and creating an enhanced property portfolio in the future”, says Henrik Saxborn, Castellum CEO. “This transaction is the first step, which enables us to refine the portfolio in Malmö and Lund to selected sub-markets.
Summary of the transaction:
Sale price: €92.2m (SEK 893m), after transaction costs and deferred assessed taxes of €4.5m (SEK 44m), which is in line with the latest valuation.
Premises vacated, effective: December 1, 2016.
Leasable area and occcupancy rate: Approx 114,000m², with an occupancy rate of 75% during 2016.
Properties affected by this deal:
Malmö: Murman 7, 8 and 11, Stillman 40, Skjutsstallslyckan 3, Haken 3, Flygfyren 1, Flygvärdinnan 4, Flygledaren 3, Skevrodret 1, Höjdrodret 3, Lillgrund 5, Bjälken 3, Betongen 11, Nejlikebuketten 4 and 6, Vårbuketten 3, Brandnäven 1 and 2, as well as Svedjenäven 3 and 4.
Lund: Annedal 9, Traktorn 2 and 4, Trumlan 1, Välten 4 and 5, as well as Ådret 12.
Average lease duration: 3.2 years.
Rental value: €12,4m (SEK 120m) for 2016.
