GOTHENBURG, Sweden, March 31, 2017 /PRNewswire/ --

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.

Acquisition price amounts to approx. SEKm 280, based on an underlying real estate value of SEKm 290, as well as deductions for deferred tax of around SEKm 10. The sales price for the divested properties totals approx. SEKm 335, after deductions for deferred tax and transaction costs of around SEKm 15.0. The sales price lies approx. SEKm 40 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 sq.m, which primarily covers office space. Moreover, a further 7,000 sq.m. 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 sq.m, 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 The deal also signifies that Castellum has now completely withdrawn commercial activities from central Mölnlycke.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.

Summary of the exchange transaction:

Acquisition price: approx. SEKm 280.
Date for change of possession: December 15th, 2017.
Lettable area and occcupancy rate: approx. 8,624 sq.m, with attached garage of 676 sq.m.,with an occupancy of 98%. Further, 7,000 sq.m. of existing office-zoned building-rights have also been acquired, as part of the transaction.
Properties included in the acquisition: Göteborg Krokslätt 20:6 and Krokslätt 154:8.
Average remaining contract duration: 3.2 years.
Rental value: appprox. SEKm 17.
Major tenants: Schneider Electrics, Hermods, Five Systems and Flügger Färg.

Sales price: approx. SEKm 335.
Date for change of possession: December 15th, 2017.
Lettable area and occcupancy rate: approx. 35,100 sq.m, with an occupancy rate of just over 97%.
Properties included in the sale: Mölnlycke Hönekulla 1:571 and Göteborg Kallebäck 3:4
Average remaining contract duration: 2.2 years.
Rental value: approx. SEKm 30.
Major tenants: ICA, Sandryds, Härryda kommun och Best Transport.

For additional information, please contact:

Henrik Saxborn, CEO,
Phone +46-31-60-74-50

Ulrika Danielsson, CFO,
Phone +46-31-60-74-74
www.castellum.se

Castellum is one of the major listed real estate companies in Sweden. The fair value of the real estate portfolio amounts to approx. SEK 71 billion, and comprises of commercial properties for office, retail, warehouse and logistics with a total lettable area of approx. 4.3 million sq.m. 

Castellum own and manage properties through one common brand in five geographical regions with strong local presence. The five geographical regions are: Central, North, Stockholm, West and Öresund. 

In 2016, Castellum sustainability performance was awarded two top distinctions: First Prize for sustainability reporting in Europe from EPRA and Global Sector Leader, handed out by GRESB which means that Castellum is ranked first in the world within the office- and industrial-properties sector. Further Castellum has been selected as an index component of the Dow Jones Sustainability Indices (DJSI), which includes the companies in all industries in the world with best performance in terms of sustainability.

The Castellum share is listed on Nasdaq Stockholm Large Cap.

Castellum AB (publ), Box 2269, SE-403 14 Gothenburg | Org nr/Corp Id no SE 556475-5550 | Phone +46 31 60 74 00 Fax +46 31 13 17 55

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SOURCE Castellum