Subject: RLE
Castellum divests portfolio in Gävle for SEK 2.3 billion
GOTHENBURG, Sweden, Feb. 23, 2022 /PRNewswire/ -- Castellum is divesting 12 properties in Gävle to Fastighets AB Regio. The sale price is approximately SEK 2.3 billion less overheads and deferred tax totalling approximately MSEK 130. The sale resulted in an impairment of goodwill of approximately MSEK 150 and deferred tax income of approximately MSEK 300. The underlying property value exceeds the latest valuation by approximately 10%.
The properties have approximately 107,000 square metres of lettable area and a rental value of MSEK 160 per year. 85% of the tenants are state agencies and include the Swedish Police Authority (Polismyndigheten), the Swedish Prison and Probation Service (Kriminalvården) and the Swedish Mapping, Cadastral and Land Registration Authority (Lantmäteriet). Closing will take place on 31 March.
"We are pleased to be able to transfer a portfolio of this quality to a long-term and stable party such as Regio, who will take over development and property management, moreover with the same fantastic local organisation. At the same time, the sale reinforces our financial position following the combination with Kungsleden and facilitates further investments and new production for our important clients," says Rutger Arnhult, CEO of Castellum AB.
The transaction in brief
Properties: Väster 21:6, Väster 27:1, Väster 32:3, Norr 15:7, Norr 38:3, Norr 47:7, Söder 6:5, Söder 17:10, Brynäs 17:1, Kubbo 15:1, Olsbacka 45:6, Kungsbäck 2:18.
Buyer: Fastighets AB Regio
Sale price: approx. SEK 2.3 billion
Closing date: 31 March 2022
Rental value: approx. MSEK 160/year
Average contract duration: approx. 3.6 years
Tenants: Swedish Police; Swedish Prison and Probation Service; Swedish Mapping, Cadastral and Land Registration Authority; Gävle Municipality, the National Government Service Centre, International English School, and others.
Lettable area: 107,000 sq. m.
Economic occupancy rate: 97%
For further information, please contact:
Rutger Arnhult, CEO Castellum AB, +46 31 60 74 00
Kristina Sawjani, Chief Investment Officer Castellum AB, +46 705 27 59 60
About Castellum
Castellum is one of the largest commercial listed property companies in the Nordic region that develops flexible workplaces and smart logistics solutions. As of 31 December 2021, the property value totalled approximately SEK 176 billion, including ownership share in the Norwegian company Entra ASA. We are active in attractive Swedish growth regions as well as in Copenhagen and the Helsinki area. One of our sustainability goals is to become entirely climate neutral by 2030 at the latest. Castellum is the only Nordic property and construction company elected to the Dow Jones Sustainability Index (DJSI). The Castellum share is listed on Nasdaq Stockholm Large Cap.
Beyond expectations.
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SOURCE Castellum
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