Castellum is buying two office properties in Gothenburg for SEK867m (€81.8m) and is selling four retail properties and an office building in Uppsala, for SEK678m.
The Swedish listed property firm said that the acquisition will be financed by a mix of corporate income and unutilised credit facilities.
Castellum has bought the two office properties in central Gothenburg street Lilla Bommen from Swedish life-insurance company Gamla Liv, which is owned by Sweden’s SEB banking group, and said occupancy will begin on 1 March.
Castellum also announced it is selling four retail properties and an office building in Boländerna, the business district of Uppsala, to real estate investor Svenska Handelsfastigheter and will vacate these on 1 April.
The sales price for the 50,000sqm asset bundle was SEK678m, after a SEK30m deduction for deal costs and deferred taxes.
The Gothenburg office premises, which the firm said have 16,595sqm of leasable space, are located at Lilla Bommen 5 and 6 — next to Castellum’s existing office asset at Lilla Bommen 4a-b.
Castellum chief executive Henrik Saxborn said: “We envision strong development potential at Lilla Bommen and the acquisition further strengthens our position in the Gothenburg inner city.
“We continue our strategy of selling properties in retail areas in favour of a fully targeted offices and logistics portfolio in Nordic high-growth areas,” he said.