Swedish listed property company Castellum has been granted approval for its €85 mln acquisition of an historic property to make way for a major regeneration project in central Stockholm.
Castellum confirmed on Thurday that the City of Stockholm has given consent for the acquisition of the Sabbatsberg 24 property in Torsgatan. This was a final requirement for the deal announced back in February.
Sabbatsberg 24 was completed in 1906 by architect Ferdinand Boberg and was the headquarters of water and waste giant Stockholm Vatten until March 2016. Castellum already owned a number of neighbouring properties for some time and plans to work with the city authority and other property owners in the area to create a 'big-picture concept for all of Torsgatan'.
The property has essentially been vacant since Stockholm Vatten moved out last year. 'This is a comprehensive development project with the potential to create a high-profile property while retaining the building's unique Art Nouveau character,' said Castellum CEO Henrik Saxborn. 'The location is fantastic and we'll be able to carry out extremely efficient property management through coordinating with our existing holdings in the area.'
Castellum is financing the acquisition through existing, unused credit.
