Listed Swedish investor Castellum is investing SEK 521 mln (€53 mln) in an office project in Örebro and a distribution facility in Uppsala.
The office property, Citypassagen, will comprise 15,000 m2 and cost around SEK 420 mln (€43 mln), of which SEK 45 mln relates to the land value. The new building should be completed by the first quarter of 2019 and is aiming for a green building rating of at least silver.
A 15-year lease has already been signed with the City of Örebro, which should net Castellum a total annual rent of SEK 35 mln, 46% of the rental value.
'We are proud that this large project could contribute with modern and flexible office premises in the rapidly growing Örebro market,' commented Henrik Saxborn, CEO of Castellum. 'The fact that we already rented out a considerable part of this well situated building is even more stimulating,' he added.
In Uppsala, Castellum has started building a 6,000 m2 distribution facility amounting to an investment of SEK 101 mln (€10 mln), SEK 20 mln of which is the land value. The property should be completed by March 2018 and also follows green building guidelines.
The property is located in Östra Fyrislund and a 10-year leasing contract for the entire building has been signed with PostNord for an annual rent of SEK 7.8 mln.
