Castellum invests EUR 51m in Swedish property

Stockholm-listed real estate company Castellum is investing SEK 469 mln (EUR 51 mln) through its subsidiaries in a string of properties in Sweden. Two of the larger investments involve speculative developments which do not yet have any signed tenants.

The largest transaction sees Castellum, through its subsidiary Eklandia Fastighets, starting construction of a 10,400 m² office building in on Lindholmen in the city of Gothenburg. The land for the project was acquired during the spring 2011. The investment is estimated at SEK 242 mln and will be completed during the first quarter 2013. There are no signed leases for the property.

Eklandia has also started construction of a 5,500 m² warehouse property in Bäckebol, Gothenburg. The investment is calculated at SEK 45 mln and will be completed during autumn 2012. Currently, there are signed leases for the scheme.

Another Castellum subsidiary, Aspholmen Fastigheter, has acquired three fully let properties in Boländerna, Uppsala for SEK 81 mln. The properties comprise 6,500 m² of warehouse/industrial premises, 2,400 m² office premises and 2,400 m² retail premises, with building rights for a further 4,500 m².

In another deal Aspholmen acquired a fully let 2,840 m² office property in Fyrislund, Uppsala for SEK 22 mln.

Aspholmen has started two other reconstruction projects involving a total investment of SEK 32 mln.

Castellum's Fastighets AB Briggen subsidiary has started redevelopment of an 3,770 m² office property in Malmö. The investment is calculated to SEK 29 mln and the work will be completed during the second quarter 2012.

Harry Sjögren, the Castellum subsidiary which operates in the Greater Gothenburg and Halmstad regions, acquired a fully let industrial property in Fyllinge, Halmstad. The investment volume for the 4,400 m² asset comes to SEK 18 mln.