Nordic listed property group Castellum has announced that it is selling 10 non-strategic properties for €90 mln (SEK 934 mln), in line with the carrying value.
The properties being divested are Järnet 6 in Tyresö; Tidskriften 2 in Sollentuna; Lexby 2:29 in Partille; Kärra 80:7, Kobbegården 209:1 and Kobbegården 208:6 in Gothenburg; Våmmedal 2:110 in Mölndal and Köpmannen 1, 3 and 8 in the Hälla retail district of Västerås.
The 65,440 m2 portfolio has an average contract duration of 3.4 years and generates a rental value of SEK 88 mln. It is 94%-let with major tenants including Internationella Engelska Skolan, Beijer Byggmaterial, Mechanum Sverige, Friskis & Svettis and Swisslog.
'We are continuing to streamline the portfolio geographically and divesting properties that either are solitary properties in our portfolio or are not a priority for us. Through these sales, we are delivering on our strategy of focusing on offices and logistics,' said Joacim Sjöberg, CEO of Castellum Aktiebolag.
Kristina Sawjani, Chief Investment Officer at Castellum Aktiebolag added that the proceeds from the transactions will now be allocated to new projects. 'We have many exciting project opportunities in the near future, including the Infinity office project in Hagastaden and logistics in strategic locations in Gothenburg and Stockholm. We will decide on project starts once all the conditions are in place,' she explained.
The company agreed not to disclose the name of the buyer. The deal is expected to close in May.
