Stockholm-listed real estate company Castellum has sold 21 properties in Malmö and seven properties in Lund amounting to SEK 893 mln (€92 mln).
The sale follows Castellum's commitment to acquire Swedish landlord Norrporten in April for around €1.5 bn.
'In connection with the Norrporten acquisition, Castellum had already announced upcoming divestments of SEK 4 bn, targeting properties which do not comprise a long-term strategic holding – all with the purpose of retaining a strong balance sheet and creating an enhanced property portfolio in the future,' commented Henrik Saxborn, Castellum CEO. 'This transaction is the first step, which enables us to refine the portfolio in Malmö and Lund to selected sub-markets.'
The portfolio covers 114,000 m2, including 88,000 m2 in Malmö and 26,000 m2 in Lund, with an average occupancy rate of about 75% during 2016. The properties will be vacated as of December 1 2016.
Nine of the 28 properties are site-leasehold rights. Castellum said that the sale prices were in line with current valuations.
