Castellum Sells $51M Portfolio in Sweden

The 10 office and industrial properties included in the transaction total more than 500,000 square feet.
Henrik Saxborn, CEO with Castellum

Henrik Saxborn, CEO with Castellum

Göteborg, Sweden—Castellum, one of the largest real estate companies in Sweden, has announced the $51 million sale of four properties in Sundsvall and six properties in Östersund, totaling about 516,667 square feet. The buyer is NP3 and the transaction is slated for completion in March 2017.

“The deal is part of the divestments we announced and means that we continue to concentrate our operations by reducing the number of cities where we operate,” Henrik Saxborn, CEO of Castellum, said in prepared remarks.

The portfolio comprises office and warehouse space spread over roughly 139,930 square feet in the four properties located at 3-6 Vandringsmannen in Sundsvall, and 376,736 square feet for the six properties located at 1-6 Fältjägaren and 7 Lugnet in Östersund. The total rental value of the portfolio amounts to roughly $5.4 million, with the tenant roll including Prolympia, Arbetsförmedlingen (the Swedish Public Employment Service) and Bridgestone Sweden AB. The occupancy level is 80 percent and the average contract length for tenants is three to four years.

Image courtesy of Castellum