January 14, 2019 - Assignment

Castellum acquires Säve Airport

Castellum has entered into an agreement with Serneke to acquire all of the company's real properties in and around Säve Airport. Closing took place on 21 December 2018.

Business Region Göteborg has considered the area as highly suitable for logistics and heavy industry, and allows for construction of major logistics- and production facilities. The ongoing flying activities will continue as before. Castellum views the acquisition as a unique opportunity to further expand the growing logistics market in Gothenburg.

Serneke is a preferred partner to Castellum, and will continue as developer and contractor in the efforts to develop Säve Airport towards a new zoning plan.

A total of five adjacent properties are included in the transaction, which involve several larger buildings and approximately 3 million square metres of land. The investment amounts to at least SEK 1.1 billion, whereof SEK 750 million was paid at the closing date, and the remaining part will be paid together with additions to the purchase price based on the zoning plan development and obtainment of building permits, with final time limit being 2030. The amounts of the additions to the purchase price are dependent on buildable area and the maximum additions to the purchase price are currently calculated to approximately SEK 1 billion.

Castellum is one of the largest listed real estate companies in Sweden. Property values amount to SEK 87.5 billion and holdings comprise office, warehousing/logistics and public sector properties, covering a total leasable area of 4.4 million square metres

Castellum was advised by Mannheimer Swartling in the transaction.