Castellum gets access to a central property in Stockholm
The investment, announced in a press release February 1, 2017, amounted to approx. SEKm 780, after deduction for deferred taxes and transaction costs of approx. SEKm 27. The well-known property held earlier Stockholm Vatten’s head office and currently has a lettable area of approx. 11,500 sq.m, as well as unutilized building rights for approx. 1,500 sq.m.
Castellum, which has already owned a number of neighbouring properties for some time, plans to join the City of Stockholm and other property-owners in the area to create a big-picture concept for all of Torsgatan. Castellum’s primary intention for the Sabbatsberg 24 area is to create a living mixed-activity neighbourhood that adds more modern workplaces to very attractive locations.
“We look forward to developing the existing building as well as contributing exciting new commercial property areas to the heart of Stockholm”, says Henrik Saxborn, Castellum CEO.
The property has essentially been vacant since Stockholm Vatten changed location in March, 2016. This creates possibilities for the development of new, modern and attractive work-and-meeting places in central Stockholm, while conserving the heritage qualities of the building’s Art Nouveau architecture and decor.
“This is a comprehensive development project with the potential to create a high-profile property while retaining the building’s unique Art Nouveau character”, says Henrik Saxborn. “The location is fantastic and we’ll be able to carry out extremely efficient property management through coordinating with our existing holdings in the area.”
Castellum will finance the acquisition through existing, unused credit.