Castellum has entered into an agreement with real estate funds managed by Blackstone to divest a further 53 properties for net proceeds of SEK 4.8 billion after deductions for deferred tax and overheads of SEK 0.2 billion. The agreed property value involves a premium of 27% against the Q3 2020 valuation and 15% against the Q4 2020 valuation. Hand-over will take place on 3 May. The assets will be incorporated into Blackstone's pan-European last mile logistics platform, Mileway.
"Through this transaction, Castellum is continuing its strategic portfolio shift via the divestment of a mature stabilized portfolio, enabling it to expand in prime growth positions and develop the most modern and flexible logistics/warehouse offering in the Nordic region. The divestment once again demonstrates the value appreciation in our logistics portfolio. We now have a high turnover in our portfolio that facilitates strategic shifts and we expect a continued high level of activity during the year," says Henrik Saxborn, CEO of Castellum.
Castellum has long been one of the Nordic region's largest owners of warehouse/logistics properties and will continue to occupy the position as one of the Nordic leaders in the segment even after this sale. The remaining logistics/warehouse portfolio is valued at SEK 11 billion with approximately 1.2 million square metres in the development pipeline, where new, modern and flexible offerings for the logistics/warehouse segment can be built.
Just over SEK 10 billion will be invested in the development of new warehouse/logistics in next few years: Säve in Gothenburg, Brunna, 30 minutes from Stockholm, as well as locations in Southern Sweden.
"Combined, this will position us as not only the largest, but also the most flexible and modern owner of logistics properties in the Nordic region", says Henrik Saxborn.
Summary of the transaction:
Castellum to divest 53 properties
Sale price: SEK 4.8 billion after deduction of deferred tax of approximately SEK 0.2 billion
Rental value: SEK 300 million
Occupancy rate: 94%
Total lettable area: 350,000 square metres
Properties: Hantverkaren 2, Kumla Hage 13, Kumla Hage 3, Saltmossen 3, Segersby 1 in the Municipality of Botkyrka. Backa 26:3, Backa 27:2, Backa 94:1, Kärra 37:4, Kärra 74:2, Kärra 74:3, Kärra 75:3 in the Municipality of Gothenburg. Fanan 39, Fanan 43, Fanan 47, Flaggan 1, Fogden 4, Karossen 3, Kartongen 3, Valsen 2 in the Municipality of Halmstad. Grusbädden 3, Grusplanen 3, Topasen 1, Värjan 3 in the Municipality of Helsingborg. Kranbilen 2 in the Municipality of Huddinge. Flahult 21:3, Flahult 21:5 in the Municipality of Jönköping. Kvartsen 2, Lerstenen 1, Lerstenen 2 in the Municipality of Lund. Benkammen 6, Bjurö 12, Dubbelknappen 17, Finngrundet 1, Kalkgrundet 5, Långdansen 1, Ringspännet 1 in the Municipality of Malmö. Stensätra 7 in the Municipality of Stockholm. Årsta 38:1, Årsta 72:3 in the Municipality of Uppsala. Bleckslagaren 1, Bleckslagaren 7, Bleckslagaren 8, Chauffören 2, Chauffören 3, Distributören 7, Däcket 1, Elektrikern 3, Järnmalmen 1, Kontrollanten 9, Speditören 8, Ånsta 20:148 in the Municipality of Örebro.
For further information, please contact:
Henrik Saxborn, CEO Castellum AB, +46 706 94 74 50
Kristina Sawjani, Head of Transactions Castellum AB, +46 70 527 59 60
This information is information that Castellum is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above at 8:00 a.m. CET on 10 February 2021.
Castellum is one of the Nordic region's largest listed real estate companies with a property value of SEK 103 billion. We are active in 17 Swedish growth regions as well as in Copenhagen and Helsinki. Every day, 250,000 people go to work in our premises. We develop flexible workplaces and logistics solutions with a lettable area of 4.4 million square meters. One of our sustainability goals is to be entirely climate neutral by 2030. Castellum is the only Nordic real estate company selected by the Dow Jones Sustainability Index (DJSI). The Castellum share is listed on the Nasdaq Stockholm Large Cap.