Castellum and Lilium trade Swedish assets in €484m exchange

Stockholm-listed property group Castellum and its Swedish peer Lilium have inked deals to exchange assets in Linköping and Sundsvall worth a total of €484 mln.

Castellum has agreed to acquire six properties from Lilium in Linköping for SEK 1,638 (€160 mln), and sell 20 properties in Sundsvall to the same company for some SEK 3,321 mln (€324 mln).

'Linköping is an attractive regional city where we’d like to grow and develop our product offers. This transaction makes us one of the two largest players in town, and moreover, the deal provides building rights possibilities in the city,' said Henrik Saxborn, Castellum CEO.

The six properties in Linköping comprise 67,000 m2 of office space, centrally located in the vicinity of Castellum’s existing office buildings in the city. The assets are currently 98% leased, with an average remaining contract duration of two years. The sale is being conducted at a 4.8% yield.

The Sundsvall properties, which comprise 157,400 m2 of office space, are being sold at a yield of 5.0%.

'This deal signifies that we’re concentrating our portfolio on stronger growth sectors and areas,' Saxborn added. 'Castellum’s portfolio continues to comprise the largest listed office portfolio, and one of the absolute biggest logistics portfolios in Sweden.'

Pangea Property Partners was the sole advisor on the deal.


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