Swedish listed property group Castellum has concluded an agreement with developer Serneke to acquire all the company’s real estate holdings in and around Säve Airport - until 2015 known as Göteborg City Airport - for at least SEK 1.1 bn (€107 mln).
Castellum said it sees the acquisition as a ‘ unique possibility’ to further propel the expanding logistics market in Gothenburg.
‘We’ll have a fantastic land bank to build on for several years ahead in Gothenburg, Sweden’s best-situated logistics area’, said Henrik Saxborn, CEO of Castellum.
A total of five adjacent properties are included in the transaction, which involves several larger buildings and roughly 3 million m2 of property regarded as highly suitable for logistics development and heavy industry. The land allows for the construction of large logistics and production facilities, which are unique in the Greater Gothenburg area.
‘With a new zoning plan on the way, in combination with strong interest shown by several players, we’ve assessed this as optimum timing for selling Säve to a far-sighted and responsible partner,’ said Ola Serneke, CEO of Serneke.
Serneke will continue in the role of developer and contractor in the efforts to develop Säve Airport under a new zoning plan. The airport will continue to operate as usual once development activities start. Serneke was advised on the transaction by Colliers International.
‘Keeping pace with the growing city of Gothenburg and an expanding market for e-commerce, there’s been a rapidly increasing demand for logistics. Castellum is and will continue to be a leader at the forefront of this market,’ Saxborn concluded.
Castellum intends to finance the investment with the company’s own operating revenues, as well as unutilised credit facilities.