Castellum buys Airport in Gothenburg

Sweden Sweden Castellum has concluded an agreement with Serneke to acquire all of the company’s real estate holdings in and around Säve Airport in Gothenburg. The investment will amount to at least 1.1 billion kronor.


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Image: Serneke

Castellum sees the acquisition as a unique possibility to further propel the expanding logistics market in Gothenburg. Through this acquisition, Castellum thereby assures logistics expansion in Sweden’s strongest logistics market.
We’ll have a fantastic land bank to build on for several years ahead in Gothenburg, Sweden’s best-situated logistics area, says Henrik Saxborn, CEO for Castellum AB.

The property, totalling approx. 3 million sq.m, comprises an area noted by Business Region Göteborg (BRG) as highly suitable property for logistics and heavy industry. The land allows for construction of abundantly large logistics and production facilities, unique in Greater Gothenburg. Current flying activities at the airport will continue as usual.
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, says Ola Serneke, Serneke CEO.

A total of five adjacent properties are included in the transaction, which involves several larger buildings and approx. 3 million sq.m. of property. Serneke is a preferred Castellum partner, and will thereby continue in the role of developer and contractor in efforts to develop Säve Airport toward a new zoning plan.
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, says Henrik Saxborn.

Summary of the transaction:
Acquisition price: Purchase price will be payable in various steps, and payments are conditional upon satisfactory assessments of environmental impact, as well as timing for when zoning rights and building permits have been granted. Initial purchase price is at least 1.1 billion kronor, of which 750 SEKm will be payable on occupancy date. Remaining payments will be made in conjunction with further contingent payments in line with development of zoning plans, and procurement of building permits, with an outer time limit of 2030. Price-setting for contingent payments depends on how much area is designated as buildable. A maximum contingent consideration in current terms has been calculated to 1 billion kronor.
Occupancy date: December 21, 2018
Average remaining length of contracts: 6.1 years
Leasing values: 51.7 SEKm 
Major tenants: The Swedish Police Authority
Leasable area and leasing rate, respectively: Approx. 58,500 sq.m. leasable area with a leasing rate of 79%
Castellum intends to finance the investment with the company’s own operating revenues, as well as unutilized credits.

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