The total agreed property value of SEK 835m exceeds the book value in Q1 2020 by 6 per cent and exceeds Hemfosa's valuation from Q3 2019 by 17 per cent. Under certain conditions, SBB can receive an additional SEK 15 million in deferred purchase price consideration. SBB has thus far divested properties for a value totalling SEK 4.22 billion since 23 December 2019.
“We are experiencing a high demand for our cash flow properties. SBB’s transaction team is currently engaged in several dialogues for the sale of individual properties from the Hemfosa portfolio, and we feel comfortable in that we will be able to continue to deliverdivestments with the ambition to achieve a BBB+ rating within the next 12 months”, says Ilija Batljan, CEO and Founder of SBB.
Castellum has acquired one of the properties, an office building in central Malmö. Occupancy will occur during Q2, 2020.
The acquisition comprises the Von Conow 57 property on Själbodgatan 6-8, with a total leasable area of approx. 6,800 sq.m. Purchase price amounts to MSEK 216, including acquisition costs. Additional consideration of MSEK 15 will be assessed in the event of further acquisitions prior to the end of September 2020. Major current tenant is the Swedish National Courts Administration, currently renting 98% of the leasable area.
"We’re happy over the possibility of acquiring this office property in central Malmö. The Öresund region is important for Castellum, and our largest investments ever are taking place right now in Malmö with two new construction projects that will house the Swedish National Courts Administration and the E.ON international energy company as major tenants. This acquisition complements those investments very well,” says Henrik Saxborn, CEO at Castellum AB.
Castellum is currently constructing the Swedish National Courts Administration’s new building in the Nyhamnen district, and in connection with occupancy of that property, planned for yearend 2022, development work will begin at Von Conow 57. The acquisition also means that Castellum can ensure a smooth move for the National Courts Administration to the new premises under construction.
Castellum intends to finance the investment with existing operating income as well as unutilized credits.