The Aries block comprises about 15,000 square metres of gross floor area. There are plans in the property for housing of about 9,500 square metres of living space, 190 tenant-owner’s apartments and commercial premises comprising about 2,000 square metres of commercial floor space. According to the plans, the building will have up to 12 floors. 

“The planning and construction of Karlastaden is proceeding on schedule and we see a demand that strengthens us in moving forward in collaboration with Serneke. Together, we want to further develop one of Scandinavia’s most exciting property development projects,” says Erik Selin, CEO of Fastighets AB Balder.

The underlying property value in the joint venture company, of which Balder is acquiring 50 per cent, amounts to approximately SEK 210 million. Balder will pay the purchase price through part payments during the execution of the project.  

“Our successful collaboration with Balder is continuing and I am happy to be able to continue the development of Karlastaden together with a partner that we know well and that shares our vision for the district,” says Ola Serneke, CEO of Serneke Invest. 

Planning and design of the block has commenced, and construction start of the ground and foundation work is planned for 2022. The Aries block according to the current plan is expected to be finished during the first half of 2025. Serneke will act as a turnkey contractor for the construction, which has an estimated order value of approximately SEK 350 million. The order value is included in the order intake in connection with the entered construction contract.