In addition, Technopolis has agreed with the seller on an additional purchase price of approximately MSEK 20 (€ 2.1M) based on the realization of expansion potential on the campus.
 
The campus is located in the Gårda area in the inner city of Gothenburg with a 15-minute walk to the central station.
 
The vacancy rate in the Gårda area and CBD is below 4%, the lowest in Gothenburg. The Gårda campus consists of a row of four connected buildings with a total leasable area of 34,300 sqm. The current occupancy rate is 94%.
 
One of the buildings was built in 2004 and the other three in 1999. The properties are served by 155 underground and 35 street-level parking spaces.
 
Technopolis CEO Keith Silverang: “We have found a campus with very good strategic fit that meets our investment criteria. It has a first-rate location, features good quality, flexible assets and offers good development and expansion potential. The Swedish economy is doing well and has strong indicators for both exports and private consumption. The current average GDP growth in Gothenburg is comparable to Stockholm, and unemployment is slightly lower. We believe that we can generate value by boosting occupancy, generating new service revenues and deploying the Technopolis concept, and so increase the district and campus market value.”
 
The net initial yield for the campus is expected to be 5.0% and the stabilized yield 6.0%. The deal includes an NOI guarantee until 31 December 2017.
 
The acquisition will initially be financed with debt. In order to improve solvency after the Gårda campus acquisition, as well as to fund upcoming organic growth projects and possible future acquisitions, Technopolis is planning a maximum € 150 M rights issue to be executed in the autumn.