"Through the deal, Serneke frees up significant capital and in AB Framtiden, Karlastaden gets another strong party that will work for the area's development. The deal is an important milestone and a testament to the district's attractiveness, as well as Serneke's ability to run urban development projects," says Victor Persson, CEO at Doxa.

Karlastaden consists of a total of approximately 325,000 square meters spread over eight blocks above ground, as well as Karlastaden's garage and media facility. The building rights in question include, on the one hand, approximately 36,000 square meters in the Lynx and Virgo blocks, which AB Framtiden acquires at 100 percent, and on the other hand, approximately 115,000 square meters in the Callisto, Cassiopeja, Aries and Auriga blocks, which AB Framtiden acquires at 74 percent. After the deal, Serneke and Balder own, through the jointly owned JV company Karlastaden Group AB, 26 percent of the blocks Callisto, Aries and Auriga. After the deal, Serneke's share of ownership in the Cassiopeja neighborhood amounts to 26 percent.

"Through active work, we have been able to take advantage of an opportunity in the market and acquire building rights at a price that we judge to be competitive. With this deal, we take responsibility and act actively and consciously on the property market with the aim of strengthening the city's development, contributing to new homes are built as well as an attractive housing market in Gothenburg," says Terje Johansson, CEO of Framtiden.

The deal consists of several share transfers and the total purchase price amounts to approximately SEK 1 billion, based on an underlying property value of approximately SEK 1.3 billion. Approximately SEK 850 million of the total purchase price will be paid upon the withdrawal, which is planned to take place during the first quarter of 2024. The remaining part of the purchase price will be received in two parts. The first part of 135 million kroner when Serneke has completed the garage under Lynx, Virgo and Callisto, and the second part of another 40 million kroner when planned clean-up has been carried out under Cassiopeja, Aries and Auriga. Serneke's share amounts to approximately SEK 650 million of the total purchase price of approximately SEK 1 billion. The deal is profit-neutral for Doxa, while for the portfolio company Serneke it is estimated to have a negative profit effect of approximately SEK 80 million in the first quarter of 2024. The difference is due to Doxa having Serneke's assets booked at lower values in Doxa.

As part of the deal, Serneke and Karlastaden Group AB also receive unilateral options to buy back all shares in one or more of the blocks where Serneke and Karlastaden Group AB are co-owners at any time, but no later than September 2027, at a price corresponding to the purchase price at the time of the deal listed with index. After September 2027, AB Framtiden also has the right to buy back one or more of the part-owned blocks.

"It feels fantastic that we are now taking another step that enables the realization of the vision of Karlastaden. The fact that we can carry out this deal in the current market situation is a clear proof of the attractiveness that exists in the area and in the plans for the new district," says Ola Serneke, CEO at Serneke Invest.

"We look very positively on bringing a strong player in the public sector into the project who will add positive values to the development of the district," says Erik Selin, CEO at Balder.

AB Framtiden, which carries out the acquisitions in the company Bygga Hem i Göteborg AB, intends to develop housing in Karlastaden.