Castellum sells a property portfolio to Oscar Properties for approximately SEK 1.7 billion
Castellum has announced the sale of 16 properties in Stockholm, Öresund, Norrköping, and Västerås to Oscar Properties for SEK 1.7 billion, netting about MSEK 60 above the latest valuation. The deal will result in an impairment of goodwill of approximately MSEK 20 and deferred tax income of MSEK 170. A cash influx will bolster Castellum's financial position ahead of a proposed merger with Kungsleden. As part of the payment, Castellum will receive shares worth up to MSEK 200 in Oscar Properties, equating to a 10% ownership share.
- Sale price exceeds valuation by MSEK 60.
- Cash influx boosts financial strength for merger with Kungsleden.
- Deferred tax income of MSEK 170 improves financial outlook.
- Ownership stake in Oscar Properties reflects attractive growth strategy.
- Impairment of goodwill amounts to MSEK 20.
GOTHENBURG, Sweden, Sept. 28, 2021 /PRNewswire/ -- Castellum is selling 16 properties in Stockholm, Öresund, Norrköping and Västerås to Oscar Properties. The sale price is SEK 1.7 billion less overheads and deferred tax totalling approximately MSEK 95. The net price exceeds the most recent valuation by about MSEK 60. Furthermore, the sale resulted in an impairment of goodwill of approximately MSEK 20 and deferred tax income of approximately MSEK 170.
"The sale is in line with the company's strategy, and at the same time provides us with a cash injection that further strengthens our financial muscles for the proposed merger with Kungsleden," says Rutger Arnhult, Chairman of the Board of Castellum AB.
As a partial payment, Castellum will receive a block of shares corresponding to a maximum of MSEK 200 in Oscar Properties, entailing an ownership share of approximately
The transaction in brief
Sale price: SEK 1.7 billion
Closing date: 1 November 2021
Rental value: approximately MSEK 147/year
Average contract duration: 3.1 years
Major tenant: Fingerprint Cards AB
Lettable area: 115,600 sq. m.
Economic occupancy rate: approximately
Properties: Stockholm: Altartorpet 22, Altartorpet 23, Arrendatorn 15, Arrendatorn 16, Ekplantan 4, Ekstubben 21 and 23, Ekstubben 25, Malmö: Fullriggaren 4, Revolversvarvaren 10 (part of), Helsingborg: Grusgången 2, Kavalleristen 9, Kroksabeln 18, Pilbågen 6, Pilbågen 6:2, Snårskogen 1, Norrköping: Proppen 2, Västerås: Jordlinan 2
For further information, please contact:
Rutger Arnhult, Chairman of the Board, Castellum AB, +46 704-58 24 70
Ulrika Danielsson, CFO Castellum AB, +46 706-47 12 61
About Castellum
Castellum is one of the Nordic region's largest listed real estate companies with a property value of approximately SEK 97 billion. We are active in attractive Swedish growth regions as well as in Copenhagen and the Helsinki area. Every day, 250,000 people go to work in our premises. We develop flexible workplaces and logistics solutions with a lettable area of 3.8 million square metres. One of our sustainability goals is to be entirely climate neutral by 2030. Castellum is the only Nordic real estate company selected by the Dow Jones Sustainability Index (DJSI). The Castellum share is listed on Nasdaq Stockholm Large Cap.
Beyond expectations.
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SOURCE Castellum
FAQ
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