Castellum invests SEKm 307 for reconstruction of unique property in central Stockholm
The Sabbatsberg 24 property, which served as Stockholm Vatten’s headquarters from the early 1900s, was a well-known landmark in central Stockholm when acquired by Castellum in 2017. Phase one of the reconstruction is now underway, with the aim of transforming approx. 9,000 square metres into modern workplaces. According to calculations, the investment will amount to SEKm 307.
The well-known Sabbatsberg 24 property, totalling 11,500 sq.m., is located near Torsgatan in central Stockholm. The building was designed by architect Ferdinand Boberg, and built in 1906 as the administration building for Stockholm’s Gasverk. After Gasverket was discontinued in 1911, the property housed Stockholm Vatten’s head office until 2016. Castellum took occupancy in May, 2017, with a view to enriching and developing the building to create a lively mixed-use area, featuring modern work- and meeting-places in a very attractive location.
The first reconstruction stage, scheduled to begin spring, 2018, comprises 9,000 sq.m, and is scheduled for completion during third quarter, 2019. Due to high demand for office premises in central Stockholm, Castellum is commencing this reconstruction without a fixed customer – therefore ideally positioned for adapting to customer requirements while the project takes shape. Fully leased, the investment is assessed to generate an annual rental income of SEKm 40.
“We’re experiencing massive demand for office space in central Stockholm. With this reconstruction of the Sabbatsberg 24 property, Castellum is expanding the assortment and will be able to offer unique office solutions in an extremely attractive location close to Central Station”, says Henrik Saxborn, Castellum CEO.
The reconstruction of Sabbatsberg 24 is part Torsgatan’s ongoing development between Norra Bantorget and Sankt Eriksplan. As far as possible, the building will open out towards the street, and connections to the inner courtyards will be maximized, while retaining the building’s unique heritage and original Art Nouveau character.
Castellum has owned a number of neighbouring properties through earlier acquisitions, and is forging long-term plans with Stockholm City and other property-owners to develop and create a comprehensive concept for the entire Torsgatan area.
For additional information, please contact:
Ulrika Danielsson, CFO, Castellum AB, phone +46 706 47 12 61
Ingalill Östman, Director of Corporate Communications Castellum AB, phone +46 703 54 41 27
Castellum is one of the major listed real estate companies in Sweden. The fair value of the real estate portfolio amounts to approx. SEK 81 billion and comprises commercial properties for office, retail, warehouse and logistics with a total lettable area of approx. 4.4 million sq. m.
The real estate portfolio is owned and managed under the Castellum brand through a decentralized organization with strong and clear local presence in 20 cities from Copenhagen in the south to Sundsvall in the north.
In 2017, Castellum received two awards for sustainability efforts; designated Number One in the world by GRESB for the offices-and-logistics sector, as well as the Level Gold award for sustainability reporting from the EPRA (European Public Real Estate Association). In addition, Castellum is the only Nordic real-estate and construction company elected to the Dow Jones Sustainability Index (DJSI), joining a select group of companies in the world who perform best on sustainability issues.
The Castellum share is listed on Nasdaq Stockholm Large Cap.
Castellum AB (publ), Box 2269, SE-403 14 Gothenburg | Corp Id no SE 556475-5550 | Phone +46 31 60 74 00