Serneke and NREP sell development rights adjacent to Karlatornet

Through their joint project company, Karlastaden Holding AB, Serneke and NREP will soon be commencing sales of future development rights adjacent to Karlatornet – the Nordic region’s tallest building.

The development rights are for land within the Karlastaden development area in Gothenburg. Being sold are development rights for multi-dwelling buildings of between 16 and 43 stories. The development rights encompass a total of some 94,000 square meters of bright residential GFA, entailing about 1,000 new apartments. Serneke’s and NREP’s joint project company continues to own and develop the area.

“We look forward to welcoming a number of new players who share our vision of developing Karlastaden into an attractive, exciting new district,” says Patrik Lindström, President, Serneke Project Development.

Karlastaden will be a new urban district situated in Lindholmen, barely ten minutes from central Gothenburg by public transport. Mixed urban development is planned for the area, with around 2,000 apartments – both tenant-owner apartments and rental apartments – offices, shops, restaurants, a medical center, a school and more. At the center of Karlastaden, the 240-meter tall skyscraper Karlatornet will rise, clearly stating that Gothenburg has gained a new district.

“The joint company will fund the continued development of Karlastaden with revenues from sales of development rights, housing and commercial properties. So, this is an important step towards building one of Sweden’s most modern and spectacular urban districts,” says Ola Serneke.

Serneke and NREP have enlisted JLL Capital Markets as adviser for the implementation of the transactions.

For more information:  
Patrik Lindström, President, Serneke Project Development, +46 (0)704-31 51 91

Richard S. Dahlberg, Partner, CIO, NREP +46 709 52 02 03

Joachim Pelles, National Director, JLL, +46 8-407 36 07

Facts about Karlastaden
Karlastaden will be an attractive mixed urban district in Lindholmen, barely ten minutes from central Gothenburg. A modern, compact and vibrant urban environment with tall buildings and modern solutions. Some 2,000 apartments are being constructed here, of various sizes and tenure formats. Tenant-owner apartments, rental apartments, student apartments and exclusive penthouses will be interspersed with modern offices, hotels, shops, restaurants, a school and a medical center. Rising from the heart of the neighborhood will be Karlatornet – at 240 meters, the Nordic region’s tallest building. Its silhouette will be visible from both the river and the city center.

Owners
Serneke and NREP are equally owners in the joint venture company, Karlastaden Holding AB, developing housing and commercial properties in the new district. Certain development rights are to be sold on, with Hemsö and Robert Dicksons Stiftelse having acquired two development rights in Karlastaden and four additional development rights now being sold through JLL Capital Markets.

Estimated sales
SEK 13 billion over a period of five to six years.

Scope
The area covers a land area of about 32,000 square meters and consists of ten city blocks with about 2,000 homes, as well as offices and retail and service premises. A total of 275,000 square meters gross area, of which 70,000 square meters is commercial space.

Construction period
The preliminary start of construction on Karlastaden is scheduled for the autumn of 2017, with Karlatornet starting first.

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