Castellum Begins Construction on Malmö's new Swedish National Courts Building - Invests 1.3 Billion Kronor
GOTHENBURG, Sweden, May 4, 2020 /PRNewswire/ -- Castellum is starting construction of Malmö's new Swedish National Courts Administration building in the expanding Nyhamnen district of central Malmö. The area will become one of northern Europe's largest workplaces for legal practitioners. Building permit has now been issued and construction start is planned for second quarter, 2020.
When the building is completed, it will comprise approx. 26,500 square meters of modern premises, of which approx. 24,000 sq.m. will be leased by the Swedish National Courts Administration and house the Malmö District Court and the Administrative Court, as well as the Rent and Tenancy Tribunal in Malmö. Castellum intends to finance the investment with existing operating income as well as unutilized credits.
"It feels great that the building permit has now been granted and we can begin construction. We are proud that we're getting to build this fantastic building with the state-run Swedish National Courts Administration as long-term tenants. It's extra fun to be simultaneously constructing E.ON's new headquarters right across the street. Altogether, the investments add up to approx. 2.6 billion kronor," says Henrik Saxborn, CEO at Castellum AB.
Construction time is calculated to be approx. 2.5 years, and preliminary occupancy is planned for close to the end of 2022. The leasing agreement with the Swedish National Courts will run for 20 years from the date of occupancy. Discussions are also taking place with potential tenants for the remaining 2,500 sq.m. Fully leased, the building is assessed to generate annual leasing income of approx. MSEK 81.
The building will be certified according to Sweden's highest sustainability level, Miljöbyggnad Gold, which includes a focus on energy efficiency and sound material choices.
Castellum is one of the largest listed real estate companies in Sweden. Property values total SEK 96.3 billion and holdings comprise office, warehousing/logistics and public-sector properties, covering a total leasable area of 4.3 million square metres. The real estate portfolio is owned and managed under the Castellum brand through a decentralized organization with strong and clear local presence in 17 Swedish cities, as well as Copenhagen and Helsinki. Castellum is ranked as the most gender-diverse of 600 listed European companies by European Women on Boards, 2020. Castellum is the only Nordic real estate/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. In 2019, 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). The Castellum share is listed on Nasdaq Stockholm Large Cap. For further information visit www.castellum.com.
For further information contact:
Henrik Saxborn
CEO, Castellum AB
+46(0)31-60-74-50
Ulrika Danielsson
CFO, Castellum AB
+46(0)706-47-12-61
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SOURCE Castellum
