Building rights and planned developments

As part of Castellum’s strategy, its development portfolio is improved through new construction. In this context, owning building rights in attractive locations with local detailed development plans already in place is a competitive advantage, as this entails the shortest possible lead time before tenants can occupy the premises. At year-end, Castellum had approximately 670,000 square metres of unutilised building rights (lettable area). A number of these include finalised project plans which can be launched relatively promptly. During the year, Castellum announced several major potential projects, and these are summarised on the following pages. The projects are characterised by their location in attractive development areas, in combination with a clear sustainability focus.

Unutilised building rights are valued at MSEK 1,170 (1,120), equivalent to approximately SEK 1,750 (1,600) per square metre on average. MSEK 600 (600) of the value in the building rights is recognised as development projects and undeveloped land.

The rest are recognised among offices, public sector properties, warehouse/logistics and light industry properties since they are additions to already developed properties.

At the end of the year, Castellum secured a land allocation agreement in central Gothenburg, adjacent to “Station Centralen”, Västlänken’s (The West Link) future transportation hub. This will enable the company to contribute to the continued urban development of the area.

Building rights by value and region

Stockholm

1. Hagastaden

Hagastaden is a new district that links Stockholm and Solna, expanding the inner city northward. It is a central part of the capital’s Vision 2040 programme for an innovative and growing region. The previous year, Castellum signed a partnering agreement with Einar Mattsson to jointly develop an area of approximately 23,000 square metres in Hagastaden, for which Castellum has secured land allocation agreements. All residential buildings, office spaces and commercial spaces are expected to be ready for occupancy in 2025. Castellum is also a partner with HSB Bostad for a project covering two blocks, in which Castellum will build, own and manage all the commercial spaces.

2. Slakthusområdet

After acquisitions of two site leaseholds in Slakthusområdet, Castellum is now beginning to develop an entire city block for offices and businesses. A fantastic environment with offices, businesses and restaurants will be created in the area. The meeting of cultural heritage and modern new additions will produce a special feeling. The block is being developed in close consultation with the City of Stockholm, and is expected to encompass at least 25,000 square metres of modern premises for workplaces.

3. Marievik

Together with the City of Stockholm, Castellum and four other property owners are carrying out an urban development project in the Marievik district in Liljeholmskajen. The adoption of a new detailed development plan is expected in February 2021. In addition to a more mixed, attractive city environment, the new detailed development plan will entail future building rights in two Castellum-owned blocks, Marievik 27 and Marievik 30.

Uppsala

4. Främre Boländerna

The Främre Boländerna city district is now stepping into Uppsala’s limelight. With new office buildings, shops and restaurants, it will be a dynamic part of the growing heart of the country’s fourth-largest city. The Uppsala planning and construction board has decided on consultations for the initial detailed development plan involving several players who will be developing Boländerna. Castellum is a major player in the area, and is looking forward to developing the site with modern, sustainable workplaces.

Norrköping

5. Inre hamnen

Directly adjacent to Norrköping’s new travel centre with Ostlänken (The East Link), Inre hamnen will be a new city district located close to the water. The Nova project in Inre hamnen encompasses two modern, airy buildings for offices and public activities totalling 8,150 square metres. Construction will begin in 2023 at the earliest.

Gothenburg

6. Castellum Säve

In December 2018, Castellum acquired Säve airport, with a development area containing nearly three million square meters of land. Castellum Säve is the flexible logistics hub of the future, and an area for innovation and development focused on sustainable transportation and mobility. A gradual development of the area is planned over a ten-year period, with a total of approximately 800,000 square metres of modern logistics and business premises and test areas for autonomous vehicles.

Malmö

7. Tistlarna, östra hamnen

In 2020, Castellum prepared the Tistlarna 9 property for the establishment of a new logistics building of approximately 11,000 square metres. It is a fantastic site and location for logistics, close to the E4 and E6 motorways, Malmö Central Stations and both Copenhagen and Malmö airport. The period for completion is approximately 12 months.