Serneke and Balder are building the Aries block in Karlastaden
Serneke and Fastighets AB Balder are forming another joint development company in a joint venture to continue the collaboration in Karlastaden in Gothenburg, Sweden. This time, the joint venture will develop the block designated Aries comprising around 190 apartments.
Aries will have a total gross floor area of approximately 15,000 square meters. The property is planned to include housing of around 9,500 square meters of living area, 190 tenant owner’s apartments and commercial premises comprising around 2,000 square meters in total area. The building will have up to 12 floors according to the plans.
The joint venture, of which Balder is acquiring 50 percent, will have an underlying property value of around SEK 210 million. Balder will pay the purchase price through partial payments during the project’s implementation.
“Our successful collaboration with Balder is continuing and I am pleased to be able to continue the development of Karlastaden together with a partner we know well who shares our vision for the district,” says Ola Serneke, President of Serneke Invest.
Project engineering of the block has begun and the start of the ground and foundation work is planned for 2022. Aries is currently scheduled for completion in the first half of 2025. Serneke will be the turnkey contractor for construction, which has an order value of approximately SEK 350 million. The order value is included in order bookings at signing of the construction contract.
“The planning and construction of Karlastaden is proceeding according to schedule and we see a demand that encourages us to go further in the cooperation with Serneke. Together, we want to further develop one of the Nordic region’s most exciting property development projects,” says Erik Selin, CEO of Fastighets AB Balder.
Facts about Karlastaden:
Karlastaden consists of a total of eight blocks, including Karlatornet, the Nordic region’s tallest building. The city district comprises a total of around 2,000 residential units, retailing, offices and public services, such as schools, healthcare, and nursing.
This is happening i Karlastaden right now:
• Full production is under way in Karlatornet, where Fastighets AB Balder is a 50%-owner, and has now reached the 30th floor of its total 73 floors. The core of the tower has now surpassed 100 meters in height.
• Development of the three buildings Callisto, Lynx and Virgo is under way in a joint venture between Serneke and Fastighets AB Balder.
• Construction is under way in the Capella block for Hemsö and Tosito, which will house residential units, commercial premises, and education facilities.
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