Serneke and Balder to develop additional properties in Karlastaden
Serneke and Fastighets AB Balder are forming a joint venture development company to continue their collaboration in the Karlastaden district. The joint venture company will develop three buildings in the district, comprising a total 45,000 square meters GFA and approximately 450 apartments.
Through the joint company, Serneke and Balder will develop three more of the total of eight buildings in the emerging Karlastaden district in the Lindholmen area of Gothenburg. The three buildings encompass about 45,000 square meters and, according to initial plans, will have between seven and 27 floors, containing mostly housing but also commercial spaces, retail, and offices. The buildings will include an estimated 450 tenant-owned apartments.
The underlying property value in the joint venture, of which Balder will acquire 50 percent, amounts to SEK 558 million. Balder will pay the purchase consideration through installments during the implementation of the project.
The transaction includes future contracts for Serneke, which, depending on the future development of the properties, have an order value of approximately SEK 1.5 billion. Construction of the buildings in question is scheduled to commence in 2022 with estimated start of occupancy in 2024.
“This is a major event in Karlastaden’s history, but also for me personally, as numerous colleagues and I have for a long time been involved in advancing the plans for the district from the concept stage to implementation. That we are now continuing our collaboration with Balder, providing additional homes and a new, living part of the city, feels extremely satisfying,” says Ola Serneke, CEO of Serneke Invest.
“It feels highly gratifying to take the next step towards realizing one of the Nordic region’s most exciting property development projects alongside Serneke. We are continuing our beneficial collaboration with Serneke and look forward to the continued development of Karlastaden with confidence,” says Erik Selin, CEO of Balder.
Since December 2020, Balder has held a 50-percent share in the joint company Karlatornet AB, which owns and is developing Karlatornet, the Nordic region’s tallest building.
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