Castellum AB executed an option to sell an office and industrial property for residential conversion in Stockholm to ALM Equity AB.
The 18,000-square-meter Archimedes 1 property in the north Mariehäll district of Bromma is being sold for 285 million Swedish kronor.
The property is in the process of being vacated. The company will receive 237 million kronor on the occupancy date in March, with the remainder to be paid upon finalization of zoning plans, expected sometime in 2018, subject to the appeal process.
The area is primarily zoned for residential purposes, and properties have been transformed into residential buildings over a number of years, according to a statement from Castellum CEO Henrik Saxborn. The company entered into an options agreement with the buyer in 2013 for a sale and conversion of the property.
As of March 6, US$1 was equivalent to 8.22 Swedish kronor.
