Castellum AB agreed to sign off on its commitment to an additional consideration of roughly 300 million Swedish kronor as an advance lump-sum payment to Serneke Group AB for the Säve Airport properties in Gothenburg, Sweden.

The signing off gives Castellum full command to develop the nearly 3 million-square-meter area into a Nordics logistics hub.

The initial acquisition agreement for all of Serneke's real estate assets in and around the airport, for at least 1.1 billion kronor, was signed in December 2018.

The Swedish company paid 750 million kronor at the time of the acquisition and reserved about 300 million kronor as part of a larger additional consideration that could amount to 1.3 billion kronor in total.

The agreement includes a time limit of 2030 for the company to carry out zoning developments and to acquire building permits.

As of Dec. 23, US$1 was equivalent to 9.42 Swedish kronor.