Setterwalls advises Serneke in the sale of a majority stake in Karlatornet to Oaktree Capital Management

Setterwalls has acted as legal advisor to Serneke in connection with Oaktree Capital Management becoming a new investor and majority owner in the Karlatornet project. The project value is estimated to exceed SEK 6 billion.

Oaktree Capital Management acquires 80 per cent of the Karlatornet project. Serneke continues as the main contractor in the project and enters into a contract with an order value of just over SEK 3 billion, which will be included in Serneke’s order intake in the quarter the transaction is completed. The transaction is expected to have a positive effect on operating profit and generate positive cash flow.

Oaktree is an international investment company with operations in 14 countries worldwide and headquartered in Los Angeles. Oaktree has extensive experience in developing high-quality real estate projects and a total managed capital of approximately $ 120 billion.

Karlatornet, with its 245 meters and 73 floors, will be the tallest building in the Nordic region. The building, including the podium, will contain more than 600 apartments, office and retail premises of approximately 8,000 square meters, a Clarion hotel with 300 rooms and an observatory deck, will become a new landmark for both Gothenburg and Sweden. In total, Karlatornet contains more than 95,000 square meters of space.

The skyscraper has been designed by Skidmore, Owings & Merrill. The American architectural and engineering firm has been involved in several of the world’s most famous buildings such as Burj Khalifa in Dubai and One World Trade Center in New York.