case / 31 Aug 2021

Setterwalls has assisted Serneke in the forming of a joint venture with Balder for the development of three blocks in Karlastaden, comprising 450 residential apartments, commercial spaces and offices

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Setterwalls has assisted Serneke in the forming of a joint venture with Balder for the development of three blocks in Karlastaden. The buildings encompass approximately 45,000 square meters GFA and 450 residential apartments but will also contain commercial spaces, retail and offices. The residential apartments will tenant-owned.

The underlying property value in the joint venture amounts to SEK 558 million and the transaction includes future construction contracts for Serneke which, depending on the future development of the properties, have an order value of approximately SEK 1.5 billion. According to initial plans, the buildings will have between seven and 27 floors. Construction of the buildings is scheduled to commence in 2022 with estimated start of occupancy in 2024.

Karlastaden is a new district under development in Gothenburg, which will comprise of eight blocks. The area will contain 2,000 apartments as well as commercial spaces, retail and a school. In the district, Serneke is also constructing Karlatornet, which, when completed, will be 245 meters high, the tallest building in the Nordic countries and a new landmark in Gothenburg.

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