Castellum has announced that its fully-owned subsidiary Fastighets AB Briggen has started the construction of a new office building offering 6,000 m2 of space in the Västra Hamnen area of Malmö, Sweden. The company plans to invest around SEK 149 mln (EUR 17 mln) in the redevelopment of a former industrial site into offices and residential properties. Construction is expected to be completed during the spring of 2012.

Additionally, Castellum said that it has completed its first investment on the Danish side of the Öresund region through the acquisition of a property in Albertslund, located in western Greater Copenhagen, for SEK 52 mln. The property consists of 8,500 m2 of office and warehouse premises. The asset is currently let on a short rental contract.

In Frihamnen, Stockholm, Castellum's Brostaden unit has sold an office property of 3,750 m2 for SEK 74 mln, while in Gothenburg, Castellum is investing a total of SEK 63 mln in the acquisition of a plot of land for office development and in the reconstruction and extension of existing office premises due for completion in the fourth quarter of 2011.