Castellum has been granted approval by the City of Stockholm to move forward with its vision for the “new Hagastaden” and will invest approximately SEK 1.7 billion to construct the Infinity office property. Hagastaden is one of Stockholm’s largest urban development areas and once fully developed, will include approximately 50,000 new jobs and 6,000 homes.
Castellum (0GT1) will begin construction in 2021, with estimated occupancy by 2025. The Infinity office building will have 12 storeys above ground and two basements with a total office space of approximately 20,000 square meters.
Earlier this year, Castellum became the first Scandinavian company with a WELL-certified office building, and Castellum’s world-leading sustainability principles will guide its development of Infinity. Castellum aims to be completely climate-neutral by 2030.
Martin Bjöörn, CEO of Castellum Region Stockholm-Norr, said, “Infinity will have all the qualities that guide us when we build for the future. With a focus on health and well-being, solar cells on the roof and WELL certification, we contribute with our know-how about the sustainable workplaces of the future.” (See 0GT1 stock analysis on TipRanks)
Kepler Capital analyst Albin Sandberg reiterated his Buy rating on Castellum last week, setting a price target of kr235, which implies upside potential of around 15%.
Consensus among analysts is a Moderate Buy based on 2 Buys and 2 Holds. The average price target of kr213.33 suggests upside potential of around 5% over the next 12 months.
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