Press release -
Serneke sells majority stake in Karlatornet
Pangea adviser to Serneke when teaming up with Oaktree for the development of the tallest building in the Nordics
Last week, it was announced that Serneke has reached an agreement-in-principle to sell 80 percent of the landmark building Karlatornet in Gothenburg to Oaktree Capital Management. Serneke remains as a shareholder in the project and will continue to act as main contractor for the construction. Karlatornet is located in Karlastaden, a central part of Lindholmen, and comprises about 95,000 sqm of prime residential space, including more than 600 apartments, a 300 rooms Clarion Choice Hotel, more than 8,000 sqm of office and retail space and an observation deck. The total project value is estimated to more than SEK 6 billion.
Pangea Property Partners is adviser to Serneke in the transaction, being one of the largest development projects in Gothenburg ever. We have advised on some 40 transaction and advisory mandates with an underlying property value above SEK 30 billion in 2019 and 2020.
Pangea Property Partners is an independent advisory firm focusing on property related corporate finance and transaction services in the Nordics. The company has about 35 employees with offices in Oslo, Stockholm, and London. In addition, we have a strategic cooperation in Finland. Since 2010, Pangea Property Partners has advised on more than 450 transactions with an underlying property value above €35 billion. The mandates include property divestments and acquisitions as well as large corporate transactions, capital raisings and debt financing.