By Dominic Chopping

STOCKHOLM--Swedish real-estate company Castellum AB said Wednesday that it has agreed to sell 53 properties to funds managed by Blackstone Group Inc. for net proceeds of 4.8 billion Swedish kronor ($574.6 million).

The agreed property value represents a premium of 15% against the fourth quarter 2020 valuation.

Handover will take place on May 3, 2021.

Castellum said it will invest over SEK10 billion in the development of new warehouses and logistics in next few years.

Its remaining logistics and warehouse portfolio is valued at SEK11 billion.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

02-10-21 0654ET