Serneke and Fastighets AB Balder are forming another joint development company in a joint venture to continue the collaboration in Karlastaden in Gothenburg, Sweden. This time, the joint venture will develop the block designated Aries comprising around 190 apartments. Aries will have a total gross floor area of approximately 15,000 square meters.

The property is planned to include housing of around 9,500 square meters of living area, 190 tenant owner's apartments and commercial premises comprising around 2,000 square meters in total area. The building will have up to 12 floors according to the plans. The joint venture, of which Balder is acquiring 50% will have an underlying property value of around SEK 210 million.

Balder will pay the purchase price through partial payments during the project's implementation. Project engineering of the block has begun and the start of the ground and foundation work is planned for 2022. Aries is currently scheduled for completion in the first half of 2025.

Serneke will be the turnkey contractor for construction, which has an order value of approximately SEK 350 million. The order value is included in order bookings at signing of the construction contract.