Castellum Says Entra Bid Assumes Assets Worth Over $5.9 Billion

Castellum AB will proceed with its bid for Entra ASA, even after the Norwegian office provider launched a review of its portfolio that triggered speculation it may become too expensive to be bought.

Entra said on Wednesday it’s asked external advisers to go over its portfolio, estimated at about $5.9 billion at the end of September. It expects the appraisal to “result in a higher property valuation and a significant increase in reported net asset value.” The move makes a takeover deal by Entra’s current suitors “less likely,” according to a client note published by Svenska Handelsbanken AB.