Welcome to Castellum’s world. It’s a world full of change, in which we – like other players in our industry – are facing a number of challenges related in particular to the rapid changes in technology taking place in our business environment. Every decision we make is based on our long-term strategy, with a focus on delivering on our overall growth target: achieving 10% annual growth in income from property management measured in SEK per share.

This strategy takes into account business environment factors such as trends, macroeconomic factors and market conditions. By delivering on our strategy, we create business advantages for our customers and shareholder value for our owners. This long-term effort has created the foundation and the conditions for us to be one of the Nordic region’s largest commercial property companies today.

Castellum’s strategy

Castellum’s strategy is described in the company’s strategic plan, which is Castellum’s central policy for the company’s strategic orientation, strategies, priorities and goals. Extending over a three-year period, it is reviewed annually by Executive Management before final adoption by the Board.

Ultimately, the strategic plan aims to optimize the preconditions for Castellum to deliver on the company’s overall growth target and creating shareholder value. Castellum’s strategy for the next few years (2020–2022) focuses on further strengthening customer relationswith priority customer segments, developing our service offering, and improving our property anddevelopment portfolios. The strategy is built on three perspectives: our customers, our offering to them and our own performance.

Our desire to develop has taken us to one of the leading positions in sustainability. Castellum will be the most sustainable property company in Europe and a major player in building a sustainable society. Sustainability should be integrated into business operations and yield tangible results.

The customers we have chosen to address ourselves to are in the office, government agency and civil service sectors, as well as logistics. At present, we manage 632 properties and look after 250,000 people every day. Based on our customers’ and their employees’ needs, we will continue to develop attractive, flexible andeasily accessible offerings in four areas: Services, Offices, Public sector properties and Logistics.

The Castellum Spirit

  • Personal
  • Passionate
  • Proactive
  • Reliable


Beyond expectations.


Creating workplaces where people and enterprises thrive.

Business idea

We create successful and sustainable workplaces in Nordic growth regions by really keeping close to customers, while staying on the cutting edge of innovation and expertise.

Business model

Investment in, and development and administration of commercial premises, as well as service offerings in a decentralized and customer-centric organization. Castellum focuses on cash flow and operates with low financial risk.

Overall objective


Overall objective: 10% annual growth in income from property management, SEK/share.


Performance 2019: 7% annual growth in income from property management, SEK/share.

Overall objective (Bar Graph)

Castellum’s value creation strategy

Investment in, and development and administration of commercial premises, as well as service offerings in a decentralized and customer-centric organization. Castellum focuses on cash flow and operates with low financial risk – all to optimize the conditions for delivering on the company’s overall growth targets and to create shareholder value.

Property management

Through management, in close relationship with customers, that is built on good business conduct, sustainability and innovation, we enable our customers to reach their business goals.

Project development

Castellum will continually invest in existing portfolios and develop new portfolios, resulting in a quality shift to a more sustainable and stable portfolio, as well as increased earning power. In addition, Castellum will be an active player that promotes urban development and growth.


We continually develop our property portfolio in order to strengthen Castellum’s position as the leading player in Nordic growth cities.

Strategy – Customers

Castellum will offer existing and potential customers premises, meeting spaces and services that are best suited for their objectives. Castellum will be recognized as an innovative player in selected product and customer segments, by making clear investments in project development, system support, technological development and sustainability that strengthens our business. Services, platforms and payment methods will be developed to meet our customers’ needs and so that they can easily find out about them. Castellum promotes long-term, close customer relationships, local presence and service that exceeds customer expectations.

Castellum’s customers come from all branches of the business community, as well as public sector authorities and civil service. The company is to have a highly diversified customer base with a good risk spread as regards geographies, premises type, scope of contract and lease terms.

Strategic tool

  • High customer satisfaction index (CSI)
  • 1st to 3rd largest property company in the respective cities

Outcome 2019

  • 77 on the CSI in the latest measurement (autumn 2019)
  • Castellum is the largest, second largest or third largest property company in 15 of the 17 cities in Sweden where the company is established

Strategy – Property and project portfolio

Castellum will develop and manage a property portfolio that supports targets set for growth in income from property management, thus creating shareholder value over time. Castellum’s portfolio shift is continuously toward greater quality and density through new construction, expansions and reconstructions, acquisitions and sales in the Nordic growth markets. The portfolio will constitute a property exposure alternative for Castellum’s shareholders. The portfolio turnover should be actively managed, with a net investment volume of approximately 5% per year.

Castellum will be a leading player in urban development, and the preferred choice of both municipalities and tenants when they are looking for a partner to develop new projects.

Strategic tool

  • At least 5% of the property value in net investments per year, equivalent to SEK 4.7 billion

Outcome 2019

  • MSEK 1,974 in net investments, of which MSEK 3,350 pertained to acquisitions, MSEK 2,762 to new construction, expansions and reconstructions, and MSEK 4,138 to sales

Strategy – Financing

Castellum must maintain a low level of financial risk; the chosen key ratios for risk are loan-to-value ratio and interest coverage ratio. Castellum’s financing strategy will support the business operations and manage the Group’s financial risks while working for an open and transparent climate. The strategy will be reflected in the financial policy in order to ensure risk management through close monitoring.

Castellum’s financial strategy can be summarized by five cornerstones: diversification, liquidity, strength, transparency and flexibility.

Castellum’s goal is for the company’s share over the long term to yield a competitive return in relation to risk, and to have a high level of liquidity.

Strategic tool

  • Loan-to-value ratio – not to permanently exceed 50%
  • Interest coverage ratio – at least 200%
  • Dividend – at least 50% of pre-tax income from property management in dividend pay-outs

Outcome 2019

  • The loan-to-value ratio amounted to 43% as of December 31, 2019
The loan-to-value ratio as of December 31, 2019. (Bar Graph)
  • The interest coverage ratio for 2019 was 502%
The interest coverage ratio for 2019 (Bar Graph)
  • SEK 6.50 per share in proposed dividend for 2019, equivalent to a payout ratio of 56%
Per share in proposed dividend for 2019 (Bar Graph)

Strategy – Organization and employees

Castellum is to be an attractive employer with committed, motivated employees and managers, all of whom work towards the same goal, thereby meeting high expectations. The company works actively to attract, recruit, develop and retain the right employees and managers. Castellum is building a goal-oriented organization in which its employees constantly challenge themselves and their colleagues to strengthen both the organization and individuals. The organization continually strives to become better, clearer and more open as regards expectations, and sees constructive monitoring as a natural part of management and employeeship.

Strategic tool

  • High employee satisfaction index (ESI)

Outcome 2019

  • 79% on the employee satisfaction index

Strategy – Sustainability

Castellum will be the most sustainable property company in Europe and a major player in the construction of a sustainable society. Sustainability should be integrated into business operations and yield tangible results. This work should characterize the entire business from ownership, property management and property portfolio development to customer relationships, employees and financing.

Castellums sustainability agenda, ”The sustainable city”, is divided into is divided into four areas of focus: the planet, future-proofing, well-being and societal responsibility. Complete reporting on the goals is compiled on the pages The planetFuture-proofingWell-being, and Social responsibility of the sustainability section.

Strategic tool

  • 15% energy savings per square meter by 2025, cf. 2015
  • Net-zero carbon emissions and 100% non-fossil fuel energy by 2030
  • 50% of the property portfolio in square meters will be environmentally certified in 2025
  • Equality among all occupational categories by 2025
  • 4% of all employees annually will be interns

Outcome 2019

  • 8% (1%) reduction cf. 2015 and 8% reduction (inc: 3%) in the like-for-like portfolio 77% (81%) less carbon emissions in Scope 1 and 2 since 2007
  • 36% of the property portfolio in square meters is environmentally certified, and certification of a further 2% is in progress. Castellum owns the greatest number of environmentally certified buildings out of all the Swedish listed property companies
  • For performance concerning equality and international background, read more in Well-being
  • In total, 84 young people had internships or holiday work at Castellum in 2019. Of these, 22 were interns, equivalent to approximately 5% of Castellum’s employees; 7 of them were in developments.