Castellum has a presence in three of the Nordic region’s capitals and growth markets. We own the most properties of any Nordic property company, and our property portfolio is concentrated in select growth regions in Sweden, Copenhagen and Helsinki.
Castellum’s geographical markets can be characterised as stable, with good prospects for long-term positive development. The commercial portfolio consists of 48% office, 21% public sector properties, 18% warehouse/logistics, 7% retail and 2% light industry. The properties are located in city centre locations and well-situated business districts, with excellent public transportation and services. The remaining 4% consists of developments and undeveloped land.
Castellum owns approximately 670,000 square metres of unutilised building rights and ongoing larger projects with a remaining investment volume of approximately SEK 3.2 billion.
Castellum’s property portfolio at 31 December 2020 comprised 642 properties (632) with a total rental value of MSEK 6,585 (6,177) and a total lettable area of 4,477,000 square meters (4,255,000). For properties owned at year end, the net operating income after property administration expenses over the year was MSEK 4,412 (4,103).
Investments in 2020
During the year, a total of MSEK 5,158 (6,112) was invested, of which MSEK 2,646 (3,350) was acquisitions and MSEK 2,512 (2,762) new construction, extensions and reconstructions. After sales and cash settlements of MSEK 891 (4,138), including a previously unrecognised earnout of MSEK 120, net investments amounted to MSEK 4,267 (1,974).
During the year, the asset portfolio changed according to the table on the right.
Sustainable property portfolio
Environmental inventories are to be carried out for all properties to identify and address environmental and health risks; currently these are 81% complete. Inventory is planned for the remaining 19%, which will be conducted over the next few years and updated every ten years for all properties.
When a property is acquired, it is analysed both in terms of energy utilisation and environmental risk; all new constructions and major reconstructions are environmentally certified. Castellum owns the greatest number of properties among Swedish listed property companies; all together, 39% of the total area – equivalent to 202 buildings (1,747,000 square meters) – is environmentally certified. Further certification is in progress for a further 331,000 square metres, equivalent to 7%. The purpose of certification is to reduce the property portfolio’s climate impact and risks, reduce costs, create premises that are attractive to tenants and their businesses, and to improve safety and working environments for them.
The environmental risks in Castellum’s property portfolio are considered small, and no fines have been paid for environmental offences.
|
|
Fair value, MSEK |
|
Number |
|---|---|---|---|---|
Property portfolio on 1 January 2020 |
|
95,168 |
|
632 |
+ Acquisitions |
|
2,646 |
|
16 |
+ New construction, extensions and reconstructions |
|
2,512 |
|
–1 |
– Sales |
|
–740 |
|
–5 |
+/– Unrealised changes in value |
|
3,712 |
|
— |
+/– Currency translation |
|
–256 |
|
— |
Property portfolio, 31 December 2020 |
|
103,042 |
|
642 |
|
|
Completed properties |
|
Ongoing projects |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
Number |
|
sq. m. |
|
Number |
|
sq. m. |
||||||
EU Green Building |
|
53 |
|
409 |
|
0 |
|
0 |
||||||
Miljöbyggnad |
|
59 |
|
441 |
|
11 |
|
109 |
||||||
BREEAM |
|
83 |
|
834 |
|
25 |
|
216 |
||||||
LEED |
|
6 |
|
63 |
|
0 |
|
0 |
||||||
WELL |
|
1 |
|
0 |
|
3 |
|
6 |
||||||
Environmentally certified properties2) |
|
202 |
|
1,747 |
|
39 |
|
331 |
||||||
|
||||||||||||||
Share of environmentally certified properties
Environmental certification system
Miljöbyggnad
Miljöbyggnad is a Swedish system that certifies buildings in energy, indoor environment and building materials. It also includes health and safety aspects. The system awards Gold, Silver or Bronze levels and is used for both residential and commercial premises.
BREEAM
BREEAM, from the UK, is together with LEED the most commonly used environmental classification system in the world. The system evaluates and rates the overall environmental impact of buildings.
NollCO2
To promote a climate-neutral construction sector in Sweden, the Sweden Green Building Council (SGBC) has produced the NollCO2 certification. NollCO2 is a supplementary certification to Miljöbyggnad, BREEAM-SE, LEED and Nordic Swan, and is intended to achieve net zero climate impact from new construction.
WELL
WELL certification is based on scientific studies and the standard was developed by the WELL Building Institute (IWBI), based in New York. WELL certifies the social sustainability of a building, focusing on health and wellness. The WELL standard is founded on ten concepts known to affect health.
LEED
LEED, from the US, is together with BREEAM the most commonly used environmental classification system in the world. The system evaluates and rates the overall environmental impact of buildings.
EU GreenBuilding
EU GreenBuilding focuses on improving the efficiency of energy usage. The requirement is to improve energy efficiency by 25%, or to use 25% less energy compared with new construction requirements in the building regulations [BBR] of the National Board of Housing, Building and Planning.
Sustainability programme in connection with new construction and reconstruction
Mandatory requirements for all construction projects at Castellum
Generally, the following requirements are imposed: Code of Conduct, sustainability policy, environmental management system, waste plan, environmental plan, an environmental project manager and energy-efficient product choices such as sustainable PEFC- or FSC-certified wood raw material, LED lighting and A-certified goods, in addition to the selection of sustainable building materials from both an environmental and health perspective as stipulated by the industry association Byggvarubedömningen.
Comprehensive sustainability programme for new construction and reconstruction
Applied in addition to the mandatory requirements in all major projects
- Miljöbyggnad level Gold1).
- Choosing renewable energy sources.
- 15% reduced climate impact per sq. m. in A1–A52).
- Healthy indoor climate and carefully prepared moisture prevention work
- Sustainable construction materials
- Near zero-energy buildings1).
- Always investigate WELL health certification3).
- Create a more attractive building through aesthetic decoration.
- Engage local artists in projects2).
- Install solar cells3).
- Investigate the possibilities of outdoor offices according to Castellum’s WorkOut concept3).
- Create inviting stairwells3).
- Energy-efficient and environmentally friendly construction sites.
- Non-fossil fuel powered vehicles at construction sites.
- Restoration and increased amount of ecosystem services.
- Climate risk management.
- Requirements that entrepreneurs create workplaces in the project for people struggling to enter the job market.
1. For new production in Sweden, Miljöbyggnad level Gold applies; in Denmark and Finland, BREEAM Excellent applies. Logistics buildings are certified under Miljöbyggnad Silver level. Other types of projects are certified.
2. Applies to newly constructed offices over MSEK 100.
3. Applies only to construction of office premises.
Property value by category
Property value by region
|
|
31 December 2020 |
|
January–December 2020 |
||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Category |
|
Number |
|
Area, thousand sq. m. |
|
Property value, MSEK |
|
In SEK/sq. m. |
|
Rental value |
|
In SEK/sq. m. |
|
Economic occupancy rate |
|
Income MSEK |
|
Property costs, MSEK |
|
In SEK/sq. m. |
|
Net operating income, MSEK |
||||
Offices |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stockholm |
|
31 |
|
291 |
|
12,922 |
|
44,413 |
|
705 |
|
2,424 |
|
90.4% |
|
635 |
|
122 |
|
420 |
|
513 |
||||
West |
|
66 |
|
376 |
|
11,011 |
|
29,327 |
|
682 |
|
1,815 |
|
92.5% |
|
618 |
|
122 |
|
325 |
|
496 |
||||
Central |
|
79 |
|
557 |
|
11,166 |
|
20,040 |
|
860 |
|
1,544 |
|
91.9% |
|
778 |
|
196 |
|
352 |
|
582 |
||||
Öresund |
|
43 |
|
398 |
|
11,419 |
|
28,701 |
|
846 |
|
2,127 |
|
92.0% |
|
759 |
|
178 |
|
447 |
|
581 |
||||
North |
|
2 |
|
5 |
|
102 |
|
20,802 |
|
8 |
|
1,632 |
|
98.4% |
|
8 |
|
2 |
|
423 |
|
6 |
||||
Finland |
|
7 |
|
58 |
|
2,712 |
|
46,622 |
|
181 |
|
3,120 |
|
86.2% |
|
157 |
|
44 |
|
756 |
|
113 |
||||
Total Office |
|
228 |
|
1,685 |
|
49,332 |
|
29,286 |
|
3,282 |
|
1,949 |
|
91.4% |
|
2,955 |
|
664 |
|
394 |
|
2,291 |
||||
Public sector properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stockholm |
|
12 |
|
89 |
|
5,839 |
|
65,389 |
|
283 |
|
3,168 |
|
97.2% |
|
268 |
|
42 |
|
472 |
|
226 |
||||
West |
|
12 |
|
79 |
|
1,614 |
|
20,367 |
|
108 |
|
1,360 |
|
90.4% |
|
96 |
|
18 |
|
232 |
|
78 |
||||
Central |
|
31 |
|
317 |
|
8,707 |
|
27,488 |
|
565 |
|
1,783 |
|
96.7% |
|
543 |
|
103 |
|
326 |
|
440 |
||||
Öresund |
|
9 |
|
98 |
|
3,651 |
|
37,374 |
|
219 |
|
2,244 |
|
98.7% |
|
214 |
|
29 |
|
295 |
|
185 |
||||
North |
|
10 |
|
100 |
|
2,068 |
|
20,705 |
|
149 |
|
1,492 |
|
95.3% |
|
141 |
|
26 |
|
259 |
|
115 |
||||
Total Public sector properties |
|
74 |
|
683 |
|
21,879 |
|
32,039 |
|
1,324 |
|
1,939 |
|
96.5% |
|
1,262 |
|
218 |
|
320 |
|
1,044 |
||||
Warehouse/logistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stockholm |
|
38 |
|
276 |
|
5,971 |
|
21,597 |
|
343 |
|
1,242 |
|
91.9% |
|
310 |
|
42 |
|
151 |
|
268 |
||||
West |
|
70 |
|
631 |
|
8,213 |
|
13,021 |
|
518 |
|
821 |
|
93.8% |
|
467 |
|
77 |
|
122 |
|
390 |
||||
Central |
|
30 |
|
166 |
|
1,661 |
|
10,024 |
|
135 |
|
812 |
|
87.7% |
|
117 |
|
24 |
|
147 |
|
93 |
||||
Öresund |
|
36 |
|
237 |
|
2,601 |
|
10,973 |
|
199 |
|
842 |
|
94.9% |
|
184 |
|
39 |
|
163 |
|
145 |
||||
Total Warehouse/Logistics |
|
174 |
|
1,310 |
|
18,446 |
|
14,082 |
|
1,195 |
|
912 |
|
92.8% |
|
1,078 |
|
182 |
|
139 |
|
896 |
||||
Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stockholm |
|
28 |
|
149 |
|
3,542 |
|
23,701 |
|
230 |
|
1,537 |
|
94.9% |
|
215 |
|
33 |
|
216 |
|
182 |
||||
West |
|
16 |
|
66 |
|
1,290 |
|
19,662 |
|
84 |
|
1,278 |
|
96.9% |
|
78 |
|
17 |
|
267 |
|
61 |
||||
Central |
|
21 |
|
114 |
|
1,880 |
|
16,533 |
|
147 |
|
1,288 |
|
97.6% |
|
140 |
|
28 |
|
242 |
|
112 |
||||
Öresund |
|
11 |
|
45 |
|
840 |
|
18,455 |
|
69 |
|
1,522 |
|
90.2% |
|
61 |
|
13 |
|
289 |
|
48 |
||||
Total Retail |
|
76 |
|
374 |
|
7,552 |
|
20,177 |
|
530 |
|
1,414 |
|
95.4% |
|
494 |
|
91 |
|
241 |
|
403 |
||||
Light industry |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stockholm |
|
10 |
|
43 |
|
792 |
|
18,302 |
|
54 |
|
1,250 |
|
95.5% |
|
51 |
|
9 |
|
210 |
|
42 |
||||
West |
|
15 |
|
62 |
|
763 |
|
12,384 |
|
54 |
|
873 |
|
95.8% |
|
51 |
|
8 |
|
123 |
|
43 |
||||
Central |
|
10 |
|
29 |
|
404 |
|
13,844 |
|
31 |
|
1,070 |
|
96.8% |
|
30 |
|
5 |
|
189 |
|
25 |
||||
Öresund |
|
4 |
|
42 |
|
393 |
|
9,337 |
|
33 |
|
792 |
|
94.0% |
|
31 |
|
4 |
|
100 |
|
27 |
||||
Total Light Industry |
|
39 |
|
176 |
|
2,352 |
|
13,353 |
|
172 |
|
979 |
|
95.5% |
|
163 |
|
26 |
|
150 |
|
137 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total investment properties |
|
591 |
|
4,228 |
|
99,561 |
|
23,549 |
|
6,503 |
|
1,538 |
|
93.1% |
|
5,952 |
|
1,181 |
|
279 |
|
4,771 |
||||
Lettings and property administration expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
379 |
|
90 |
|
–379 |
||||
Total after lettings and property administration expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,560 |
|
369 |
|
4,392 |
||||
Developments |
|
34 |
|
219 |
|
3,011 |
|
— |
|
82 |
|
— |
|
— |
|
46 |
|
26 |
|
— |
|
20 |
||||
Undeveloped land |
|
17 |
|
— |
|
470 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
||||
Total |
|
642 |
|
4,447 |
|
103,042 |
|
— |
|
6,585 |
|
— |
|
— |
|
5,998 |
|
1,586 |
|
— |
|
4,412 |
||||
|
||||||||||||||||||||||||||