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Castellum 2021 in brief

A modern and attentive landlord

The tenants – all with unique needs and wishes for premises. The customer journey at Castellum is a circular one, constantly developing. It’s a matter of getting tenants to continuem choosing Castellum, even when their needs change. In every city where Castellum has properties, there are customer-centric local teams of lessors, commercial administrators, technical administrators and property managers. They follow their tenants as they conduct their daily operations, and engage in dialogue with them to satisfy their needs.Castellum also has its own experts in, for example, fire prevention, energy efficiency, sustainability and digitalisation.

The customer journey, in three steps

1. Survey phase

When a need for new premises emerges, Castellum’s lessors chart the tenant’s needs. It may be an existing tenant who has grown out of their premises, or a new tenant who is either trying to establish themselves in a new city or looking for something new. Castellum’s offering includes offices, logistics and warehouse premises in various sizes and locations. Castellum matches the tenant’s wishes against its offering and presents available properties. Existing premises may need to be adapted and, in connection with new production, collaboration with the tenant is established early, long before occupancy occurs. For coworking solutions, Castellum’s subsidiary United Spaces guides tenants to the right type of subscription, devoting extra attention to flexibility and access to various services. Coworking agreements can also be combined with normal leases.

2. Supplementary services

Many of Castellum’s properties also include a large service offering. They are all slightly different, with numerous possibilities for tenants who are leasing new production. For example, advisory services that ensure the office areas are optimised in terms of space in accordance with the tenant’s specific needs. It also concerns services that simplify the workday for both the tenants and in Castellum’s premises. Everything from smart boxes for e-commerce deliveries to charging stations in the basement for electric cars. Castellum also offers innovative solutions such as outdoor offices for a more active lifestyle.

3. Occupancy decisions

Once the tenant has decided to choose Castellum, an agreement is signed. These are different, depending on the property type, and can vary as regards both length and commitments on the tenant’s part. Coworking leases via United Spaces are offered in a subscription format and therefore differ from normal leases as regards structure, flexibility and length of contract. Lease periods vary, depending on conditions. A lease in an existing property often expires after 3–5 years, whereas leases for new production are longer. Coworking contracts via United Spaces have a length of three months.

Customer and offering

Castellum has a large contract portfolio consisting of approximately 7,700 commercial contracts. The spread of customers, as well as types and locations of premises, is broad. Exposure to individual tenants is low and the proportion of stable customers such as the public sector is increasing, as are customers who sign green leases.

Castellum’s tenants are found in every industry. Castellum is represented in many different segments, and the risk spread is good. One example of this is the large variation in length and scope of leases. This makes Castellum less dependent on fluctuations in the business cycle.

Since the outbreak of the coronavirus pandemic two years ago, work life has changed. Digitalisation has made tremendous strides, and the demand for flexible workplaces has increased. Castellum is on the leading edge, working continually on developing its customer offering using tools such as digitalisation.


Property portfolio

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 directly owned property portfolio is concentrated in select growth regions in Sweden, Copenhagen and Helsinki. Castellum is also exposed to robust sub-markets in Norway via its associated company, Entra.

Development portfolio

Castellum’s strategies for reaching an overall growth target of 10% include enhancing its development portfolio and creating new project opportunities through land allocation agreements and acquisition of building rights. Investments in new construction, extensions and reconstructions often result in higher yields than investments through acquisitions.

Building rights and planned developments

 As part of Castellum’s strategy, its development portfolio is improved through new construction. In this context, owning building rights in attractive locations with local detailed development plans already in place is a competitive advantage, as this entails the shortest possible lead time before tenants can occupy the premises. During the year, Castellum announced several major potential projects, characterised by their location in attractive development areas, in combination with a clear sustainability focus.


Castellum’s strategy for growth includes continually refining and developing its property portfolio by investing in new construction, extensions and reconstructions, as well as making acquisitions. The purpose of the investments is to improve cash flow, thereby increasing the value of the properties. New projects are gradually added through acquisitions of both development properties and unutilised building rights.

Examples of larger completed projects

Dragarbrunn 21:1, Kungspassagen

Areaapprox 14,130 sq.m.
OccupancyQ4 2021
InvestmentMSEK 493

Backa 20:5 

Area4,600 sq.m.
OccupancyQ1 2021
InvestmentMSEK 71 

Sellerin 3

Area5,190 sq.m.
OccupancyQ1 2021
InvestmentMSEK 94 

Examples of major ongoing projects

Sjustjärnan 1 (E.ON)

Area31,460 sq.m.
OccupancyQ1 2023
InvestmentMSEK 1,296 

Korsningen 1

Area5,650 sq.m.
OccupancyQ2 2022
InvestmentMSEK 227

Kv Sorbonne (Infinity)

Area~19,800 sq.m.
OccupancyQ3 2025
InvestmentMSEK 1,713