Castellum divests property portfolio in Skåne to Wihlborgs for SEK 13.3 Bn
Castellum divests property portfolio in Skåne to Wihlborgs for SEK 13.3 Bn
Castellum has signed an agreement with Wihlborgs to divest properties in Malmö, Lund, Helsingborg, Ängelholm and Burlöv, for a total underlying property value of SEK 13.3 Bn. All employees based in these locations will transfer to Wihlborgs as part of the transaction.
“Over the past 10 years, our portfolio in Skåne has generated a total return of 4.7 per cent, compared with 6.3 per cent for Castellum as a whole. This is equivalent to a return on equity of approximately 8.0 per cent for the Skåne portfolio, compared with 10.7 per cent for Castellum as a whole. In our assessment, the portfolio will not generate a sufficiently high return for us going forward, which is why we have chosen to sell. We are impressed by what Wihlborgs has achieved historically and are convinced that Wihlborgs will manage this portfolio in the best possible way,” says Pål Ahlsén, CEO of Castellum AB.
The underlying property value in the transaction amounts to SEK 13,320 million, compared with a carrying amount of approximately SEK 13,926 million as of 31 March 2026.
The estimated total earnings effect from the transaction amounts to approximately SEK -100 million, of which approximately SEK -700 million is expected to be recognised as changes in property values in the second quarter, and approximately SEK -400 million as changes in property values, approximately SEK -450 million as changes in value of goodwill and approximately SEK 1,450 million as deferred tax in the fourth quarter.
The properties’ total leasable area amounts to approximately 635,000 sq.m. The rental value amounts to SEK 1,130 million and the economic occupancy rate amounts to 87.5 per cent. For the period January–March 2026, rental income amounted to SEK 244 million and net operating income to SEK 157 million, including operating costs of SEK 47 million, maintenance of SEK 10 million, property tax of SEK 16 million and property administration of SEK 14 million.
Castellum’s total net leasing over the past 12 months of SEK 126 million would have amounted to SEK 147 million excluding the properties included in the transaction.
By value, the portfolio consists of 59 per cent offices, 7 per cent public sector properties, 21 per cent warehouse/light industrial, 9 per cent retail and 4 per cent projects/undeveloped land.
The transaction is subject to approval by the Swedish Inspectorate of Strategic Products (ISP), the Swedish Competition Authority and certain tenants.
Closing is planned for 1 October 2026.
Approximately 60 per cent of the proceeds from the transaction are intended, in some form, to be distributed to shareholders, while the remaining approximately 40 per cent is intended to be used to reduce debt. This preserves the current loan-to-value ratio. The exact form of the capital distributed to shareholders will be determined by the Board of Directors and communicated at a later date.
The transaction in brief
Properties: All properties owned by Castellum in these locations except Hälsingland 19.
Property type: Offices, public sector properties, warehouse/light industry, retail, projects/undeveloped land
Closing date: Planned for 1 October 2026
Average contract duration: 3.5 years
Rental value: SEK 1,130 million
Total leasable area: 635,000 sq.m.
Occupancy rate: 87.5%
For further information, please contact:
Pål Ahlsén, CEO, Castellum AB, +46 76 807 97 02
Christoffer Strömbäck, CFO, Castellum AB, +46 70 249 72 55