All parts of Castellum’s strategy are included in the company’s strategic plan. This plan is Castellum’s central policy for the company’s strategic direction, strategies, priorities and goals. Adopted by the Board of Directors, it runs over a three-year period and is reviewed annually by Group Management. Ultimately, the strategic plan aims at optimizing the preconditions for Castellum to deliver on the company’s overall growth target: 10 percent annual growth of income from property management expressed as SEK/share.



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

Investments and development of commercial ­premises managed
in a decentralized and customer focused organization. Castellum focuses on cash flow and operates with low financial risk.

Overall objective

Castellum’s operations are focused on cash flow growth, which along with a stable capital structure provide the preconditions for good growth in the company, while at the same time offering shareholders a competitive dividend. The objective is an annual growth in cash flow, i.e. income from property management per share, of at least 10%.

Performance: In 2017, growth in income from property management/share amounted to 5%.

Strategic tool – business operations

We will be the first hand choice for Swedish municipalities and enterprise
- High SCI

- 78 SCI in the latest measurement.

We will be Sweden’s leading real estate managers.
- One of Sweden’s major listed real estate companies.
- 1st to 3rd largest real estate ­company in each city.

- Property value amounted to SEK 81 billion at the end of 2017, meaning that Castellum is one of the largest listed Swedish real estate companies.
- Castellum is the largest, second largest or third largest real estate company in 14 of 17 cities.

We will be one of the leading developers of office and logistics buildings.
At least 5% of the property value in net investments per year, corresponding to approx. SEK 4 billion.

- SEKm 5,613 in net investments, of which SEKm 3,595 were acquisitions, SEKm 2,893 were for new construction, extensions and reconstructions, and SEKm 875 were sales.

As employer we are to be employer-of-choice
- High trust index

- A trust index of 81% in the latest measurement.*

* During the year Castellum changed suppliers of employee surveys and now measures employee satisfaction using a trust index on a scale of 0 to 100%.

Strategic tool – funding

Loan to value ratio
- Not permanently exceeding 55%

- The loan to value ratio amounted to 47% as of December 31, 2017.

Interest coverage ratio
- At least 200%

- The interest coverage ratio for 2017 was 386%.

- At least 50% of pre-tax property management income in dividend pay-outs.

- SEK 5.30 per share in proposed ­dividend for 2017, corresponding to a dividend ratio of 57%.

Strategic tool – Sustainability

- 50% of the real estate portfolio in sq.m. will be ­environmentally certified in 2025.

- 29% of the real estate portfolio in sq.m. is environmentally certified, and certification of another 7% is underway. ­Castellum owns more environmentally certified buildings than any other listed real estate company in Sweden.

The planet
- 15% in energy savings per sq.m, compared with 2015
- Net-zero carbon dioxide emissions by 2030
- 100% fossil-independent vehicles by 2020
- 1% water conservation per year
- 100% non-fossil energy by 2030

- 6% in energy savings per sq.m, compared with 2016
- 78% lower carbon dioxide emissions, compared with 2007
- 34% fossil-independent vehicles
- 4% water conservation
- 95% non-fossil energy

Social responsibility
- At least 4% of the Castellum workforce are to be apprentices; incentives offered to major-project entrepreneurs who create work opportunities for young people.

- A total of 57 young people had internships or holiday work at Castellum in 2017. 14 of the young people were apprentices, equivalent to approx. 4% of Castellum’s employees, of which 5 were created through projects.

- Equality among all occupational categories by 2025.
<2% short-term sick leave
<3% long-term sick leave

- Mapping has been made among all occupational ­categories during the year based on equality and the result will be reported during 2018.
1.2% short-term sick leave
0.8% long-term sick leave


Castellum was founded in conjunction with the financial and real-estate recession at the beginning of the 90s. The primary objective at that time was to develop Castellum into a stable Swedish real-estate corporation.

By the spring of 1997, after a comprehensive process including acquisitions and divestments, Castellum had become a financially stable, structurally sound and geographically concentrated real-estate corporation with properties in selected growth areas. On May 23rd, 1997, Castellum was listed on the Stockholm Stock Exchange’s “O-list”. Today, Castellum is listed on Nasdaq Stockholm Large Cap.

On the date of the IPO, Castellum owned properties worth just over SEK10 billion and income from property management operations reached approx. 300 million kronor. The Company’s property values have now topped SEK 8.7 billion and income from property management operations for 2017 was approximately MSEK 2,500.

Since the IPO, the Company has been characterized by a clear strategy, built on:

  • Commercial properties in growth regions
  • Development of property holdings, through investment of at least 5% of property value per year in acquisitions, new constructions, expansions and renovations – as well as strategic divestitures.
  • Cash-flow focus, with the objective of 10% cash-flow growth per share
  • A keen customer focus, sustained via local business areas with strong prescence.
  • A strong balance sheet, featuring low financial and operational risk