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Castellum — Annual Report 2011
Feb 10, 2012
2900_10-k_2012-02-10_b03d4c11-53d9-44ad-959e-cebc7922d36b.pdf
Annual Report
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Annual Report 2011
Contents
| 2011 Year Summary | 1 |
|---|---|
| CEO's Comments | 2 |
| Operations | |
| Business Concept, Objectives and Strategies | 4 |
| Customers | 6 |
| Organization and Employees | 8 |
| Responsible Business | 10 |
| The Real Estate Portfolio | |
| Real Estate - in general | 13 |
| Castellum's Real Estate Portfolio | 15 |
| Investments | 19 |
| Building Rights and Potential Projects | 25 |
| Castellum's regions | 28 |
| Greater Gothenburg | 30 |
| Öresund Region | 34 |
| Greater Stockholm | 38 |
| Mälardalen | 42 |
| Eastern Götaland | 46 |
| Property value | 50 |
| Financing | 52 |
| Tax | 55 |
| Opportunities and Risks | 57 |
| The Castellum Share | 60 |
| Corporate Governance Report | 64 |
| Financial Review | 74 |
| Financial Reports | 77 |
| Consolidated Statement of Comprehensive Income | 78 |
| Consolidated Balance Sheet | 80 |
| Income Statement and Comprehensive Income | |
| for the Parent Company | 82 |
| Balance Sheet for the Parent Company | 83 |
| Change in Equity | 84 |
| Cash Flow Statement | 85 |
| Accounting Principles and Notes | 86 |
| Proposed Distribution of Profi ts | 108 |
| Statement Regarding Proposed Distribution of Profi ts | 109 |
| Signing of the Annual Report | 110 |
| Audit Report | 111 |
| Castellum's Real Estate Schedule 2011 | 113 |
The audited legal Annual Report, which comprises director's report and fi nancial reports, comprises the pages 4-110. Comparisons shown in brackets are made with the corresponding amount previous year. In the event of confl ict in interpretation or differences between this report and the Swedish version, the latter will have priority.
Annual General Meeting
Castellum AB's Annual General Meeting will take place on Thursday March 22, 2012 at 5 pm in RunAn, Chalmers Kårhus, Chalmersplatsen 1, Gothenburg. For more information and notification of attendance see www.castellum.se
Annual General Meeting calender and dividend
| 16 March 2012 |
|---|
| 22 March 2012 |
| 23 March 2012 |
| 27 March 2012 |
| 30 March 2012 |
Financial Reporting
Interim Report January-March 2012 17 April 2012 Half-year Report January-June 2012 12 July 2012 Interim Report January-September 2012 16 October 2012 Year-end Report 2012 22 January 2013
Further information
For further information please contact CEO Håkan Hellström, tel +46 705 60 74 56 or Finance Director Ulrika Danielsson tel +46 706 47 12 61 and www.castellum.se
Castellum – a short description
Business concept
Castellum's business concept is to develop and add value to its real estate portfolio, focusing on the best possible earnings and asset growth, by offering customized commercial properties, through a strong and clear presence in five growth regions - Greater Gothenburg, the Öresund Region, Greater Stockholm, Mälardalen and Eastern Götaland.
Focus on cash flow
Castellum's operations are focused on cash fl ow growth, which along with a stable capital structure provides the preconditions for robust growth in the company, and offers shareholders a competitive dividend.
The objective is an annual growth in cash fl ow, i.e., income from property management per share, of at least 10%. In order to achieve this objective, net investments of at least 5% of the property value will be made yearly. At the moment, this is equivalent to approx. SEKm 1,700. All investments will contribute to the objective of growth in income from property management within 1-2 years and have a potential asset growth of at least 10%.
Income from property management per share
Concentrated real estate portfolio with commercial focus
Castellum is one of the major listed real estate companies in Sweden. The fair value of the real estate portfolio amounts to SEK 34 billion and comprises premises for offi ce, retail, warehouse, logistics and industrial purposes. Within each of the regions where Castellum is present focus is placed on market areas and sub-markets where suffi cient volume can be found to provide the prerequisites for good business opportunities by rational management and strong presence.
Investments, i.e. enhancement and development of existing properties, acquisitions of new properties and new construction, are carried out in areas with high growth rates where opportunities are found for increased occupancy rates, increased rental levels and improved cash fl ows.
Real Estate value by region
Real estate value by category
Stable capital structure and low financial risk
Castellum's strategy is to have a stable capital structure, meaning a loan to value ratio not permanently exceeding 55% and an interest coverage ratio of at least 200%. The loan to value ratio as at 31 December, 2011 was 51% and the interest coverage ratio for the year was 278%.
Castellum's dividend policy is that at least 50% of income from property management, however investment plans, consolidation needs, liquidity and fi nancial position in general will be taken into account. The Board intends to propose a dividend of SEK 3.70 per share for 2011, which corresponds to a dividend ratio of 52%.
Financing 31-12-2011
Good and long-term customer relations
Good and long-term customer relations and hence satisfi ed customers is a prerequisite for creating long-term growth in Castellum. This is achieved by providing effi cient and well situated premises meeting the customers' needs regarding both appropriate premises as well as service.
Castellum has just approx 4,600 commercial contracts, with good risk exposure regarding geography, type of premises, length of contracts and fields of business of the customer.
Lease maturity structure
The Castellum share Total yield (including dividend)
| 2011 | 3 years 10 years | ||
|---|---|---|---|
| average/ | average/ | ||
| year | year | ||
| Castellum | – 3% | 18% | 17% |
| NASDAQ OMX Stockholm (SIX Return) |
– 14% | 19% | 6% |
| Real Estate Index Sweden (EPRA)– 13% | 17% | 15% | |
| Real Estate Index Europe (EPRA) | – 9% | 13% | 5% |
Here you can follow the Castellum share:
Castellum will work for a competitive total return in the company's share in relation to the risk and for a high liquidity. The company's actions will be made from a long term perspective. The Castellum share is listed on NASDAQ OMX Stockholm AB Large Cap.
Income from property management before tax for 2011 amounted to SEK 7.01 per share. This results in a share price yield at the year-end of 8.2%.
The long term net asset value (EPRA NAV) can be calculated to SEKm 15,920 corresponding to SEK 97 per share. The share price at the end of the year was thus 88% of the long term net asset value.
The proposed dividend of SEK 3.70 corresponds to a yield of 4.3% based on the share price at the year-end.
Year Summary 2011
- Rental income for 2011 amounted to SEKm 2,919 (SEKm 2,759 previous year).
- Income from property management amounted to 1,173 (1,141), corresponding to SEK 7.15 (6.96) per share, an increase of 3%.
- Changes in value on properties amounted to SEKm 194 (1,222) and on interest rate derivatives to SEKm – 429 (291).
- Net income after tax amounted to SEKm 711 (1,964), corresponding to SEK 4.34 (11.98) per share.
- Net investments amounted to SEKm 1,908 (1,279) of which SEKm 1,158 (881) were new constructions, extensions and reconstructions.
- The Board proposes a dividend of SEK 3.70 (3.60) per share, corresponding to an increase of 3%.
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income from property management, SEK/share | 7.15 | 6.96 | 6.89 | 5.93 | 5.63 | 5.38 | 5.00 | 4.52 | 4.07 | 3.77 |
| Change previous year | +3% | +1% | +16% | +5% | +5% | +8% | +11% | +11% | +8% | +14% |
| Net income after tax, SEK/share | 4.34 | 11.98 | 0.98 | – 4.04 | 9.07 | 10.21 | 7.89 | 5.59 | 2.68 | 4.00 |
| Change previous year | –64% +1,122% | pos. | neg. | –11% | +29% | +41% +108% | –33% | –30% | ||
| Dividend, SEK/share (for 2011 proposed) | 3.70 | 3.60 | 3.50 | 3.15 | 3.00 | 2.85 | 2.62 | 2.38 | 2.13 | 1.88 |
| Change previous year | +3% | +3% | +11% | +5% | +5% | +9% | +11% | +12% | +13% | +15% |
| Properties fair value, SEKm | 33,867 | 31,768 29,267 29,165 27,717 24,238 21,270 19,449 18,015 17,348 | ||||||||
| Net investments, SEKm | 1,908 | 1,279 | 1,129 | 2,710 | 2,559 | 1,823 | 889 | 774 | 711 | 547 |
| Loan to value | 51% | 50% | 52% | 50% | 45% | 45% | 45% | 45% | 48% | 48% |
| Interest coverage ratio | 278% | 299% | 309% | 255% | 287% | 343% | 315% | 277% | 256% | 240% |
Income from property management per share Dividend
CEO's comments
Before 2011 settles into history we can conclude that it was a relatively good year for Castellum - even if our highly set goal of 10% growth in income property management remained out of reach. With a property management income of SEKm 1,173 and a proposed dividend of SEK 3.70 - both featuring an increase of 3% - Castellum has succeeded in improving both property management results and dividends for all 14 years since its IPO in 1997.
Property values have remained stable in 2011. Generally speaking, the required yield was unchanged and we achieved a slightly rising operating profi t. In all, the value change was approx. SEKm 200, and this corresponds to a change of less than 1%. However, what has changed considerably is the valuation of interest rate derivatives, along with falling market interest rates. In spite of this, the cost of borrowing money has paradoxically increased, with increased margins in the credit market. The accounting rules of IFRS do not take the latter into account, which is why the results - a value decline of nearly SEKm 500 for Castellum - do not entirely refl ect reality. After factoring in two items not affecting cash fl ow - i.e., value change and deferred tax - this year's total net income totalled SEKm 711.
During 2011, investments increased to SEK 2 billion and the balance sheet remains strong, with a leverage of 51% and SEK 2.3 billion in unutilized long-term long-term credits. I'm especially pleased with the fact that during this year we have increased our investment rate regarding high-yield new constructions, extensions and reconstructions, and we've invested on the Danish side of the Öresund region - a market we have followed for a long time.
Customer satisfaction is crucial to Castellum's achievement of fi nancial goals. Continued high scores in our Customer Satisfaction Index survey show that our customers perceive Castellum as a good supplier of commercial premises for Swedish commercial and business life. One prerequisite for living up to customer expectations is an effi cient organization with service-minded and competent employees. Castellum has this covered. In turn, it means that Castellum should live up to the expectations of a modern employer - and this is confi rmed via consistently high scores in the Employee Satisfaction Index survey.
Although total yield on the Castellum shares showed a negative fi gure: -3%, it measured up well against -14% at the Stockholm Stock Exchange, and the Swedish Property Index of -13%, as well as the European Property Index -9%.
Economic growth is crucial to the development of the real estate business. Europe's debt crisis worsened in 2011 and this has strongly contributed to previously expected growth being revised down to recession levels. Although Sweden's public fi nances are strong, our dependence on exports has resulted in forecast Swedish growth being revised downwards as well.
Under these conditions - a solid Castellum and slow economic growth in Sweden - what can we expect in 2012?
Slower economic growth is followed by reduced demand for properties and lower infl ation rates. These, in turn, can retard the rate of rental-income increases. However, I see no threat of reduced revenue for the near future, since last year's infl ation resulted in upward index adjustments for 2012, while net leasing in 2011 does not indicate increased vacancies. With an expected constant cost structure, a stable net operating income can therefore be anticipated in the existing portfolio. On the other hand, both investments carried out during 2011 and the ambition to invest SEK 2 billion a year will have positive effects on net operating income as well as on property management income.
There has been an unfortunate combination, for the business world generally and the real estate business in particular. Political overconfi dence in credit-market regulation, an increased required yield for lending to banks by investors and bank compensation claims, have all led to increased interest-rate margins as well as to a decline in credit availability. It remains to be seen whether or not falling market interest rates - due to economic decline - can compensate for increased credit margins.
The decline in credit availability has already affected the real estate market, where liquidity dropped during the last quarter of 2011. Property revenue remains high compared to most other assets and generally speaking, today's market value falls short of new-production cost - by a wide margin. This is why I don't feel great concern about property values over time.
Castellum's long-term actions and low-risk profi le mean that the company is well positioned for 2012!
Gothenburg, January 24th 2012 Håkan Hellström CEO
Operations
Growth in income from property management
Net investments
Loan to value ratio
Interest coverage ratio
Dividend ratio
Business Concept
Castellum's business concept is to develop and add value to its real estate portfolio, focusing on the best possible earnings and asset growth, by offering customised commercial properties, through a strong and clear presence in fi ve Swedish growth regions.
Objective
Castellum's operations are focused on cash fl ow growth, which along with a stable capital structure provides the preconditions for robust growth in the company, and offers shareholders a competitive dividend.
The objective is an annual growth in cash fl ow, i.e., income from property management per share, of at least 10%. In order to achieve this objective, net investments of at least 5% of the property value will be made yearly. At the moment, this is equivalent to approx. SEKm 1,700. The previous ambition to invest at least SEKm 1,000 per year has thus been adjusted since the real estate portfolio and investment capacity were lower when it was adopted. All investments will contribute to the objective of growth in income from property management within 1-2 years and have a potential asset growth of at least 10%. Sales of properties will take place when justifi ed from a business standpoint and when an alternative investment with a higher return can be found.
Strategy for Funding
Capital structure
Castellum will have a stable capital structure, meaning a loan to value ratio not permanently exceeding 55% and an interest coverage ratio of at least 200%.
Purchase or transfer of own shares shall be available as a method for adjusting the company's capital structure to the company's capital need and as payment or funding of real estate investments. Company-owned shares may not be traded for the sole purpose of capital gain.
Dividend
At least 50% of pre-tax property management income will be distributed. However, investment plans, consolidation needs, liquidity and fi nancial position in general will be taken into account. Since the base changed on income from property management before tax, 50% of the new base is a higher level than 60% of income from property management after nominal tax as well as closer to the actual dividend in recent years.
The stock and credit markets
Castellum will work for a competitive total return on the company's share relative to risk and also strive for high liquidity. However, all actions will be made from a long-term perspective and the company will hold frequent, open and fair reports to shareholders, the capital and credit markets and the media, without disclosing any individual business relationship.
In the long term, Castellum will be one of the largest listed real estate companies in Sweden.
Strategy for the Real Estate Portfolio and Property Management
Geography
Castellum's real estate portfolio is located in the fi ve growth regions Greater Gothenburg, Öresund Region, Greater Stockholm, Mälardalen and Eastern Götaland. This together with rational property management and a strong presence in the market, provide for good business opportunities.
The development of the real estate and rental markets are, both nationally as well as regionally, dependent on the longterm economic growth. Important prerequisites for economic growth are a young well educated work force, access to good infrastructure and entrepreneurship. To make sure that investments are concentrated to areas within the nation with expected high economic growth, Castellum is continuously analyzing the development on different sub-markets.
Type of property
The real estate portfolio shall consist of commercial properties with general and fl exible premises for offi ce, retail, warehouse, logistics and industrypurposes. The distribution among the different categories is determined by business opportunities, cash fl ow, risk exposure and asset growth.
Development of the real estate portfolio
The real estate portfolio shall be continuously enhanced and developed in order to improve cash fl ow.
Castellum shall continue to grow with customers' demand, mainly through new constructions, extensions and reconstructions which is expected to give high returns, but also through acquisition of buildings and land with building rights for future development.
Customers
Castellum shall be perceived as a service management company. This is achieved by having long-term relations and supplying premises and service meeting customer demands. In order to develop the customer relations the customers' level of satisfaction shall be measured regularly. The risk within the circle of customers shall be kept low by spreading over many fi elds of business, length of contracts and size of contracts.
Property management/employees
Castellum shall deliver service and manage properties by a decentralized and small-scale organization with wholly owned subsidiaries. The presence of sub-markets should be strong and each subsidiary one of three largest real estate owners in each local market. Property management shall be carried out mainly by own personnel.
Castellum shall have skilled and committed employees, which is achieved as the group shall be an attractive workplace with good development possibilities. In order to develop the group in being an attractive workplace the employees' level of satisfaction shall be measured regularly.
Castellum's 4 corner stones
Customer focus through local organizations
- Decentralized and small-scale organization
- Property management carried out with own personnel
- Regulary measurement of customers and employees satisfaction
- Environmental work with focus on reduced energy consumption
Strong balance sheet and low fi nancial risk
- Loan to value ratio not permanently exceeding 55%
- Interest coverage ratio at least 200%
- Geographic exposure allocated on different types of premises
- Commercial contracts in many fi elds of industry
Customers
Lease value by region
Distribution of leases by industry
Thanks to the local presence, Castellum's employees get a close relation to their customers and knowledge both about their needs and the local situation and development. Good and long-term customer relations are a prerequisite for creating growth in Castellum. The work is regularly followed-up in customer questionnaires. The Customer Satisfaction survey carried out during 2011 shows that a high proportion of the customers are satisfied or very satisfied with Castellum as a landlord.
During the year a high leasing acivity has been carried out resulting in new contracts with a total annual value of SEKm 310.
Being close to the customer
Castellum's organization, comprised of locally based subsidiaries, provides a close relationship to the customer and a short decisionmaking process. Castellum employees work close to the market, and this means natural access to fresh information about customers' current and future operations. Customers can thereby be offered premises suited to their needs and benefi t from optimal personal service and quick answers.
Castellum, as one of the largest real estate owners on local markets, also contributes to the development of major sites where local subsidiaries operate through co-operation with municipalities and local networks, such as company associations.
The subsidiaries regularly distribute information through customer newspapers and the web.
Castellum's customers reflect Swedish economy
Castellum has a good risk exposure in the commercial contracts regarding both geography, type of premises, size, length of contracts and fi elds of industry of the customer. This means that Castellum's commercial contracts is a refl ection of the Swedish trade and industry and Swedish economy.
Castellum has approx. 4,600 commercial contracts and the single largest contract makes up for approx. 1% of Castellum's total rental income.
Commercial leases
Commercial leases are signed for a specifi ed period of time, generally 3-5 years, where the period of notice is 9 months. The rental level can be changed when the lease in question is due for renegotiation. The leases normally include a base-rent and an index clause, which provides for a yearly adjustment of the rent corresponding to a certain percentage or connected to the infl ation.
Leases may also contain additions for the tenant's share of the property's total heating, cooling and property-tax costs.
Satisfied customers
It is vital that Castellum meets customer expectations. To evaluate and follow up efforts made, an external customer survey is carried out annually: the Satisfi ed Customer Index. The survey shows general customer opinion about Castellum as well as how well Castellum performs in the areas of: service, business relationships, indoor premises, property condition, environmental questions and information.
The survey carried out in 2011 - which included offi ces, warehouses, industry and retail - continues to show consistently high marks for Castellum, with a weighted index of 75 out of 100. This is higher than the industry benchmark.
Service willingness shows the highest index and includes parameters such as personal attention, service and availability.
A significant portion of the surveyed customers, 88%, reply that they are willing to lease from Castellum again and gladly recommend Castellum as a landlord to others.
Leasing activity
Castellum enjoys high leasing activity. During 2011 the organization signed 698 new leases with a total annual value of SEKm 310. Robust leasing activities indicate the importance of taking care of customers and networks. Of the newly signed leases, 73% came from Castellum's own networks, recommendations or existing customer expansions, while 12% originated from web pages, and the remainder 15% came through agents.
Lease size structure
Satisfi ed Customer Index 2002-2011
Leasing activity
Organization
Castellum's strategy is to manage its properties in a decentralized and small-scale organization with wholly owned subsidiaries and strong presence on the sub-markets. By having local presence the subsidiaries get close relations with the customers and knowledge of their operations and needs. The companies also get good knowledge of the local real estate and rental markets, market changes and business opportunities.
Subsidiaries with strong brands
Castellum has six wholly owned subsidiaries which each engage about 35 employees. The subsidiary organizations are not identical but are in principle made up of a Managing Director, 2-4 market areas, business developers and 3-5 employees within fi nance and administration. Each market area employs one property manager with one assistant, one person working with leasing and 3-8 facility managers. Everyone has customer contacts. The fl at organization provides a short decision-making process and creates a customer oriented and active organization.
Castellum's subsidiaries operate under their own names which are strong brands on each submarket.
Property management is mainly carried out by own personnel and in cases where external services are purchased, high demands are placed on suppliers in terms of quality, customer contact, service and environmental awareness.
Engagement in the local markets
Castellum's subsidiaries are involved in the local business community through business associations where important contacts are taken with both current and prospective customers.
Castellum, as one of the largest real estate owners on local markets, also contributes to the development of major sites
where local subsidiaries operate through co-operation with community-development bodies, such as municipalities and universities/colleges.
Measuring and comparing
Castellum measures and compares subsidiary management effi ciency and asset value growth in the real estate portfolio. Within the Group, experiences are shared among companies and specialist expertise can therefore be made available to the whole organization.
Castellum's operations are controlled by rules for decision making and work allocation, policies and instructions. Policies are in place for fi nance and fi nancial work, information, information safety, environment, insurance and personnel, etc.
Parent company
The parent company, Castellum AB, is responsible for matters concerning the stock market (such as consolidated reports and stock-market information) and the credit market (such as funding and fi nancial risk management) as well as overall IT/IS strategies and personnel matters. Castellum AB has 14 employees.
The parent company takes active part in operations through involvement in subsidiary Boards.
Employees
It is a primary objective for Castellum to offer an attractive workplace, offering full possibilities for professional and personal development. Castellum works actively with competence development, experience exchanges and the continuous development of work assignments and processes. During 2011, competence development has continued with a leadership program.
For an optimum performance culture within the Castellum group, employee attitudes are monitored regularly. The 2011 survey achieves an 87 (out of 100) approval index, which indicates that employees enjoy their working situation and have high confi dence in the Group, the subsidiaries and management.
Attractive workplace
Castellum retains skilled and dedicated employees by enhancing targeted professional skills and creating a motivated work situation. The Group's commitment to being an attractive employer – employer of choice – promotes loyalty and job satisfaction.
A fl at organization means that each employee has well defi ned areas of responsibility with a high level of empowerment, leading to professional as well as personal development. Employee performance reviews occur yearly with all employees. These are an important tool for following up and setting objectives, as well as identifying competence development needs.
Castellum works with preventive health care, and offers good corporate wellness services as well as substantial health insurance. A bonus-sharing program provides employees with the opportunity to benefi t from their respective company's fi nancial performance improvement.
Once a year, all employees in the Castellum group meet to share experiences and strengthen the Group spirit.
Education and sharing experiences
Both internal and external training programs are provided at Castellum. A leadership program for senior management, which will cover a total of approx. 40 people, is running. In addition to Group-wide development, Castellum also target individual competence development on an as-required basis.
To create conditions for sharing of experiences between the companies, projects are run with participants from every company, covering topics such as web-based operation monitoring and lease contracts. Apart from the projects, there are fi xed focus-groups, which regularly discuss issues within specifi c areas, such as market-related issues, fi nance, IT, the environment and personnel.
Castellum's employees
As of year end, the Group had 239 employees (229), of which 38% were women (39%). Employee turnover during the year has been 13% (9%) and absence due to illness 2% (2%).
Satisfi ed employees
Employee viewpoints on Castellum are monitored regularly in a Satisfi ed Employees Index showing their attitudes towards their own working situation, the company and management. The latest survey - carried out in 2011 - continues to show a very high index, 87 on a scale of 100. This can be compared with a benchmark of 77. The response rate was 98%, demonstrating deep commitment.
Level of education
Age distribution - number of employees
Satisfi ed Employees Index
Responsible Business
That Castellum's operations are conducted in a responsible way is a prerequisite for the company's long-term successful business. The work is characterized by professionalism, commitment, expertise and innovation, which means both a responsible manners towards customers, employees and other stakeholders and to develop our business activities with least possible impact on the environment. The driving forces for this work, besides contributing to a sustainable society, is an added value through good management and hence customer satisfaction, lower costs, stronger brand and increased competitiveness.
During 2011, both a new Code of Business Conduct has been adopted in Castellum as well as a common group targets providing that all new constructions shall be environmentally classified.
Extraction from Code of Business Conduct Castellum
Castellum's objective is to make sound and proper business decisions in all respects where the process is characterized by professionalism, commitment, expertise and innovation. Castellum's Code of business conduct was adopted to accentuate the guidelines that regulate the Group in relation to its co-workers, customers, suppliers and other stakeholders.
Castellum's business modell with customer focus through local organizations, commercial properties in growth regions, strong balance sheet, low fi nancial risk and cash fl ow focus creates conditions to act according to the Code of business conduct. The result is i.e. growth in income from property management, hight scores in Satisfi ed Employee Survey and Satisfi ed Costomer Survey.
Responsibility for External Relations
The laws and regulations of countries where the corporation operates must be followed.
Relationships with customers, suppliers and other stakeholders are to be characterized by high business morality, good business ethics, responsibility awareness and impartiality. Competitive advantages are utilized, while competitors are dealt with in the correct manner. Price fi xing, cartelization or abuse of market position are strictly forbidden. To demand or give any form of promises in connection with gifts is not acceptable. Employees are never to use any form of bribery, corruption or illegal payments in relation to customers, suppliers, authorities or other decision-makers.
Castellum premises are to be kept in such condition that they clearly live up to promises and the reasonable expectations of customers regarding service and standard.
Employees are to handle their personal and fi nancial interests in such a way that they neither go against, nor can be perceived to be going against, Castellum's business activities. Employees are not allowed to accept - or give - any payments, gifts or other forms of compensation from/to a third party that may lead to a confl ict of interest.
A neutral position is taken concerning party-political issues.
Confi dential and sensitive information - business related as well as share-price affecting - must be handled with high demands on secrecy. Information is to be open and accessible in accordance with the regulations that apply for listed companies.
Marketing and customer contacts must be honest and not promise anything which does not correspond to reality.
Responsibility of the Organization
Human rights, encouraging ethnic diversity and equality is a given. Employees, customers, or suppliers/entrepreneurs are never to be discriminated against due to their nationality, ethnicity, skin colour, gender, heritage, religion, age or sexual orientation.
The work environment has to meet legislation and agreement requirements, as well as being safe and sound - from a physical, psychological and social viewpoint. To establish a healthy work environment Castellum is to engage competent leaders, provide opportunities for further education and offer salaries and related benefi ts that are market-oriented.
Society and Social Responsibility
In each local market Castellum cooperates with local parties such as municipalities, universities/colleges and companies in order to contribute to the district's long-term development.
Castellum works to contribute to a sustainable, ecological development. Environmental efforts are characterized by durability and a comprehensive view where environmental considerations form a part of all decision-making processes.
For the complete Code of Business Conduct see www.castellum.se
Examples from Castellum's environmental work since 1995
1998:
Robur classes Castellum's environmental work as "a model for the branch" 1997: First subsidiary which receives an "environment diploma" by Gothenburg city
2003: Web based surveillance of operations is commenced
2009:
- Harry Sjögren becomes the third Green
- Building Corporate Partner in Europe
- Eklandia fi nishes Sweden's fi rst BREEM certifi ed property
- 1995: Policies, guidelines and overall targets are established 2001: - Education and train ing in environmental issues, for all employees - Common group values are approved - Purchasing of "green electricity" for the group 2000: - A group-wide environ mental task force is formed - The fi rst ground heating / cooling system is installed in Örebro 2010: Brostaden is elected "Green Building Corporate Partner of the year" in Europe 2005: "Environmental Driving License" training is carried out for all employees 2008: Brostaden becomes the fi rst Green Building Corporate Partner in Europe 1995 2000 2005 2010 2011: - A new target was adopted; All new constructions should be environmentally classifi ed - Code of business conduct updated
Social responsibility
Social responsibility covers employees as well as the workplace and community setting for company operations. Since the company was founded, Castellum has been working on creating a corporate culture with a good working environment, where employee skills and commitment are utilized and developed. Our efforts are regularly followed up in employee and customer surveys, and both show high results.
Castellum, as one of the largest owners of real estate properties on local markets, contributes to the development of the communities where local subsidiaries operate via co-operation with municipalities, universities, colleges and local enterprises.
For larger purchases and procurements, Castellum sets fi rm environmental and quality demands on suppliers.
Castellum's code of business conduct rate governing day-to-day activities, and these are largely in line with the UN's Global Compact Code of Conduct. Castellum is a company which operates in Sweden and Denmark, and is therefore governed by Nordic laws and regulations. Castellum has also drawn up policies covering personnel issues such as: work environment, equal access to opportunities, salaries, pensions and company cars.
Environmental responsibility
To contribute to long term, sustainable development, Castellum's strategy is to develop its real estate portfolio in a resource-effective way and with least possible impact on the environment. Castellum's environmental efforts are focused on achieving more effi cient use of energy, removing fossil fuels and improving the environmental status of the properties, thus reducing the company's environmental impact.
Organization
The environmental work is managed through an environmental management system consisting of a common environmental policy, guidelines and comprehensive measurable targets. The environmental work is performed locally by each subsidiary and annual follow-ups are regularly reported to executive management. There is an environmental task force common the entire Castellum Group, which meets regularly in order to share experiences and to monitor and learn from developments taking place in the world at large. Our environmental efforts cover all activities and operations and the work is regularly examined by external specialists.
| Common targets in the Group | Outcome since | Yearly outcome | |||
|---|---|---|---|---|---|
| More efficient energy use | 2007 | 2011 | 2010 | 2009 | 2008 |
| - Energy consumption is to be reduced by at least 10% over 10 years (at least 1% per sq.m. and year) | – 6% | + 1% | – 3% | – 2% | – 2% |
| - Carbon dioxide emissions are to be reduced by at least 25% over 10 year period (at least 2,5% per sq.m. and year) –18% | + 9% | – 1% | – 12% | – 14% | |
| Plans call for us to; |
-
optimize operation of existing equipment and gradually ensure that technical installations on our properties more effi cient,
-
give priority to environmentally adapted and environmentally friendly energy sources. Replace remaining oil-fi red boilers in investment properties with other heating sources, 6 properties using oil-heating remains
-
phase out all use of gas produced from non-renewable sources, 26 investment properties using gas remains.
-
infl uence our district-heating power suppliers to minimize their carbon dioxide emissions,
-
minimize travel and transportation in the business.
| Known and continous improvement of the environmental status of the properties | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|
| - All properties owned for more than one year, shall be environmentally evaluated | 100% | 100% | 99% | 91% |
| Through committed actions; |
- all new construction, conversion, extension and maintenance to be carried out from a sustainable development
point of view, valid for planning, project-creation, production, management and recycling or demolishing,
-
ecologically harmful or hazardous substances, to be identifi ed and gradually removed,
-
encourage and work with the tenants to reduce their impact on the environment and follow up on those tenants who require
environmental authorization to carry out their activities,
- all tenants shall be offered on-site waste separation, adapted to their activities, in order to
reduce the amount of waste for landfi ll, approx. 80% have access to waste separation
- optimize water consumption and minimize discharge of environmental disturbing agents in sewage.
Energy and water consumption
| 2011 | 2010 | |||||
|---|---|---|---|---|---|---|
| Heating | Other | CO2 1000 | Heating | Other | CO2 1000 |
|
| GWh | GWh | tonnes | GWh | GWh | tonnes | |
| District heating | 188 | 8 | 15 | 232 | 8 | 18 |
| Electricity | 7 | 91 | 1 | 12 | 91 | 1 |
| Gas | 13 | 0 | 2 | 12 | 0 | 2 |
| Oil | 2 | 2 | 1 | 2 | 2 | 1 |
| Consumption | 210 | 101 | 19 | 258 | 101 | 22 |
| Adjustments* | 38 | 1 | 3 | – 27 | 1 | – 2 |
| Norm. consumption | 248 | 102 | 22 | 231 | 102 | 20 |
| Area, thousand sq.m. 2,853 2,671 | 2,720 2,681 | |||||
| Norm. consumption, | ||||||
| kWh/sq.m. | 87 | 38 | 7.8 | 85 | 38 | 7.2 |
| Water, thous. m3 | 862 | 831 |
* Normalized consumption according to degree days and vacancy. "Other" refers to electricity for management etc
Consumption and emission of carbon dioxide per sq.m. and year
Distribution of emissions of carbon dioxide
Distribution of energy consumption for heating
More effi cient energy use
Castellum is striving towards more effi cient energy utilization via, for example: adaptation of heating and ventilation according to the users need; extension of computerized control systems for heating and ventilation and motion-controlled lighting. Castellum follows up and analyzes all energy consumption in a common follow-up system. In addition, web-based surveillance is installed in approx. 20% of the portfolio.
In 2011, the normalized energy consumption in heating systems increased slightly per sq. m., while the electricity for management was in line with 2010. This resulted in a total energy-consumption increase of 1% per sq.m. The normalized carbon dioxide emission increased by 9%/sq.m. due to changes in the district plant's fuel mix. Since the target was adopted 2007, energy consumption has decreased 6% per sq.m. and carbon dioxide emissions decreased by 18% per sq.m. Out of Castellum's total carbon dioxide emissions, it is possible to infl uence 4% directly; emissions from oil and transports; remaining emissions can only be infl uenced indirectly.
Energy declarations, which were carried out 2009 according to established legislation, show that Castellum's consumption was approx. 30% lower than the consumption for similar properties in Sweden.
With the aim of reducing emissions, there is ongoing work to remove fossil fuels, i.e. convert oil and gas heating. Among the investment properties, six oil-heating properties remain. Ground heating/cooling is installed in 22 properties, totalling 114,000 sq. m.
As a user of district heating, Castellum is dependent on the districtheating plant's fuel mix, when it comes to emissions of carbon dioxide. Today, Castellum makes use of 23 district-heating facilities, amounting to 79% of the Castellum group's total carbon dioxide emissions. Castellum conducts ongoing dialogues with the district-heating suppliers who show the highest emissions per kWh. This is both to demonstrate how Castellum's environmental impact depends on their work, but also to learn about how they plan to reduce emissions.
Since 2001, only electricity labeled "environmentally friendly" has been used by the Castellum group.
The Group has virtualized 70 servers since 2008, minimizing the use of IT hardware.
Known and continuously improved status of the properties
An environmental inventory has been completed for all properties owned for at least one year. The inventory covers environmental and health risks such as hazardous substances, ground pollution, moist/ mould and operations requiring special permits. Environmental risk in Castellum's real estate portfolio is considered small.
Two of Castellum's subsidiaries, Fastighets AB Brostaden and Harry Sjögren AB have, as the fi rst and third companies in Europe respectively, been appointed Green Building Corporate Partner, meaning that energy consumption has been reduced by at least 25% in at least 30% of the real estate portfolio. During 2010, Fastighets AB Brostaden was awarded Green Building Corporate Partner of the Year. Castellum owns 89 of the just over 200 Green Building classifi ed buildings in Sweden and one BREEAM certifi ed property.
Stakeholders, communication and co-operation
As a driving force for change, communication about the Castellum group's environmental work is continuously carried out with stakeholders including customers, shareholders, competitors, municipalities and universities. The customers are kept informed via visits and web pages. Castellum cooperate with a number of parties to stay updated about new technologies and to share experience. For instance, Castellum is active in "Beställargruppen för lokaler" within the Swedish Energy Agency, and in the associations: Ecocycle Council and Sweden Green Building Council.
Real Estate Portfolio
Real estate properties in general
The rental market, i.e. the market for rental of premises (and rental levels), and the real estate market, i.e. the market for sales and purchasing of real estate properties, are both in a long term perspective depending on the development in the domestic economy.
Swedish economy
Sweden, with over nine million inhabitants, is a country with an open and strong economy. This is primarily due to a stable and transparent business climate, high education levels, healthy public finances and high productivity. Sweden has long and extensive experience in international trade and international relations. This is evident from its relatively large share of world-leading corporations such as Ericsson, H&M, IKEA, SCA and Volvo. The high export dependency of Swedish industry contributes to the fact that, historically, Sweden has shown the strong adaptability required to re-structure the economy during economic changes.
As for other countries, Sweden has been affected by the uncertainty caused by Eurozone problems with public finances. Weak growth in the Eurozone dampened the Swedish economy, which after a strong advancement at the beginning of the year slowed somewhat. Despite the recession at the end of the year, the GDP for 2011 is expected to increase by over 4%, which is significantly higher than forecasts for both the Eurozone and the USA favourable product mix and increased market share make the Swedish export industry well positioned for a quick recovery when effects of the financial turmoil subside. Unemployment has declined in 2011, but the economic downturn has a gradual effect on the Swedish labour market and unemployment is therefore expected to increase slightly in 2012.
Compared to many other countries, Sweden has favourable prospects for rapid recovery due to its stable public finances, its own currency, lower public debt, a better budget-balance-to-GDP ratio, and healthier banks.
The real estate portfolio
In Sweden there are almost three million properties with a total tax assessment value of approx. SEK 6,400 billion, of which the majority are residential properties. Out of the commercial properties in Sweden, Castellum, one of the major real estate owners in the country, is estimated to own roughly 1-2% while all of the listed Swedish real estate companies together are estimated to own roughly 12%. Apart from the listed companies, the largest real estate owners in Sweden are publicly owned companies, as well as Swedish and foreign institutional investors. In addition, there are a large number of smaller real estate owners, such as smaller real estate and construction companies, users and private owners.
Due to the scattered ownership without any dominating real estate owner, the competitors differ between different local markets.
Public debt/budget balance in % of GDP, forecast 2012
Macro Sweden
Sweden's foreign trade Jan-Nov 2011
| Export | Total SEKbn 1,118 Import | Total SEKbn 1,043 | ||
|---|---|---|---|---|
| Nordic | 242 | Nordic | 229 | |
| Eurozone1) | 140 | Germany | 191 | |
| Germany | 111 | Eurozone1) | 154 | |
| Benelux | 106 | BRICS | 110 | |
| BRICS | 99 | Benelux | 108 | |
| Remaining Europe (non-Euro) | 93 | Remaining Europe (non-Euro) | 83 | |
| Asia) | 93 | Great Britain | 62 | |
| North America | 80 | Asia) | 54 | |
| Great Britain | 78 | North America | 34 | |
| Remaining world | 76 | Remaining world | 18 |
1) exkl. Germany, Finland, Belgien, Netherlands and Luxembourg 2) exkl. India and China Source: SCB (Sweden Statistics), import relates to sending countries
Property portfolio listed real estate companies
Development strenght in Sweden's labor markets
Green color indicates the best labor markets and red color the worse. Source: West Sweden Chamber of Commerce and Industry
New construction and vacany rates
Source: JLL and NAI Svefa
Sweden's labor markets
Sweden can be divided into a number of local labor markets where each market has different development strength. The development strength depends on population growth, demographics, employment rates, new businesses, business employees, amount of wages, level of education and health.
The picture to the left shows the development strength of the Swedish local labor markets. The three major urban regions in Sweden have the greatest development potential which is explained by a larger population, which in turn creates a larger labor market, a diversified industrial structure, research opportunities of research and greater variety of shopping, entertainment and culture.
Rental market
The rental market is mainly dependent on growth in the Swedish economy, but is also affected by the volume of new constructions. Economic growth normally leads to an increasing demand for premises and, consequently, to a decreasing number of vacancies. This potentially leads to increased market rents which, in turn, facilitate new construction. A stagnation in growth leads to the reverse scenario.
The demand for premises remained high in 2011, although some level of weakening has been noted towards the end of the year and the rental process took slightly longer to complete. The pattern was the same for all Castellum sub-markets and property types. Net leasing has been positive during the year, and will lead to a decline in vacancies in the future.
Rental levels are expected to remain stable. The infl ation rate in 2011 has resulted in an indexation of rents for 2012 of just over 2%.
Since rental agreements normally are signed for 3-5 years, with nine months' notice of termination, changes in market rents will have relatively little impact on total rental income in the short run.
Property market
The real estate market in 2011 showed essentially the same volume as for 2010, but with lower activity at the end of the year. The transaction volume totalled approx. SEK 105 billion (100) for major sales. The volume in the fourth quarter amounted to approx. SEK 30 billion (39).
This year's transaction volume means that, in 2011, Sweden was the fourth largest market in Europe for commercial properties.
Domestic buyers still dominated the market and transactions mainly concerned offi ce buildings, whereas the volume of residential rental properties decreased slightly compared with the previous year. Real estate transactions have been carried out in all growth regions, of which Greater Stockholm accounted for approx. 40% of the transaction volume.
Castellum's real estate portfolio
Geographical markets
Castellum is present on the nation's major growth regions and approx. 60% of Sweden's 9.4 million inhabitants live within Castellum's regional market areas.
Economic growth is best measured as the development in a market area's total sum of wages. Average growth per year in total employment rates as well as growth in the sum of wages was during the period 2002-2011 within Castellum's market areas, 0.9% and 2.7% respectively. This may be compared with 0.5% and 2.5% for the nation.
In order to analyze the regional markets' growth and risk, the average annual growth in the sum of wages for each market may be studied at the same time as the risk (standard deviation in growth) is measured over time. Some markets are due to their size and business structure less dependent on changes in the world around than others and have their own inherent power to grow. The most favorable is high growth and low risk. The following fi gure shows Sweden's regional markets and Copenhagen in Denmark, where Castellum's markets are shown in red.
Real estate portfolio
Castellum's real estate portfolio is concentrated to a few selected submarkets where the local subsidiaries have a strong position. Castellum's geographical submarkets can be characterised as stable, with good prospects for long-term positive. The real estate portfolio is found in 15 locations in fi ve growth regions: Greater Gothenburg, the Öresund region, Greater Stockholm, Mälardalen and Eastern Götaland. The main focus with 75% of the portfolio is in the three major urban regions.
The commercial portfolio consists of 68% offi ce and retail properties as well as 30% warehouse and industrial properties. The properties are located from inner city sites (except in Greater Stockholm from inner suburbs) to well-situated working-areas with good means of communication and services. The remaining 2% consists of project and undeveloped land. Castellum owns approx. 760,000 sq.m. unutilized building rights.
Growth and risk in the long term (2002-2011)
Changes in real estate portfolio
| Value, SEKm Number | ||
|---|---|---|
| Real estate portfolio on January 1, 2011 | 31,768 | 598 |
| + Acquisitions | 857 | 23 |
| + New constructions, extensions and reconstructions |
1,158 | – |
| – Sales | – 77 | – 4 |
| +/– Unrealized changes in value | 164 | – |
| +/– Currency translation | – 3 | – |
| Real estate portfolio Dec. 31, 2011 | 33,867 | 617 |
Average valuation yield (SEKm) (excl. project/land and building rights)
| 2011 | 2010 | |
|---|---|---|
| Net operating income properties | 2,142 | 1,987 |
| + Estimated index adjustment 2012, 2.0% | 64 | 45 |
| + Real occupancy rate, 94% at the lowest | 229 | 225 |
| +/- Property costs to a normal year | – | 25 |
| – Property administration, 30 SEK/sq.m. | – 102 | – 98 |
| Normalized net operating income | 2,333 | 2,184 |
| Valuation (excl. building rights of SEKm 460) 32,594 | 30,213 | |
| Average valuation yield | 7.2% | 7.2% |
Average valuation yield over time
On December 31, 2011 Castellum's real estate portfolio comprised 617 properties (598) with a total rental value of SEKm 3,366 (3,190) and a total lettable area of 3,411,000 sq.m. (3,311,000). For properties owned at the year-end the net operating income over the year was SEKm 1,979 (1,840).
During the year investments totaling SEKm 2,015(1,506) were made, of which SEKm 1,158 (881) were new constructions, extensions and reconstructions and SEKm 857 (625) were acquisitions. Of the total investments SEKm 728 relates to Greater Gothenburg, SEKm 541 to Öresund Region, SEKm 352 to Mälardalen, SEKm 226 to Greater Stockholm and SEKm 168 to Eastern Götaland. Castellum has ongoing projects with remaining investments of approx. SEKm 1,100.
Property value
The fair value of the properties at the year-end amounted to SEKm 33,867 (31,768), corresponding to SEK 9,835 per sq.m (9,500). The average valuation yield over time for Castellum's real estate portfolio, excluding development projects, undeveloped land and building rights, can be calculated to 7.2% (7.2%). Of the total property value 90% represents properties with right of possession and 10% is site leasehold.
Rental income
Group rental income amounted to SEKm 2,919 (2,759). For offi ce and retail properties, the average contracted rental level, including charged heating, cooling and property tax, amounted to SEK 1,217 per sq.m. (1,201), whereas it for warehouse and industrial properties amounted to SEK 724 per sq.m. (711). Rental levels, which are considered to be in line with the market, have increased by approx. 1.6% in comparable portfolio compared with previous year.
The average economic occupancy rate was 89.3%. The total annual rental value for vacant premises during the year amounted to approx. SEKm 371 (374).
The gross leasing (i.e. the annual value of total leasing) during the year Rental value and economic occupancy rate was SEKm 310 (257), of which SEKm 45 (46) was leasing in connection to new constructions, extensions and reconstructions. Notices of termination amounted to SEKm 249 (221), of which bankruptcies were SEKm 18 (12), hence net leasing for the year were SEKm 61 (36). In the net leasing for the fourth quarter there is a larger notice of termination of SEKm 15, with possibility to move out fi rst after 24 months. The time difference between reported net leasing and the effect in income thereof is estimated to between 9-18 months.
Property costs
Property costs amounted to SEKm 1,003 (960) corresponding to SEK 300 per sq.m. (298). Consumption for heating during the year has been calculated to 87% (116%) of a normal year according to the degree day statistics.
Rental losses, i.e. charged not paid rents with the risk of loss, amounted to SEKm 8 (6) corresponding to 0.3% (0.2%) of rental income.
Changes in value
Castellum estimates that property prices are stable and that the liquidity decrease at year-end is not due to buyers and sellers having varied viewpoints on pricing, but rather the result of a stretched credit market.
The change in value in Castellum's portfolio during the year amounted to SEKm 194 (1,222), corresponding to approx. 0.6%. The change in value mainly relates to acquisitions and project gains. No general change in the the required yield in the internal valuations has been made during the year. On the property level, however, adjustments has been made on both individual required yield and future cash fl ow. The change in value also covers SEKm 30 due to sales of 4 properties where the sale price of SEKm 107 exceeded the valuations by 39%.
It should be noted that, since property valuations include an uncertainty range of normally 5-10%, also the changes in value include a not insignifi cant uncertainty.
Income over time
Income from property management over the past 10 years shows stable development and has grown by an average of 8% per year. Property values have been volatile over the past 10 years and indicate an average growth of 1.5% per year.
Net leasing per quarter
Property costs, SEK/sq.m
| Offi ce/ Retail |
Warehouse/ Industrial |
2011 Total |
2010 Total |
|
|---|---|---|---|---|
| Operating expenses | 201 | 121 | 165 | 169 |
| Maintenance | 44 | 23 | 35 | 34 |
| Ground rent | 7 | 7 | 7 | 6 |
| Real estate tax | 67 | 17 | 44 | 43 |
| Direct property costs | 319 | 168 | 251 | 252 |
| Leasing and property administration (indirect) |
– | – | 49 | 46 |
| Total | 319 | 168 | 300 | 298 |
| Previous year | 322 | 171 | 298 |
Income over time
Castellum's real estate portfolio 31-12-2011
| 31-12-2011 | January-December 2011 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| No. of properties |
Area thous. sq.m. |
Property value SEKm |
Property value SEK/sq.m. |
Rental value SEKm |
Rental value SEK/sq.m. |
Economic occupancy rate |
Rental income SEKm |
Property costs SEKm |
Property costs SEK/sq.m. |
Net operating income SEKm |
|
| Offi ce/retail | |||||||||||
| Greater Gothenburg | 78 | 423 | 6,012 | 14,222 | 540 | 1,277 | 94.3% | 509 | 130 | 307 | 379 |
| Öresund Region | 59 | 355 | 5,271 | 14,841 | 485 | 1,366 | 86.2% | 418 | 113 | 318 | 305 |
| Greater Stockholm | 52 | 344 | 4,352 | 12,655 | 462 | 1,343 | 78.1% | 361 | 116 | 337 | 245 |
| Mälardalen | 79 | 400 | 4,241 | 10,591 | 436 | 1,088 | 92.3% | 402 | 129 | 323 | 273 |
| Eastern Götaland | 52 | 320 | 2,968 | 9,284 | 319 | 999 | 89.8% | 286 | 100 | 314 | 186 |
| Total offi ce/retail | 320 | 1,842 | 22,844 | 12,402 | 2,242 | 1,217 | 88.2% | 1,976 | 588 | 319 | 1,388 |
| Warehouse/industrial | |||||||||||
| Greater Gothenburg | 102 | 660 | 4,862 | 7,369 | 482 | 731 | 96.7% | 466 | 104 | 158 | 362 |
| Öresund Region | 41 | 297 | 1,750 | 5,902 | 209 | 703 | 82.8% | 173 | 47 | 159 | 126 |
| Greater Stockholm | 42 | 218 | 1,945 | 8,909 | 202 | 926 | 91.4% | 185 | 53 | 241 | 132 |
| Mälardalen | 38 | 160 | 913 | 5,714 | 114 | 715 | 93.7% | 107 | 28 | 174 | 79 |
| Eastern Götaland | 34 | 184 | 740 | 4,013 | 93 | 504 | 83.6% | 78 | 23 | 125 | 55 |
| Total warehouse/industrial | 257 | 1,519 | 10,210 | 6,723 | 1,100 | 724 | 91.7% | 1,009 | 255 | 168 | 754 |
| Total | 577 | 3,361 | 33,054 | 9,835 | 3,342 | 995 | 89.3% | 2,985 | 843 | 251 | 2,142 |
| Leasing and property administration | 163 | 49 | – 163 | ||||||||
| Total after leasing and property administration | 1,006 | 300 | 1,979 | ||||||||
| Development projects | 12 | 50 | 515 | – | 24 | – | – | 10 | 10 | – | 0 |
| Undeveloped land | 28 | – | 298 | – | – | – | – | – | – | – | – |
| Total | 617 | 3,411 | 33,867 | – | 3,366 | – | – | 2,995 | 1,016 | – | 1,979 |
The table above relates to the properties owned by Castellum at the end of the year and refl ects the income and costs of the properties as if they had been owned during the whole year. The discrepancy between the net operating income of SEKm 1,979 accounted for above and the net operating income of SEKm 1,916 in the income statement is explained by the deduction of the net operating income of SEKm 1 on properties sold during the year, as well as the adjustment of the net operating income of SEKm 64 on properties acquired/completed during the year, which are recalculated as if they had been owned or completed during the whole year.
Property value by property type Property value by region
Property related key ratios
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Rental value, SEK/sq.m. | 995 | 974 | 969 | 921 | 896 | 864 | 851 | 859 | 829 | 799 |
| Economic occupancy rate | 89.3% | 89.0% | 89.8% | 89.7% | 87.9% | 87.1% | 88.1% | 89.6% | 90.7% | 91.5% |
| Property costs, SEK/sq.m. | 300 | 298 | 300 | 268 | 262 | 259 | 247 | 255 | 246 | 237 |
| Net operating income, SEK/sq.m. | 589 | 569 | 571 | 559 | 527 | 494 | 502 | 514 | 506 | 494 |
| Fair value, SEK/sq.m. | 9,835 | 9,499 | 9,036 | 8,984 | 9,098 | 8,466 | 7,930 | 7,706 | 7,296 | 7,132 |
| Number of properties | 617 | 598 | 590 | 587 | 549 | 515 | 494 | 492 | 500 | 508 |
| Lettable area, thousand sq.m. | 3,411 | 3,311 | 3,199 | 3,172 | 3,003 | 2,787 | 2,651 | 2,505 | 2,437 | 2,381 |
Investments
Castellum's strategy for growth includes constant improvement and development of the real estate portfolio by new constructions, reconstructions and extensions as well as acquisitions. The investments are made in order to improve cash flow and increase the value of the properties. New development projects are added on an ongoing basis through the acquisition of both properties with development potential and unutilized building rights.
Castellum has in the last 10 years invested SEK 17 billion, which means SEKm 1,700 on average per year.
During 2011, Castellum invested a total of SEKm 2,015 (1,506), of which SEKm 1,158 (881) were new constructions, extensions and reconstructions and SEKm 857 (625) were acquisitions. Castellum completed major projects for a total value of approx. SEKm 250 and has ongoing projects with a remaining investment volume of approx. SEKm 1,100.
Castellum's project portfolio has a good risk exposure with many projects in several locations and with a large number of customers.
During 2011 Castellum has made the fi rst investment on the Danish side of the Öresund Region and acquired 4 properties in Albertslund, Brøndby and Vibeholm in Copenhagen, Denmark, for SEKm 235.
During the year, 4 (6) properties have been sold for SEKm 107 (227) which exceeded the valuations by 39%.
Larger ongoing development projects
Investments and sales per year
Investments and sales per region 2011
Castellum has ongoing projects with a remaining investment volume of approx. SEKm 1,100. Some of the larger projects are presented below.
Lindholmen 28:3 in Gothenburg
| Location: | Lindholmen Science Park |
|---|---|
| Area: | 10,400 sq.m. |
| Time plan: | Completed Q 2, 2013 |
During the fi rst quarter 2011 Castellum acquired land with building right on Lindholmen which is adjacent to the company's existing property. During November 2011 a new construction started of an offi ce building of 10,400 sq.m. on the land. The new building will be constructed according to Green Building Standard.
The investment is calculated to SEKm 280. Currently there are no signed leases in the property.
Atollen in Jönköping
Location: Munksjön in central Jönköping Area: The fi rst stage of 6,019 sq.m. Time plan: Completed Q4, 2013
Castellum has started a new production in the central land area Atollen, Jönköping. The new construction will be carried out together with two partners and Castellum's part consists of two blocks of 10,420 sq.m. in total. Castellum's fi rst stage starts in January 2012 and consists of 6,019 sq.m. of which 2,790 sq.m. offi ce area, 2,212 sq.m. retail and 1,017 sq.m. residential. The new buildings will be constructed in accordance with the environmental system "Miljöbyggnad".
The investment in the fi rst stage is calculated to SEKm 169 and to be completed during the autumn 2013. Currently there are no signed leases in
Fullriggaren 4 in Malmö
| Location: | Västra Hamnen in Malmö |
|---|---|
| Area: | 5, 470 sq.m. |
| Time plan: | Completed Q 1, 2013 |
In Västra Hamnen, near central Malmö, Castellum has acquired land and started a new construction of 5,470 sq.m. offi ce premises.
The building will have a fl exible construction with six fl oor plan, where each fl oor plan can be divided into three premises. On the top fl oor, a common conference room with roof terrace will be built. The new building will be constructed in accordance with the environmental system "Miljöbyggnad" as well as Green Building Standard.
The investment is calculated to SEKm 154. Currently there are no signed leases in the property.
Forskaren 2 in Lund
| Location: | Ideon-area in Lund |
|---|---|
| Area: | 9,000 sq.m. |
| Time plan: | Completed Q 4, 2012 |
At the Ideon area, close to Lund University of Technology and Lund University, Castellum has since 2001 completed a buildings comprising 27,500 sq.m. offi ce premises on the property Forskaren 2, also known as Edison Park.
During 2010, Castellum started a new construction project of another 9,000 sq.m. offi ce premises with high standard on Edison Park, which is the fi nal stage before completion of the property. The investment is calculated to SEKm 149.
The new construction has an occupancy rate of 15%.
Gården 15 in Linköping
| Location: | Tornby shopping center in Linköping |
|---|---|
| Area: | 9,855 sq.m. |
| Time plan: | Completed Q 1, 2013 |
In Tornby shopping center, near E4, Castellum has started a new construction on an unutilized building right which was acquired 2009. The new building will consist of 9,855 sq.m. offi ce-, retail- and warehouse premises. The new buildings will be constructed in accordance with the environmental system "Miljöbyggnad".
The investment is calculated to SEKm 106. Leases have been signed on 39% of the premises.
Inköparen 1 in Örebro
| Location: | Aspholmen in Örebro |
|---|---|
| Area: | 4,300 sq.m. |
| Time plan: | Completed Q 1, 2013 |
In the fall 2006 Castellum acquired the property Inköparen 1 with un unutilized building right in the working area Aspholmen in Örebro. The property has a good location, right on the exit from highway E18/20. During 2009 3,600 sq.m. offi ce and retail premises were completed on the property and during 2010 another 1,700 sq.m.
During 2011 Castellum started the fi nal stage which consists of 4,300 sq.m. offi ce premises in four fl oor plans. The new building will be constructed in accordance with the environmental system "Miljöbyggnad" as well as Green Building Standard.
The investment is calculated to SEKm 68. Leases have been signed on 60% of the premises.
Larger ongoing projects 2011
| Area | Econ.occup. | Investment, SEKm | ||||
|---|---|---|---|---|---|---|
| Name of property | sq.m. | Jan 2012 | Total | Remaining | Completed | Comment |
| Lindholmen 28:3, Gothenburg | 10,400 | 0% | 280 | 233 | Q 2 2013 | New construction offi ce premises |
| Atollen, Jönköping | 6,019 | 0% | 169 | 142 | Q 4 2013 | New construction offi ce/retail/residential |
| Fullriggaren 4, Malmö | 5,470 | 0% | 154 | 73 | Q 1 2013 | New construction offi ce premises |
| Forskaren 2, Lund | 9,000 | 15% | 149 | 58 | Q 4 2012 | New construction offi ce premises |
| Gården 15, Linköping | 9,855 | 39% | 106 | 60 | Q 1 2013 | New construction offi ce/retail/warehouse |
| Inköparen 1, Örebro | 4,300 | 60% | 68 | 52 | Q 1 2013 | New construction offi ce premises |
| Kärra 28:18, Gothenburg | 5,500 | 0% | 45 | 32 | Q 3 2012 | New construction warehouse premises |
| Rosersberg 11:34, Sigtuna | 4,080 | 0% | 40 | 39 | Q 4 2012 | New construction warehouse/offi ce |
| Elementet 4, Sollentuna | 3,350 | 0% | 33 | 15 | Q 3 2012 | New construction warehouse/logistic |
Larger completed project
Castellum has larger completed projects to a volume of approx. SEKm 250. Some of the larger completed projects are presented below.
Boländerna 30:2 in Uppsala
| Location: | Retail area Boländerna in Uppsala |
|---|---|
| Area: | Reconstruction 9,700 sq.m. and extension 4,300 sq.m. |
| Time plan: | Completed Q 4, 2011 |
Castellum owns several properties in the retail area Boländerna, which today is the strongest outer city retail area in Uppsala. The properties have been developed in stages and in the beginning of 2010 Castellum decided on a reconstruction of 9,700 sq.m. retail and warehouse premises and new construction and extension of approx. 4,300 sq.m. retail and restaurant premises on the property Boländerna 30:2, which were completed during 2011.
The investment amounted to SEKm 70. The reconstruction and extension has an occupancy rate of 90%.
Saltmossen 3 in Botkyrka
| Location: | Eriksberg in Botkyrka |
|---|---|
| Area: | 5,500 sq.m |
| Time plan: | Completed Q 3, 2011 |
In the working area Eriksberg, near highway E4 in Botkyrka, Castellum has completed a new construction of 5,500 sq.m. warehouse premises. The new building has a fl exible and adaptable construction. The new building was constructed according to Green Building Standard.
The investment amounted to SEKm 52 and the property is fully let.
Kärra 72:36 in Gothenburg
Location: Tagene-area in Hisingen, Gothenburg Area: 6,400 sq.m. Time plan: Completed Q 3, 2011
In the industrial area Tagene, near highway E6, on Hisingen in Gothenburg Castellum has completed a warehouse and industrial property of 6,400 sq.m. The new building is suited for both logistics companies and light production.
The investment amounted to SEKm 45. The property is fully let.
Larger completed projects 2011
| Area, | Econ. occup | Investment, SEKm | ||||
|---|---|---|---|---|---|---|
| Name of property | sq.m. | Jan 2012 | Total of which 2011 | Completed | Comment | |
| Boländerna 30:2, Uppsala | 14,000 | 90% | 70 | 31 | Q 4 2011 | Reconstruction and extension retail premises |
| Saltmossen 3, Botkyrka | 5,500 | 100% | 52 | 46 | Q 3 2011 | New construction warehouse/logistics premises |
| Kärra 72:36, Gothenburg | 6,400 | 100% | 45 | 30 | Q 3 2011 | New construction warehouse/logistics premises |
| Kallebäck 3:4, Gothenburg | 3,400 | 100% | 29 | 27 | Q 4 2011 | Reconstruction offi ce premises |
| Varla 3:22, Kungsbacka | 12,800 | 100% | 25 | 25 | Q 4 2011 | Reconstruction offi ce and warehouse premises |
Larger acqusitions and sales during 2011
During the year, Castellum has acquired 23 properties for a total amount of SEKm 857. 4 properties were sold and the sales price was SEKm 107.
Lundbyvassen 3:1 in Gothenburg
| Location: | Lindholmen in Gothenburg |
|---|---|
| Area: | 10,800 sq.m. |
| Access: | April 2011 |
Castellum has acquired a property for SEKm 183 on Lindholmen, Gothenburg. The property, which is located near the company's existing properties, consists of 10,800 sq.m. of which 8,800 sq.m. is offi ce premises and the rest warehouse premises and premises for product development.
The property is fully let.
Hovedvejen 1-7, Glostrup and Vibeholms Allé 15, Brøndby, Denmark
| Location: | Vibeholms Business Park in Copenhagen |
|---|---|
| Area: | 10,112 sq.m. |
| Access: | November 2011 |
In Vibeholms Buisness Park in the Copenhagen area, Castellum has acquired two fully let properties for SEKm 160. The property Hovedvejen 1-7 consists of 6,953 sq.m. of which 3,800 sq.m. is offi ce premises, 2,933 sq.m. garage and the rest retail. Vibeholms Allé 15 is an offi ce property of 3,159 sq.m.
Both buildings are in very good condition and are situated near the properties Castellum has acquired in Copenhagen during the year.
Kusken 3 in Mölndal
| Location: | Åby Business Park in Mölndal |
|---|---|
| Area: | 7,625 sq.m. |
| Access: | December 2011 |
In Åby Castellum has acquired a fully let warehouse/offi ce property, situated near the company's existing portfolio. The property consists of 7,625 sq.m. of which 4,850 sq.m. is warehouse premises and the rest offi ce premises.
The investment amounted to SEKm 87.
Boländerna 11:5, 12:1 and 36:2 in Uppsala
| Location: | Working area Boländerna in Uppsala |
|---|---|
| Area: | 11,300 sq.m. |
| Access: | November 2011 |
In Boländerna Castellum has acquired three fully let properties near the company's extisting properties. The properties consists of 6,500 sq.m. warehose and industrial premises, 2,400 sq.m. offi ce premises and 2,400 sq.m. retail premises. Further, there are unutilized building rights of approx. 4,500 sq.m.
The investment amounted to SEKm 81.
Sannegården 52:1 in Gothenburg
| Locatio |
|---|
| Area: |
| Access: |
Location: Lindholmen in Gothenburg Area: 7,490 sq.m. Access: September 2011
On Lindholmen in Gothenburg Castellum has acquired a property of 6,230 sq.m. for SEKm 73. The property consists of 3,680 sq.m. offi ce- and retail premises and 2,550 sq.m. for warehouse and production.
The property is fully let.
Nejlikebuketten 6, Torshammaren 11, Armringen 2 in Malmö
| Location: | Fosie, Jägersro in Malmö |
|---|---|
| Area: | 7,280 sq.m. |
| Access: | February 2012 |
In the area Fosie and Jägersro in Malmö Castellum has acquired three properties near the existing property portfolio. The properties consists of 3,715 sq.m. offi ce premises, 1,616 sq.m. retail premises and the rest is warehouse premises.
The investment amounted to SEKm 57 and the properties are fully let.
Roskildevej 22, Copenhagen, Denmark
| Location: | Albertslund in Copenhagen |
|---|---|
| Area: | 8,500 kvm |
| Access: | April 2011 |
In Albertslund, Copenhagen, Castellum has acquired a property for SEKm 51. The area has a well developed infrastructure and the property has a good exposure along Roskildevej. The property consists of 8,500 sq.m. of which 3,800 sq.m. is offi ce premises and the rest warehouse and service premises. At the time for acquisition the property was fully let on a short contract and the knowledge of moving out.
The investment amounted to SEKm 51.
Larger acquisitions 2011
| Area | Occupancy | Acquisition | |||
|---|---|---|---|---|---|
| Property | sq.m. | rate Jan 2012 | SEKm | Access | Category |
| Lundbyvassen 3:1, Gothenburg | 10,800 | 100% | 183 | Apr 2011 | Offi ce |
| Vibeholms Allé 15, Hovedvejen 1-7, Copenhagen | 10,112 | 100% | 160 | Nov 2011 | Offi ce/retail |
| Kusken 3, Mölndal | 7,625 | 100% | 87 | Dec 2011 | Offi ce/retail and warehouse |
| Boländerna 11:5, 12:1 och 36:2, Uppsala | 11,300 | 100% | 81 | Nov 2011 | Warehouse/industrial, offi ce/retail, building right 4,500 sq.m. |
| Sannegården 52:1, Gothenburg | 7,490 | 100% | 73 | Sept 2011 | Offi ce/retail, warehouse/production |
| Nejlikebuketten 6, Torshammaren 11, Armringen 2, Malmö |
7,280 | 100% | 57 | Feb 2012 | Offi ce/retail and warehouse |
| Roskildevej 22, Copenhagen | 8,500 | 0% | 51 | April 2011 | Offi ce |
| Revisorn 4, Sollentuna | 2,635 | 100% | 29 | Dec 2011 | Warehouse |
| Abildager 26, Copenhagen | 3,470 | 100% | 24 | July 2011 | Offi ce |
| Årsta 78:1, Uppsala | 2,840 | 100% | 23 | Nov 2011 | Offi ce |
Larger property sales 2011
| Area, | Sales price | |||
|---|---|---|---|---|
| Property | sq.m. | SEKm | Access | Category |
| Haifa 1, Stockholm | 3,750 | 76 | March 2011 | Offi ce |
| Kallebäck 2:5, Gothenburg | - | 22 | April 2011 | Land/building rights 36,000 sq.m. |
Building Rights and Potential Development Projects
Part of Castellum's strategy is to build new premises when this is a competitive alternative. In order to be able to offer the customer new premises with the shortest possible time for moving in, it is a competitive advantage to own building rights in attractive locations with approved plans. Castellum has 760,000 sq.m. unutilized building rights. For a number of the unutilized building rights there are fi nalized project plans which can be started relatively promptly.
Unutilized building rights are valued at SEKm 735 corresponding to approx. SEK 980 per sq.m. on average. Of the building rights approx. 280,000 sq.m. corresponding to approx. SEKm 320 are reported as development projects and undeveloped land. The remaining are reported among offi ce/retail and warehouse/industrial properties since they are addititions to already developed properties. During 2011 Castellum has utilized 35,000 sq.m. of the existing building rights.
The process from land to completion can be time consuming and may differ between different municipalities in the country. Below is a schematic representation of the process.
Building rights by region and sq.m.
| Comprehensive plan Long-term planning which outlines the use of land, water and buildings. Developed in conjunction with among others the County Administrative Board. |
$\blacktriangleright$ Local plan - Municipality develop programs - Processing/examination - Adoption if required - Consultation between the - Legally binding municipality and parties concerned |
Building permit application - Advance notice may be requested - Must provide information on local plan, other regulatory and legal requirements |
|
|---|---|---|---|
| Project process - System design - Preliminary study incl. market, - Building permit technology etc documents - Ev. request for plan information and - Detailed project application for amended local plan - Program work |
Design, production - Procurement - Planning - Production - Hand over |
Greater Gothenurg
In Högsbo-Sisjön-Åbro, which is one of Sweden's largest industrial estates, Castellum owns a large number of building rights totalling approx. 104,000 sq.m. One example is Generatorn 1 which is a well exposed building right of approx. 15,000 sq.m.
A number of properties with unutilized building rights for a total of approx. 42,000 sq.m. are found on Hisingen, which is one of Castellum's largest market areas in Greater Gothenburg. The building rights are located in different industrial estates and permit almost only new construction of retail, warehouse and industrial premises.
In the areas Hede and Varla in northern Kungsbacka, approx. 30 km south of Gothenburg, Castellum owns a number of properties with unutilized building rights of approx. 29,000 sq.m.
Greater Gothenburg - Unutilized building rights 31-12-2011
| Building rights | ||
|---|---|---|
| Area | sq.m. | Comment |
| Högsbo-Sisjön-Åbro | 104,000 | Most of the unutilized building rights are shown on the map above |
| Hisingen | 42,000 | Building rights in industrial estates, permit almost only new construction of warehouse and industrial premises |
| Gothenburg | 16,000 | |
| Kungsbacka | 38,000 | Building rights in Varla of 23,000 sq.m. focused on offi ce/warehouse/industrial |
| Remaining of Greater Gothenburg | 95,000 | Tjärblomman 2 and Tusenskönan 4 in Mölndal with building rights of 15,000 resp 10,000 sq.m. |
| Total Greater Gothenburg | 295,000 |
Öresund Region
Next to the Ideon area is Brunnshög which is under development and seen as the next step in the expansion of the research area Ideon. In Brunnshög the European Spallation Source (ESS) for material research is planned which is considered to attract 5,000 researchers to Lund. During the end of 2010 the new construction of a synchrotron plant started in the area, MAX IV.
Castellum's property, Höjdpunkten 2, with a very strategic location at the entrance to Brunnshög and close to the E22, has a potential for new construction of approx. 18,000 sq.m. and an option to acquire additional building rights of 30,000 sq.m.
Öresund Region - Unutilized building rights 31-12-2011
| Area | Building rights sq.m |
Comment |
|---|---|---|
| Malmö | 42,000 | Building rights in industrial estates, permit mainly new construction of warehouse and industrial premises |
| Lund | 31,000 | Building rights in the Ideon area close to Lunds University of Technology |
| Helsingborg | 19,000 | Kulan 1 with building rights of 10,000 sq.m. |
| Total Öresund Region | 92,000 |
Greater Stockholm
By the E4/E20, at Kungens kurva in Huddinge, Smista Allé is located, which is one of the largest sites with building rights in Greater Stockholm. For building rights of approx. 40,000 sq.m. the plan permits offi ces, retail of capital goods and warehouses. The picture shows the area and the completed buildings (F), started projects (P) and unutilized building rights (B).
In Johanneshov, in southern Stockholm, Castellum owns several neighbouring properties with unutilized building rights. One example are the properties in Linde Torp, close to the Globen area, where there are 23,500 sq.m. potential building rights, specializing in retail, offi ce and hotel premises. The area is well served by subway and Southern Link road as well as the highway E4.
Greater Stockholm - Unutilized building rights 31-12-2011
| Area | Building rights sq.m |
Comment |
|---|---|---|
| Sollentuna | 111,000 | The majority in Norrviken with good connections to E4/E20 north of Stockholm |
| Huddinge | 40,000 | Smista Allé located at Kungens Kurva |
| Johanneshov | 38,000 | Several adjacent properties with unutilized building rights permitting coordinated development of the area |
| Remaining Greater Stockholm | 14,000 | |
| Total Greater Stockholm | 203,000 |
Mälardalen
In Kopparlunden, which is one of the most interesting development areas in Västerås, Castellum owns properties permitting future new construction and extensions of approx. 10,000 sq.m.
The area Boländerna in Uppsala has an attractive location and in the area several large companies with focus on retail are established, making Boländerna Uppsala's largest retail area. Castellum owns approx. 6,700 sq.m. unutilized building rights in the area, with focus on retail, in addition to utilized building rights completed in 2011.
Mälardalen - Unutilized building rights 31-12-2011
| Area | Building rights sq.m |
Comment |
|---|---|---|
| Örebro | 37,000 | Building rights in central Örebro with a total of 6,000 sq.m. |
| Västerås | 25,000 | Kopparlunden with building rights of 10,000 sq.m. |
| Uppsala | 12,000 | Building rights in the area Boländerna |
| Sigtuna | 5,000 | |
| Total Mälardalen | 79,000 |
Eastern Götaland
In Linköping Castellum owns unutilized building rights on Idémannen 2 allowing approx 5,000 sq.m. offi ce premises. In Linköping, there is also an option for additional building rights on 25,000 sq m retail premises in the area Djurgården.
Bagaren 10 in Växjö is located in the industrial area Västra Mark. In connection to the existing building there is an additional building right of approx. 10,000 sq.m. for new construction of offi ce, retail and warehouse premises.
In Värnamo Castellum owns unutilized building rights in the area Hornaryd totalling 14,000 sq.m.
Eastern Götaland - Unutilized building rights 31-12-2011
| Area | Building rights sq.m |
Comment |
|---|---|---|
| Växjö | 28,000 | Bagaren 10, approx. 10,000 sq.m. with possibilities for new construction of offi ce/retail/ warehouse premises |
| Värnamo | 25,000 | Among others, building rights of 14,000 sq.m. in Hornaryd |
| Jönköping | 20,000 | Among others, building rights of Vingen 4 directed at retail |
| Linköping | 8,000 | 5,000 sq.m. in Mjärdevi Science Park |
| Remaining Eastern Götaland | 7,000 | |
| Total Eastern Götaland | 88,000 |
Castellum's regions
Greater Gothenburg Öresund Region
Proportion of Castellum's portfoilo Proportion of Castellum's portfoilo
| No. of properties | 193 |
|---|---|
| Area, thousand sq.m | 1,085 |
| Fair value, SEKm | 11,023 |
| Rental value, SEKm | 1,026 |
| Net operating income, SEKm | 698 |
| Net investments, SEKm | 728 |
| Net leasing 2011, SEKm | 7 |
| Operating company: |
| No. of properties | 109 |
|---|---|
| Area, thousand sq.m | 678 |
| Fair value, SEKm | 7,303 |
| Rental value, SEKm | 703 |
| Net operating income, SEKm | 388 |
| Net investments, SEKm | 541 |
| Net leasing 2011, SEKm | 23 |
| Operating company: |
Greater Stockholm
Proportion of Castellum's portfoilo Proportion of Castellum's portfoilo Proportion of Castellum's portfoilo
| 19% | |
|---|---|
| No. of properties | 100 |
| Area, thousand sq.m | 573 |
| Fair value, SEKm | 6,557 |
| Rental value, SEKm | 675 |
| Net operating income, SEKm | 347 |
| Net investments, SEKm | 226 |
| Net leasing 2011, SEKm | 3 |
| Operating company: |
Mälardalen
| Uppsala 40% | Västerås 23% | |
|---|---|---|
| Sigtuna 2% | Örebro 35% |
| No. of properties | 120 |
|---|---|
| Area, thousand sq.m | 560 |
| Fair value, SEKm | 5,168 |
| Rental value, SEKm | 550 |
| Net operating income, SEKm | 319 |
| Net investments, SEKm | 352 |
| Net leasing 2011, SEKm | 16 |
| Operating company: |
Eastern Götaland
11%
| Net operating income, SEKm | 227 |
|---|---|
| Net investments, SEKm | 168 |
| Net leasing 2011, SEKm | 12 |
Operating company:
Greater Gothenburg
Castellum's real estate portfolio in Greater Gothenburg comprises in addition to Gothenburg, Alingsås, Härryda, Kungsbacka, Lerum, Mölndal and Partille also Borås and Halmstad. These regions combined have approx. 1.3 million inhabitants, which corresponds to approx. 14% of Sweden's total population.
Greater Gothenburg is one of three big-city regions in Sweden and one of the country's most important centers for transport and industry.
Greater Gothenburg is centrally located with a well developed infrastructure, including Gothenburg harbour, the airports and the highways E6 and E20, all contributing to the notion that the region is the best logistical centre in Scandinavia. Greater Gothenburg forms a large local labour market, mainly due to good communication and commuting possibilities. The infrastructure will be further improved in future years by a new overpass over Göta Älv.
As a traditional industrial city, Gothenburg has been depending on its export industry. Today, business is extensive and diversifi ed, spread over all branches, even though manufacturing industry, trade and logistics have historically been important areas. The business structure is now broader and has created growth in knowledge-intensive and hitech companies as well as in traditional businesses.
The Åbro district in Mölndal and Högsbo/Sisjön in the municipality of Gothenburg, together form one of Sweden's largest continuous industrial and enterprise areas.
In Borås, commerce and logistics are strong sectors, which together with textile and clothing industry create an intensive international trade, supported by the proximity to Göteborg Landvetter Airport and Port of Gothenburg.
The economy in the Halmstad region is multifaceted and dominated by small and medium-sized companies within manufacturing, service, commerce and tourism. The region has a well developed infrastructure with road, train, air and sea connections.
Rental market
The rental market in Greater Gothenburg has been stable, showing strong demand as well as slightly rising rental levels for both offi ce and warehouse premises, even if some slowdown was observed towards the end of the year. Vacancy rates are generally low and have basically remained unchanged throughout the year.
In central Gothenburg, the increased demand for fl exible offi ce facilities has led to the undertaking of a number of new construction projects in 2011. During the same year, a positive development in the rental market for all property types was also seen in both Borås and Halmstad.
Real estate market
In 2011, the transaction volume in Greater Gothenburg increased for the second consecutive year. Real estate transactions for approx. SEK 9.0 billion were carried out, compared to approx. SEK 6.4 billion in 2010. Several major transactions took place during the year; the largest of which was the sale of a portfolio of office properties in central Gothenburg for approx. SEK 1.2 billion. The largest transaction outside the municipality of Gothenburg was the sale of a residential property portfolio in Halmstad for SEKm 680.
In all larger transactions conducted in the region, the buyers were Nordic companies and, in most cases, Swedish ones. Much business was conducted in central Gothenburg with a yield of 4.8% -5.5%.
DIRECTORS REPORT
| Greater Gothenburg | Borås | Halmstad | |
|---|---|---|---|
| Population | 996,000 | 166,000 | 116,000 |
| Growth in population 2002-2011 / year (the nation 0.6%) | 0.9% | 0.4% | 0.6% |
| Students at university/college | 50,000 | 10,000 | 9,000 |
| Growth in employment 2002-2011 / year (the nation 0.5%) | 1.0% | 0.2% | 0.8% |
| Growth in gross wages 2002-2011 / year (the nation 2.5%) | 3.1% | 2.4% | 3.0% |
Source: Evidens and SCB
The fi ve largest real estate owners
| Greater Gothenburg Premises thous. sq.m. |
Borås Premises thous. sq.m. |
Halmstad | Premises thous. sq.m. | ||
|---|---|---|---|---|---|
| Castellum (Eklandia and Harry Sjögren) | 958 | SveaReal | 137 | Fem Hjärtan | 55 |
| Wallenstam | 549 | Castellum (Harry Sjögren) | 93 | Försäkringsbolaget Alecta | 53 |
| Vasakronan | 363 | Klövern | 83 | Rikshem | 52 |
| Diligentia / Skandia Liv | 342 | Nordic Real Estate Partners | 83 | Fragerius Fastigheter | 46 |
| Platzer | 329 | Hemfosa Fastigheter | 67 | Dagon | 45 |
| Castellum (Harry Sjögren) | 34 |
Number of commercial premises (excl. residential) owned as at 31-12-2011. Municipal and State-owned companies and government institutions have been excluded. Source: Byggstatistik and Castellum
| Gothenburg | Borås | Halmstad | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Market rents SEK/sq.m. |
Yields at sales Estimated values SEK/sq.m |
Market rents SEK/sq.m. |
Yields at sales Estimated values SEK/sq.m |
Market rents SEK/sq.m. |
Yields at sales Estimated values SEK/sq.m |
|||||
| Offi ce | ||||||||||
| AA-area | 1,600 - 2,400 | 5.00% - 6.00% | 18,000 - 34,000 | |||||||
| A-area | 1,350 - 2,100 | 5.50% - 6.50% | 11,000 - 27,500 | 800 - 1,400 | 6.75% - 8.25% | 8,000 - 14,000 | 850 - 1,400 | 6.50% - 7.75% | 6,000 - 13,500 | |
| B-area | 1,000 - 1,500 | 6.25% - 7.25% | 6,000 - 18,000 | 575 - 825 | 8.00% - 10.00% | 5,000 - 8,000 | 700 - 1,200 | 7.00% - 8.50% | 4,500 - 11,000 | |
| C-area | 600 - 1,200 | 7.00% - 8.50% | 4,000 - 13,000 | 400 - 650 | 9.00% - 11.00% | 2,700 - 4,000 | 550 - 900 8.00% - 10.00% | 4,000 - 8,000 | ||
| Retail | ||||||||||
| AA-area | 4,000 - 8,500 | 4.75% - 5.75% | 30,000 - 95,000 | |||||||
| A-area | 2,500 - 6,000 | 5.00% - 6.25% | 20,000 - 75,000 | 1,400 - 2,500 | 6.25% - 8.00% | 11,000 - 24,000 | 1,250 - 3,300 | 6.00% - 6.75% | 11,500 - 27,000 | |
| B-area | 1,000 - 3,500 | 5.75% - 6.75% | 10,000 - 27,500 | 700 - 1,500 | 7.50% - 9.00% | 5,000 - 10,000 | 800 - 2,000 | 6.25% - 7.75% | 5,000 - 17,500 | |
| C-area | 700 - 1,500 | 6.25% - 8.00% | 2,500 - 12,500 | 400 - 650 | 9.00% - 11.00% | 3,000 - 5,000 | 650 - 1,500 | 7.50% - 9.25% | 4,000 - 9,500 | |
| Warehouse/industrial | ||||||||||
| A-area | 500 - 900 | 7.00% - 8.25% | 5,500 - 11,000 | 300 - 600 | 8.25% - 9.75% | 2,750 - 5,000 | 350 - 600 | 8.00% - 9.00% | 2,000 - 6,000 | |
| B-area | 450 - 750 | 7.75% - 8.75% | 4,000 - 8,000 | 275 - 450 | 9.00% - 11.00% | 1,750 - 2,750 | 300 - 550 | 8.25% - 9.50% | 2,000 - 5,000 | |
| C-area | 400 - 600 | 8.25% - 9.25% | 3,000 - 6,000 | 175 - 275 10.00% - 13.00% | 1,000 - 2,250 | 250 - 450 9.00% - 11.50% | 1,500 - 3,000 |
Income from property management
Investments and sales
Net leasing
Greater Gothenburg summary
Castellum´s real estate portfolio
Castellum's real estate portfolio in Greater Gothenburg comprises 193 properties (188) with a total area of 1,085,000 sq. m. (1,046,000) and a fair value of SEKm 11,023 (10,176). For properties owned at the yearend the rental value amounted to SEKm 1,026 (977) on an annual basis and net operating income to SEKm 698 (644). Investments during the year amounted to SEKm 728 (315).
Central and eastern Gothenburg consist mainly of offi ce and retail properties, a district corresponding to 64% of Castellum's real estate portfolio in Greater Gothenburg. The portfolio on Hisingen and in Högsbo/Sisjön consists of offi ce properties as well as warehouse and industrial properties.
In the municipality of Mölndal, corresponding to 15% of Castellum's real estate portfolio in Greater Gothenburg, there are mainly warehouse and industrial properties. In Åbro and Lackarebäck offi ces are also found.
The real estate portfolio in Borås municipality corresponds to 7% of Castellum's real estate portfolio in Greater Gothenburg. Castellum mainly owns offi ce and retail properties in central Borås, but also a smaller share of warehouse and industry properties.
In addition there are also mixed property holdings in Alingsås, Halmstad, Partille, Kungälv, Kungsbacka, Lerum and Härryda.
See also the section Castellum's Real Estate Schedule 2011, with real estate schedule, maps and fi nancial information.
Rental development
Castellum's average rental level is SEK 1,277 per sq.m. for offi ce/retail and SEK 731 per sq.m. for warehouse/industrial premises. Rental levels have increased by 0.9% in comparable portfolio compared with previous year.
The average economic occupancy rate was 95.4%, which is 1.3%-units higher than previous year.
The gross leasing (i.e. the annual value of total leasing) during the year was SEKm 72 (61), of which SEKm 7 (10) related to leasing in new constructions, extensions and reconstructions. Notices of terminations amounted to SEKm 65 (57), of which bankruptcies were SEKm 7 (4), hence net leasing for the year were SEKm 7 (4).
Subsidiaries
Castellum's properties in Greater Gothenburg are owned and managed by the wholly owned subsidiaries Eklandia Fastighets AB, with its head offi ce in Gothenburg, and Harry Sjögren AB with its head offi ce in Mölndal. Eklandia's real estate portfolio is mainly concentrated to central and eastern Gothenburg and Hisingen while Harry Sjögren's properties are located mainly in Högsbo/Sisjön in southern Gothenburg, Mölndal, Borås, Halmstad, Kungsbacka, Lerum, Partille, Alingsås and Härryda. At the year-end Eklandia had 41 employees and Harry Sjögren had 30 employees.
| December 31, 2011 | January-December 2011 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Area Property |
Property | Investments, SEKm - | Rental Rental |
Econ. | Rental | Property | Property | Net operating |
|||||
| No of | thous. | value | value | New constr., Acquisi | value | value | occupancy | income | costs | costs | income | ||
| prop. | sq.m. | SEKm | SEK/sq.m | ext., recon. | tions | SEKm | SEK/sq.m | rate | SEKm | SEKm | SEK/sq.m | SEKm | |
| Offi ce/retail | 78 | 423 | 6,012 | 14,222 | 139 | 256 | 540 | 1,277 | 94.3% | 509 | 130 | 307 | 379 |
| Warehouse/industrial | 102 | 660 | 4,862 | 7,369 | 171 | 104 | 482 | 731 | 96.7% | 466 | 104 | 158 | 362 |
| Total | 180 | 1,083 10,874 | 10,046 | 310 | 360 | 1,022 | 944 | 95.4% | 975 | 234 | 216 | 741 | |
| Leasing and property administration | 44 | 41 | – 44 | ||||||||||
| Development projects and undeveloped land |
13 | 2 | 149 | – | 24 | 34 | 4 | – | – | 2 | 1 | – | 1 |
| Total | 193 | 1,085 11,023 | – | 334 | 394 | 1,026 | – | – | 977 | 279 | 257 | 698 |
The Öresund Region
Malmö, Lund and Helsingborg, together with 22 other municipalities, form the Malmö region. Approx. one million people live in the region, or about 11% of Sweden's population. Another 2.7 million people are living on the Danish side. The entire Malmö region has during the last few years had a very strong progress.
Castellum's real estate portfolio in the Öresund region is located in Malmö, Lund, Helsingborg and Copenhagen.
The infrastructure in Malmö together with Copenhagen is highly developed, with the Öresund Bridge, a number of European highways, Sturup airport and the proximity to Kastrup airport, a modern harbour and good railroad connections. Structural investments in infrastructure like the Öresund bridge and the new City railroad tunnel drives the development forward. Malmö has been transformed from an industrial to a knowledge city and the business that earlier consisted of few large industrial companies has shifted and is now made up by several small enterprises in a number of branches. Copenhagen is characterized by being capital of Denmark and the trade and industry in Copenhagen has been transformed with declining manufacturing industries for the benefi t of the service sector.
Lund has a highly developed infrastructure with highways E22 and E6 and the airports Sturup and Kastrup close by. Lund's economy has a knowledge based profi le with many smaller research intensive companies with connections both to the university and to established companies. Several of those have emerged out of Ideon where the last year's new production of offi ce areas has been concentrated. The Brunnshög area is an upcoming area for exploitation, partly because of plans for the research establishment European Spallation Source (ESS) to be located to the area. New construction of a synchrotron plant, MAX IV, was started in the area which will be completed 2015.
Helsingborg has a strategic location and good infrastructure, with the highways E4 and E6 and Sweden's third largest harbour for goods, all of which have transformed the city into a centre for sea and land transport. The city is a trade and logistics centre, but also food, pharmaceutical and manufacturing industry are important businesses.
Rental market
The rental market in Malmö has remained strong, with stable rental levels and high demand for offi ce premises in particular, even if some slowdown was observed towards the end of the year. Vacancies remain virtually unchanged for both offi ce and warehouse premises.
The demand for warehouse and industrial premises in Helsingborg has been good. This has had a positive impact on rental levels - whereas some slowdown was seen for offi ce premises.
In Lund, the increased supply, caused by new construction and new restructuring-based vacancies, has not been met with an equivalent increase in demand. However, rental levels remain stable and the demand for new offi ce space is expected to increase when the larger projects at the research campus are completed.
Real estate market
The 2011 transaction volume increased in the Malmö region and totalled SEK 5.3 billion, compared to SEK 4.9 billion in 2010. Approx. 70% of the volume was carried out in the municipality of Malmö and approx. 38% concerned residential properties. The single largest transaction in the region amounted to SEKm 600 and concerned a residential property in the city centre. All but two of the major buyers were Swedish companies. Sales of offi ce properties were conducted with a yield of 5.0% -6.0%.
DIRECTORS REPORT
| Malmö Region | of which Lund | of which Helsingborg | |
|---|---|---|---|
| Population | 1,087,000 | 112,000 | 131,000 |
| Growth in population 2002-2011 / year (the nation 0.6%) | 1.1% | 1.2% | 1.0% |
| Students at university/college | 59,000 | 39,000 | – |
| Growth in employment 2002-2011 / year (the nation 0.5%) | 1.0% | 1.0% | 1.1% |
| Growth in gross wages 2002-2011 / year (the nation 2.5%) | 3.0% | 2.9% | 3.0% |
Source: Evidens and SCB
The fi ve largest real estate owners
| Malmö Region | Premises thous. sq.m. of which Lund | Premises thous. sq.m. of which Helsingborg Premises thous. sq.m. | |||
|---|---|---|---|---|---|
| Wihlborgs | 1,205 | Castellum (Briggen) | 128 | Wihlborgs | 502 |
| Castellum (Briggen) | 656 | Wihlborgs | 121 | Castellum (Briggen) | 156 |
| Vasakronan | 292 | Hemfosa Fastigheter | 102 | Norrporten | 112 |
| Kungsleden | 191 | Vasakronan | 85 | Brinova | 98 |
| Dagon | 183 | North Bridge Capital Partners | 77 | Northern Logistics Property | 75 |
Number of commercial premises (excl. residential) owned as at 31-12-2011. Municipal and State-owned companies and government institutions have been excluded. Source: Byggstatistik och Castellum
| Malmö | Lund | Helsingborg | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Market rents SEK/sq.m. |
Yields at sales | Estimated values. SEK/sq.m |
Market rents SEK/sq.m. |
Yields at sales | Estimated values. SEK/sq.m |
Market rents SEK/sq.m. |
Yields at sales | Estimated values. SEK/sq.m |
||
| Offi ce | ||||||||||
| AA-area | 1,650 - 2,400 | 5.25% - 6.25% | 20,000 - 30,000 | |||||||
| A-area | 1,500 - 2,100 | 5.75% - 6.50% | 14,000 - 20,000 | 1,300 - 1,950 | 6.25% - 6.75% | 14,500 - 22,000 | 1,250 - 1,800 | 6.50% - 7.00% | 12,000 - 17,000 | |
| B-area | 900 - 1,500 | 6.50% - 7.75% | 7,000 - 13,000 | 700 - 1,350 | 6.75% - 7.75% | 8,000 - 12,000 | 800 - 1,200 | 7.25% - 8.25% | 7,000 - 10,000 | |
| C-area | 650 - 1,200 | 7.75% - 9.00% | 5,000 - 7,000 | 600 - 1,000 | 7.50% - 9.00% | 5,000 - 7,000 | 600 - 850 | 8.00% - 9.75% | 4,500 - 7,000 | |
| Retail | ||||||||||
| AA-area | 4,000 - 5,750 | 5.25% - 6.00% | 40,000 - 45,000 | |||||||
| A-area | 3,200 - 4,500 | 5.75% - 6.25% | 25,000 - 35,000 | 2,500 - 4,400 | 6.00% - 6.50% | 25,000 - 35,000 | 2,500 - 4,000 | 6.25% - 7.00% | 22,000 - 32,000 | |
| B-area | 1,000 - 2,400 | 6.50% - 7.50% | 10,000 - 20,000 | 1,200 - 2,200 | 6.50% - 7.25% | 15,000 - 25,000 | 1,200 - 1,900 | 7.00% - 7.75% | 9,000 - 14,000 | |
| C-area | 650 - 1,300 | 7.50% - 9.00% | 5,000 - 12,000 | 650 - 1,100 | 7.25% - 8.50% | 6,000 - 10,000 | 600 - 900 7.50% - 9.50% | 4,000 - 8,000 | ||
| Warehouse/industrial | ||||||||||
| AA-area | 650 - 850 | 7.00% - 7.75% | 5,000 - 9,000 | |||||||
| A-area | 550 - 700 | 7.25% - 8.00% | 4,000 - 8,500 | 450 - 800 | 7.25% - 8.50% | 4,000 - 8,000 | 350 - 650 | 7.75% - 8.75% | 3,000 - 8,000 | |
| B-area | 350 - 650 | 8.00% - 9.50% | 3,500 - 6,000 | 350 - 650 | 8.00% - 9.50% | 3,000 - 5,500 | 250 - 500 8.25% - 10.00% | 2,500 - 4,500 | ||
| C-area | 300 - 500 9.00% - 10.50% | 3,000 - 4,000 | 250 - 400 9.00% - 12.00% | 2,000 - 4,000 | 225 - 400 9.00% - 12.00% | 1,500 - 3,000 |
Source: NAI Svefa
Income from property management
Investments and sales
Rental value and economic occupancy rate
Net leasing
Öresund region summary
Castellum's real estate portfolio
Castellum's real estate portfolio in the Öresund region comprises 109 properties (101) with a total area of 678,000 sq. m. (646,000) and a fair value of SEKm 7,303 (6,748). For properties owned at the year-end the rental value amounted to SEKm 703 (667) on an annual basis and net operating income to SEKm 388 (370). Investments during the year amounted to SEKm 541 (187).
50% of Castellum's portfolio in the Öresund region is located to Malmö and comprises mainly a mix of commercial properties in the established market areas Jägersro, Fosie, Bulltofta and Norra Hamnen. In central Malmö there is also a portfolio of larger offi ce and retail properties.
In Lund, corresponding to 28% of the company's real estate portfolio in the Öresund region, the portfolio comprises offi ce as well as warehouse and industrial properties in the industrial estates Råbyholm and Gunnesbo, and offi ce properties close at the Ideon science park. There is also a smaller portfolio of offi ce and retail properties located to central Lund.
The portfolio in Helsingborg, 18%, comprises mainly offi ce, warehouse and industrial properties situated primarily in Berga industrial estate and in central Helsingborg.
During 2011 Castellum has acquired 4 properties in Albertslund, Brøndby and Vibeholm in Copenhagen, Denmark, which corresponds to 4% of the portfolio in the Öresund Region.
See also the section Castellum's Real Estate Schedule 2011, with real estate schedule, maps and fi nancial information.
Rental development
Castellum's average rental level is SEK 1,366 per sq.m. for offi ce/retail and SEK 703 per sq.m. for warehouse/industrial premises. Rental levels have increased by 0.1% in comparable portfolio compared with previous year.
The average economic occupancy rate was 85.2%, which is 1.4% units lower than previous year.
The gross leasing (i.e. the annual value of total leasing) during the year was SEKm 63 (66), of which SEKm 11 (14) related to leasing in new constructions, extensions and reconstructions. Notices of terminations amounted to SEKm 40 (75), of which bankruptcies were SEKm 2 (2), hence net leasing for the year were SEKm 23 (–9).
Subsidiaries
Castellum's properties in the Öresund region are owned and managed by the wholly owned subsidiary Fastighets AB Briggen, with its head offi ce in Malmö and a local offi ce in Helsingborg, Lund and Copenhagen. At the year-end Briggen had 43 employees.
| December 31, 2011 | January-December 2011 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Property | Investments, SEKm - | ||||||||||||
| No of prop. |
Area thous. sq.m. |
value SEKm |
Property value SEK/sq.m |
New constr., Acquisi ext., recon. |
tions | Rental value SEKm |
Rental value SEK/sq.m |
Econ. occupancy rate |
Rental income SEKm |
Property costs SEKm |
Property costs SEK/sq.m |
operating income SEKm |
|
| Offi ce/retail | 59 | 355 | 5,271 | 14,841 | 79 | 292 | 485 | 1,366 | 86.2% | 418 | 113 | 318 | 305 |
| Warehouse/industrial | 41 | 297 | 1,750 | 5,902 | 21 | – | 209 | 703 | 82.8% | 173 | 47 | 159 | 126 |
| Total | 100 | 652 | 7,021 | 10,774 | 100 | 292 | 694 | 1,065 | 85.2% | 591 | 160 | 246 | 431 |
| Leasing and property administration | 38 | 58 | – 38 | ||||||||||
| Development projects and undeveloped land |
9 | 26 | 282 | – | 149 | – | 9 | – | – | 1 | 6 | – | – 5 |
| Total | 109 | 678 | 7,303 | – | 249 | 292 | 703 | – | – | 592 | 204 | 304 | 388 |
Greater Stockholm
The Stockholm region is Sweden's largest employment area with approx. two million inhabitants, or 22% of the nations total population.
Castellum's region Greater Stockholm includes the municipalities of Stockholm, Botkyrka, Huddinge, Järfälla, Nacka, Sigtuna, Sollentuna and Upplands-Väsby.
Stockholm is characterized by being the nation's capital, where major political institutions as well as a large number of Swedish companies are residing. The whole region with Stockholm city, suburbs and surrounding cities is growing and under continuous progress. The region has Sweden's largest service sector spread over many business areas, making up for approx. 60% of total gross wages. Both employment and population growth in the region have during the last decade been highest in the country.
Greater Stockholm can be divided into the inner city and areas north and south of the city centre. In the northern area there are mainly service-based companies, while there is a larger share of companies dedicated to manufacturing and distribution in the south. Both in the north and the south, the increasing number of workplaces have gradually been concentrated to larger business districts.
North
Infrastructure in the northern part of Greater Stockholm is well developed with highways E4 and E18, as well as airports at Arlanda and Bromma. There are also several harbours, which to a large extent are used for passenger transportation. New businesses and growth in the northern areas have mainly been concentrated to the stretch between Stockholm and Arlanda, where a number of large business areas have been established such as Kista, parts of Sollentuna and parts of Upplands-Väsby.
Sollentuna municipality, with a strategic location between Stockholm city and Arlanda airport, consists of a number of submarkets and has expanded particularly within retail and service.
The municipalities Solna and Sundbyberg and the districts Mariehäll and Ulvsunda in Bromma are geographically concentrated with proximity to Stockholm city and have a well developed infrastructure. The total offi ce market in the area is, next after the inner city, the largest within the entire Stockholm region and has shown strong growth in the number of employees in offi ce intensive businesses.
Kista Science City, located in Kista, is one of northern Europe's most dynamic business parks and one of the Stockholm region's largest business areas, where approx. 66,000 people work. Kista is dominated by companies operating mainly in the fi elds of information technology and telecommunication. Also the retail sector has grown strongly.
South
In southern Stockholm there are a number of offi ce and industrial areas. The Globen area, including Johanneshov, is dominated by service companies, retail and communication. The area has good means of communication. Marievik/Liljeholmen is a more typical offi ce area just outside Stockholm's inner city and Södermalm. Västberga, with proximity to highway E4 and the trunk line, is dominated by transportation and logistics companies, warehouses, manufacturing and construction companies.
Skärholmen, located to the most southern part of Stockholm, is dominated by trade and the area Kungens Kurva is one of the largest shopping areas in the Nordic countries.
Rental market
The residential property market in the Stockholm region has been stable in most sub-markets, with largely unchanged rental and vacancy levels. Towards the year-end a slowdown was observed. Although many major new construction and reconstruction projects have been completed in recent years, the rental and vacancy levels have not been directly affected.
At the moment, however, the demand for effi cient storage and logistics premises is greater than supply, which is refl ected in the low vacancy rate.
Real Estate Market
Turnover in the Stockholm region property market represented approx. 40% of the transaction volume in the country, and increased compared to the previous year. In 2011, real estate transactions totalled approximately SEK 36.6 billion, compared to SEK 35.1 billion in 2010.
The larger transactions conducted included various property types such as land, housing, retail, and offi ces. The largest retail property transaction consisted of a portfolio of approx. SEK 2.4 billion, and both seller and buyer were foreign players. Central offi ce properties accounted for the largest share of sales in Greater Stockholm, and most buyers represented pension funds. Yield varied between 4.5%-5.5%.
Stockholm
| Population | 2,129,000 |
|---|---|
| Growth in population 2002-2011 / year (the nation 0.6%) | 1.2% |
| Students at university/college | 98,000 |
| Growth in employment 2002-2011 / year (the nation 0.5%) | 1.1% |
| Growth in gross wages 2002-2011 / year (the nation 2.5%) | 2.6% |
| Source: Evidens and SCB |
The fi ve largest real estate owners
| (Municipalities Botkyrka, Huddinge, Järfälla, Nacka, Sigtuna, | Premises thous. sq.m |
|---|---|
| Sollentuna, Solna, Stockholm, Upplands-Väsby) | |
| Vasakronan | 1,775 |
| Fabege | 1,097 |
| Atrium Ljungberg | 579 |
| Castellum (Brostaden) | 573 |
| AMF Pension | 537 |
Number of commercial premises (excl. residential) owned as at 31-12-2011. Municipal and State-owned companies and government institutions have been excluded. Source: Byggstatistik and Castellum
Stockholm (inner suburbs)
| Market rents SEK/sq.m. |
Yields at sales |
Estimated values, SEK/sq.m |
|
|---|---|---|---|
| Offi ce | |||
| A-area | 1,700 - 2,300 | 5.25% - 6.75% | 15,000 - 35,000 |
| B-area | 1,200 - 1,600 | 6.50% - 7.50% | 10,000 - 20,000 |
| C-area | 700 - 1,200 | 7.25% - 8.75% | 5,000 - 8,000 |
| Retail | |||
| A-area | 1,500 - 6,000 | 5.50% - 6.75% | 20,000 - 60,000 |
| B-area | 1,100 - 2,500 | 6.50% - 7.50% | 10,000 - 25,000 |
| C-area | 600 - 1,500 | 7.00% - 8.00% | 5,000 - 10,000 |
| Warehouse/industrial | |||
| A-area | 800 - 1,300 | 7.00% - 8.00% | 5,000 - 12,000 |
| B-area | 550 - 800 | 7.50% - 8.50% | 4,500 - 8,000 |
| C-area | 450 - 650 | 7.75% - 9.00% | 3,500 - 6,000 |
| Source: NAI Svefa |
Ekenäs 1-4, Stockholm kenäs
Income from property management
Investments and sales
Net leasing
Greater Stockholm summary
Castellum´s real estate portfolio
Castellum's real estate portfolio in Greater Stockholm comprises 100 properties (97) with a total area of 573,000 sq.m. (569,000) and a fair value of SEKm 6,557 (6,370). For properties owned at the year-end the rental value amounted to SEKm 675 (635) on an annual basis and net operating income to SEKm 347 (331). Investments during the year amounted to SEKm 226 (374).
In the northern suburbs, comprising 36% of Castellum's real estate property portfolio in Greater Stockholm, larger offi ce and retail properties are located in Mariehäll in Bromma, Kista and Solna.
Properties in the southern suburbs, corresponding to 36% of Castellum's real estate portfolio in Greater Stockholm, are located in areas such as Johanneshov, Skärholmen/Kungens kurva and Nacka. In these areas there are mainly larger offi ce and retail properties. In Botkyrka warehouse and industrial properties can also be found.
In the western suburbs, comprising 28% of Castellum's real estate property portfolio in Greater Stockholm, larger offi ce and properties are located in Upplands-Väsby and Sollentuna. In the areas Veddesta/ Lunda and Rosersberg there are mainly warehouse and industrial properties.
See also the section Castellum's Real Estate Schedule 2011, with real estate schedule, maps and fi nancial information.
Rental development
Castellum's average rental level is SEK 1,343 per sq.m. for offi ce/retail and SEK 926 per sq.m. for warehouse/industrial premises. Rental levels have increased by 2.2% in comparable portfolio compared with previous year.
The average economic occupancy rate was 82.2%, which is 0.6% units lower than previous year.
The gross leasing (i.e. the annual value of total leasing) during the year was SEKm 73 (47), of which SEKm 4 (4) related to leasing in new constructions, extensions and reconstructions. Notices of terminations amounted to SEKm 70 (42), of which bankruptcies were SEKm 3 (3), hence net leasing for the year were SEKm 3 (5).
Subsidiary
Castellum's properties in Greater Stockholm are owned and managed by the wholly owned subsidiary Fastighets AB Brostaden, with its head offi ce in Stockholm. Brostaden's operations are divided into three market areas. At the year-end Brostaden had 39 employees.
| December 31, 2011 | January-December 2011 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Area Property Property |
Investments, SEKm - | Econ. | Rental | Property | Property | Net operating |
|||||||
| No of | thous. | value | value | New constr. Acquisi | Rental value |
Rental value |
occupancy | income | costs | costs | income | ||
| prop. | sq.m. | SEKm | SEK/sq.m | ext. recon. | tions | SEKm | SEK/sq.m | rate | SEKm | SEKm | SEK/sq.m | SEKm | |
| Offi ce/retail | 52 | 344 | 4,352 | 12,655 | 77 | 23 | 462 | 1,343 | 78.1% | 361 | 116 | 337 | 245 |
| Warehouse/industrial | 42 | 218 | 1,945 | 8,909 | 74 | 29 | 202 | 926 | 91.4% | 185 | 53 | 241 | 132 |
| Total | 94 | 562 | 6,297 | 11,200 | 151 | 52 | 664 | 1,181 | 82.2% | 546 | 169 | 300 | 377 |
| Leasing and property administration | 34 | 62 | – 34 | ||||||||||
| Development projects and undeveloped land |
6 | 11 | 260 | – | 16 | 7 | 11 | – | – | 7 | 3 | – | 4 |
| Total | 100 | 573 | 6,557 | – | 167 | 59 | 675 | – | – | 553 | 206 | 362 | 347 |
Sicklaön 394:5, Nacka icklaön
CASTELLUM ANNUAL REPORT 2011 41
Mälardalen
Castellum's region Mälardalen comprises the areas of Örebro, Uppsala and Västerås, with a combined population of approx. 770,000 inhabitants, or 8% of Sweden's population. The region has had a positive population growth and has a good business structure.
The two railroads Mälar Line and Svealand Line have improved commuting between Stockholm and Örebro, via Västerås and Eskilstuna respectively.
Örebro's strategic location with the intersection of several roads, with good railroad connections and an airport close by, has transformed Örebro into a centre for logistics. Business in Örebro is diversifi ed, with activities found in commerce, service, administration, a variety of manufacturing industries and several governmental and municipal administrative bodies.
Uppsala is the country's fourth largest city and one of the most important university cities, with good communications and a well developed and diversifi ed business with focus on IT, medical science and commerce. The university, good infrastructure and vicinity to Stockholm are some of the explanations why Uppsala has been showing a good growth.
Västerås has a strategic location by highway E18, good railroad connections, an airport and the largest inland port of the Nordic countries. The local business is characterized by both multinational companies and many new enterprises. Collaboration between the university and the local business is a strong growth factor. In central Västerås, there is a transformation from former industry premises to modern offi ces going on.
Rental market
Uppsala has stable rental and vacancy levels. In 2011, the demand for warehouse and logistics premises, as well as for offi ces in the city centre, created the conditions for increased rental levels.
Västerås has had a stable rental market for both rental levels and vacancies, although some slowdown was observed towards the end of the year. This applies to both offi ce and warehouse premises.
The rental market in Örebro has been strong - especially for offi ce premises, where fewer vacancies and a positive development of rent levels have been noted. Warehouse and logistics premises, on the other hand, have essentially demonstrated unchanged vacancy and rental levels.
Real estate market
In 2011, the real estate market in Mälardalen had a turnover of approx. SEK 2.6 billion, compared with SEK 7.7 billion in 2010. Transaction volumes were evenly distributed between Uppsala and Västerås, whereas no large transactions were carried out in Örebro.
The largest transactions in Mälardalen were acquisitions of commercial and residential properties - the two largest ones being a residential property portfolio in Uppsala and the sale of shopping malls in Västerås. All major transactions carried out in 2011 had Swedish buyers, except for the sale of the malls in Västerås where both buyer and seller were foreign players.
DIRECTORS' REPORT
| Örebro | Uppsala | Västerås | |
|---|---|---|---|
| Population | 230,000 | 309,000 | 231,000 |
| Growth in population 2002-2011 / year (the nation 0.6%) | 0.5% | 0.9% | 0.4% |
| Students at university/college | 16,000 | 41,000 | 13,000 |
| Growth in employment 2002-2011 / year (the nation 0.5%) | 0.3% | 0.8% | 0.2% |
| Growth in gross wages 2002-2011 / year (the nation 2.5%) | 2.6% | 2.7% | 2.0% |
Source: Evidens och SCB
The fi ve largest real estate owners
| Örebro | Premises thous. sq.m | Uppsala | Premises thous. sq.m | Västerås | Premises thous. sq.m |
|---|---|---|---|---|---|
| Castellum (Aspholmen) | 210 | Vasakronan | 249 | Kungsleden | 503 |
| Brinova | 96 | Castellum (Aspholmen) | 169 | Klövern | 193 |
| Alecta Pensionsförsäkring | 91 | Uppsala Akademiförvaltning | 157 | Castellum (Aspholmen) | 165 |
| Norrporten | 74 | Klövern | 85 | Hemfosa Fastigheter | 119 |
| Behrn Fastigheter | 71 | Hemfosa Fastigheter | 77 | Northern Logistics Property | 105 |
Number of commercial premises (excl. residential) owned as at 31-12-2011. Municipal and State-owned companies and government institutions have been excluded. Source: Byggstatistik and Castellum
| Örebro | Uppsala | Västerås | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Market rents SEK/sq.m. |
Yields at sales Estimated values SEK/sq.m |
Market rents SEK/sq.m. |
Yields at sales Estimated values SEK/sq.m |
Market rents SEK/sq.m. |
Yields at sales Estimated values SEK/sq.m |
||||
| Offi ce | |||||||||
| A-area | 900 - 1,600 | 6.50% - 8.00% | 7,500 - 15,000 | 1,200 - 2,200 | 6.25% - 7.50% | 10,000 - 22,000 | 1,000 - 1,600 | 6.50% - 8.00% | 8,000 - 15,000 |
| B-area | 700 - 1,200 | 7.50% - 8.50% | 4,500 - 9,000 | 900 - 1,700 | 6.75% - 7.75% | 7,000 - 14,000 | 800 - 1,500 | 7.25% - 8.25% | 6,000 - 12,000 |
| C-area | 600 - 800 | 8.50% - 9.50% | 3,000 - 5,500 | 700 - 1,100 | 8.00% - 9.50% | 5,000 - 9,000 | 700 - 1,000 | 8.00% - 9.00% | 4,000 - 7,500 |
| Retail | |||||||||
| A-area | 2,000 - 4,000 | 6.00% - 7.50% | 15,000 - 35,000 | 2,200 - 4,500 | 6.00% - 7.25% | 15,000 - 40,000 | 1,800 - 3,500 | 6.00% - 7.50% | 15,000 - 30,000 |
| B-area | 1,000 - 2,000 | 7.00% - 8.00% | 7,500 - 17,500 | 1,000 - 2,200 | 6.75% - 8.00% | 7,000 - 17,000 | 1,000 - 1,600 | 6.50% - 8.00% | 10,000 - 18,000 |
| C-area | 700 - 1,100 | 8.00% - 9.00% | 4,000 - 9,000 | 800 - 1,200 | 7.50% - 9.00% | 5,000 - 10,000 | 700 - 1,000 | 7.50% - 9.00% | 5,000 - 10,000 |
| Warehouse/industrial | |||||||||
| A-area | 500 - 750 | 7.25% - 9.00% | 3,500 - 7,000 | 550 - 750 | 7.50% - 8.50% | 4,000 - 7,000 | 550 - 700 | 7.50% - 9.00% | 3,500 - 8,000 |
| B-area | 350 - 650 8.00% - 10.00% | 2,500 - 5,000 | 450 - 600 | 8.00% - 9.50% | 3,500 - 5,500 | 400 - 600 | 8.25% - 9.50% | 3,000 - 5,500 | |
| C-area | 250 - 450 9.00% - 12.00% | 1,000 - 3,500 | 350 - 500 | 9.50% - 11.00% | 1,500 - 4,000 | 300 - 450 9.25% - 10.50% | 1,500 - 4,000 | ||
Source: NAI Svefa
Income from property management
Investments and sales
Rental value and economic occupancy rate
Net leasing
Castellum´s real estate portfolio
Castellum's real estate portfolio in Mälardalen comprises 120 properties (116) with a total area of 560,000 sq.m (545,000) and a fair value of SEKm 5,168 (4,829). For properties owned at the year-end the rental value amounted to SEKm 550 (509) on an annual basis and net operating income to SEKm 319 (277). Investments during the year amounted to SEKm 352 (464).
Castellum's real estate portfolio is concentrated to Örebro, Uppsala and Västerås, from central offi ce properties to warehouse and industrial properties in well-situated employment areas. Castellum's real estate portfolio in Örebro corresponds to 35% of their total real estate portfolio in region Mälardalen and consists of a mix of offi ce and retail properties and warehouse and industrial properties, concentrated to the area Aspholmen and central Örebro.
In Uppsala, with 40% of Castellum's total real estate portfolio in Mälardalen, mainly offi ce and retail properties are found, but also warehouse and industrial properties. The properties have attractive locations in Fyrislund, Boländerna and along Kungsgatan in central Uppsala. Castellum also owns a minor real estate portfolio in Märsta, in the municipality of Sigtuna.
In Västerås, corresponding to 23%, there is a mix of offi ce and retail properties and warehouse and industrial properties. The real estate portfolio is situated in the established market areas Kopparlunden, Tunbytorp, Bäckby and Hälla.
See also the section Castellum's Real Estate Schedule 2011 with real estate schedule, maps and economic information.
Rental development
Castellum's average rental level is SEK 1,088 per sq.m. for offi ce/retail and SEK 715 per sq.m. for warehouse/industrial premises. Rental levels have increased by 3.5% in comparable portfolio compared with previous year.
The average economic occupancy rate was 92.6%, which is 2.0% units higher than previous year.
The gross leasing (i.e. the annual value of total leasing) during the year was SEKm 61 (56), of which SEKm 17 (10) related to leasing in new constructions, extensions and reconstructions. Notices of terminations amounted to SEKm 45 (33), of which bankruptcies were SEKm 3 (2), hence net leasing for the year were SEKm 16 (23).
Subsidiary
Castellum's properties in Mälardalen are owned and managed by the wholly owned subsidiary Aspholmen Fastigheter AB with its head offi ce in Örebro. The company has local management offi ces in Västerås and Uppsala. At the year-end Aspholmen had 42 employees.
Mälardalen summary
| December 31, 2011 | January-December 2011 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments, SEKm | Net | ||||||||||||
| No of prop. |
Area thous. sq.m. |
Property value SEKm |
Property value SEK/sq.m |
New constr., Acquisi ext., recon. |
tions | Rental value SEKm |
Rental value SEK/sq.m |
Econ. occupancy rate |
Rental income SEKm |
Property costs SEKm |
Property costs SEK/sq.m |
operating income SEKm |
|
| Offi ce/retail | 79 | 400 | 4,241 | 10,591 | 218 | 73 | 436 | 1,088 | 92.3% | 402 | 129 | 323 | 273 |
| Warehouse/industrial | 38 | 160 | 913 | 5,714 | 30 | 31 | 114 | 715 | 93.7% | 107 | 28 | 174 | 79 |
| Total | 117 | 560 | 5,154 | 9,199 | 248 | 104 | 550 | 982 | 92.6% | 509 | 157 | 281 | 352 |
| Leasing and property administration | 33 | 59 | – 33 | ||||||||||
| Development projects and undeveloped land |
3 | – | 14 | – | – | – | 0 | – | – | 0 | 0 | – | 0 |
| Total | 120 | 560 | 5,168 | – | 248 | 104 | 550 | – | – | 509 | 190 | 340 | 319 |
Eastern Götaland
Castellum's real estate portfolio in Eastern Götaland comprise Värnamo, Jönköping, Växjö, and Linköping, which together form a region with approx. 630,000 inhabitants, or 7% of Sweden's population.
The province of Småland is well known for its entrepreneurial spirit and is one of Sweden's most interesting and successful regions, in terms of small enterprises.
Jönköping has a strategic location, with several major highways and access to airport and railroad, which has developed Jönköping into a logistics centre. Many large companies have established warehouses and distribution in Jönköping. At the end of 2011 a new construction was started, Atollen, which is one of the larger new construction projects in Jönköping, and will expand the city with offi ce, retail and residentials.
Värnamo has a small labor market, though the number of people in the city's reception area for commerce is three times as large as its population. The infrastructure, with highway E4 and good railroad connections provide for good accessibility and a successful industry. Värnamo has a strong tradition of small enterprises and is today a centre for commerce and services. The industry is to a high degree export orientated.
Växjö is an attractive city with good means of communication, a variety of educations and a positive business climate, which all have contributed to the high growth. There is a good mix of companies in basic industries such as foresting and manufacturing, and companies with a hi-tech profi le.
Linköping has a strategic location in the centre of Östergötland, and good means of communication with roads, railroad and an airport close to the city centre. Traditional business is clearly diversifi ed, but consists mainly of companies within the technical fi eld. The region has a close co-operation between local businesses and the university, for instance in Mjärdevi Science Park, with more than 6,000 employees.
Rental market
Retail developed positively in Jönköping, resulting in increased demand for retail premises. Rental levels for warehouse and logistics premises have remained unchanged, whereas there was a slight increase in rent for effi cient offi ce space.
In Växjö, rental levels and vacancy rates for offi ce premises remained unchanged. Furthermore, rental levels have remained stable for warehouse and industrial premises, even if a slight slowdown in demand could be detected near year-end, 2011.
In Värnamo, demand for both offi ce and warehouse premises slowed down somewhat during 2011. Rental levels and vacancies, however, have not been affected.
The rental market in Linköping has been positive during the year, enjoying upbeat rental levels and vacancy rates for both warehouse and offi ce premises. The offi ce market in Linköping is strong, with few vacancies.
Real Estate market
In 2011, transaction volumes in the Eastern Götaland property market amounted to SEK 3.8 billion, compared with SEK 1.1 billion in 2010. Volumes were primarily increased by two major transactions: a portfolio sale of Norrporten and the sale-and-leaseback transaction of an industrial property. Approx. 70% of the volume concerned Jönköping and primarily referred to commercial properties. Several foreign players were represented on both the buying and the selling sides during the year.
DIRECTORS' REPORT
| Jönköping | Värnamo | Växjö | Linköping | |
|---|---|---|---|---|
| Population | 211,000 | 33,000 | 133,000 | 254,000 |
| Growth in population 2002-20101/ year (the nation 0.6%) | 0.6% | 0.2% | 0.7% | 0.5% |
| Students at university/college | 16,000 | – | 12,000 | 24,000 |
| Growth in employment 2002-2011/ year (the nation 0.5%) | 0.6% | – 0.4% | 0.3% | 0.2% |
| Growth in gross wages 2002-2011 / year (the nation 2.5%) | 2.6% | 1.7% | 2.1% | 2.2% |
Source: Evidens och SCB
The fi ve largest real estate owners
| Jönköping Premises thous. sq.m | Värnamo Premises thous. sq.m | Växjö Premises thous. sq.m |
Linköping | Premises thous. sq.m | |||
|---|---|---|---|---|---|---|---|
| Castellum (Corallen) | 157 | Castellum (Corallen) | 146 | Castellum (Corallen) | 128 | Klövern | 282 |
| Norrporten | 99 | Hemfosa Fastigheter | 24 | Norrporten | 85 | Acta | 99 |
| Tosito | 87 | Remnes i Värnamo | 21 | Valad Property Group | 72 | Ikano Fastigheter | 72 |
| Alecta Pensionsförsäkring | 71 | Värnabo Fastigheter | 8 | Northern Logistics Property | 69 | Lilium | 67 |
| Brinova | 68 | Nivika Förvaltning | 8 | Corem Property Group | 64 | Botrygg Bygg | 65 |
| Castellum (Corallen) | 51 | ||||||
Number of commercial premises (excl. residential) owned as at 31-12-2011. Municipal and State-owned companies and government institutions have been excluded. Source: Byggstatistik and Castellum
| Jönköping | Värnamo | Växjö | Linköping | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Market rent SEK/sq.m. |
Yields at sale |
Estimated values SEK/sq.m. |
Market rent SEK/sq.m |
Yield at sale |
Estimated values SEK/sq.m. |
Market rent SEK/sq.m |
Yields at sale |
Estimated values SEK/sq.m. |
Market rent SEK/sq.m |
Yields at sale |
Estimated values SEK/sq.m. |
|
| Offi ce | ||||||||||||
| A-area 900 - 1,700 6.50% - 7.25% 10,000 - 16,000 | 800 - 1,200 6.75% - 8.00% | 8,000 - 12,000 | 900 - 1,300 6.75% - 8.00% 9,000 - 15,000 | 1,000 - 1,600 6.25% - 7.00% 8,000 - 16,000 | ||||||||
| B-area 700 - 1,500 7.00% - 8.50% | 6,000 - 9,000 | 700 - 900 7.50% - 8.50% | 5,000 - 8,000 | 700 - 1,000 7.50% - 9.00% 4,000 - 8,000 | 800 - 1,300 6.75% - 7.75% 5,000 - 9,000 | |||||||
| C-area 500 - 1,000 8.00% - 9.50% | 3,000 - 5,000 | 500 - 700 8.50% - 9.50% | 4,000 - 6,000 | 500 - 800 8.00% - 9.50% 3,000 - 4,500 | 550 - 850 7.75% - 9.00% 3,000 - 5,500 | |||||||
| Retail | ||||||||||||
| A-area 1,500 - 5,000 5.75% - 6.75% 15,000 - 35,000 1,000 - 1,800 6.50% - 7.50% | 9,000 - 15,000 1,200 - 2,200 6.00% - 7.00% 12,000 - 25,000 1,800 - 3,800 6.25% - 7.25% 15,000 - 35,000 | |||||||||||
| B-area 800 - 1,500 6.25% - 7.75% 7,000 - 15,000 | 800 - 1 200 7.00% - 8.00% | 6,000 - 11,000 750 - 1,400 6.75% - 7.50% 7,000 - 15,000 | 1,000 - 2,000 7.00 % - 8.25% 6,000 - 15,000 | |||||||||
| C-area | 500 - 900 7.25% - 9.00% | 3,000 - 9,000 | 600 - 800 8.00% - 9.25% | 4,000 - 7,000 | 600 - 900 7.75% - 9.00% 3,000 - 6,000 | 600 - 1,000 8.25% - 10.00% 3,000 - 8,000 | ||||||
| Warehouse/industrial | ||||||||||||
| A-area | 400 - 700 6.75% - 9.00% | 3,000 - 8,000 | 450 - 650 8.25% - 9.50% | 3,500 - 5,500 | 450 - 600 8.00% - 9.50% 3,000 - 6,000 | 400 - 650 7.75% - 9.25% 3,000 - 7,000 | ||||||
| B-area | 350 - 600 8.00% - 9.50% | 2,500 - 6,000 | 350 - 550 9.00% - 10.00% | 3,000 - 4,000 | 400 - 500 9.00%- 10.00% 2,500 - 3,500 | 350 - 550 8.25% - 10.00% 2,500 - 4,500 | ||||||
| C-area | 300 - 550 9.00% - 11.00% | 1,750 - 5,000 | 300 - 400 10.00% - 11.00% | 2,000 - 3,000 | 300 - 400 9.75% - 11.50% 2,000 - 3,000 | 300 - 450 9.50% - 11.00% 1,800 - 3,500 |
Source: NAI Svefa
Income from property management
Rental value and economic occupancy rate
Net leasing
Eastern Götaland summary
Castellum's real estate portfolio
Castellum's real estate portfolio in Eastern Götaland comprises 95 properties (96) with a total area of 515,000 sq.m. (505,000) and a fair value of SEKm 3,816 (3,645). For properties owned at the year-end the rental value amounted to SEKm 412 (402) on an annual basis and net operating income to SEKm 227 (218). Castellum's real estate portfolio is located in Jönköping, Värnamo, Växjö and Linköping. Investments during the year amonuted to SEKm 168 (166).
In Jönköping, with 40% of Castellum's real estate portfolio in Eastern Götaland, the portfolio consists mainly of offi ce and retail properties situated in attractive areas such as Rosenlund, central Jönköping and shopping center area A6.
In Värnamo, corresponding to 23% of Castellum's real estate portfolio in Eastern Götaland, the portfolio is mainly concentrated to centrally located offi ce and retail properties as well as warehouse and industrial properties in expansive industrial estates.
In Växjö, corresponding to 23% of the portfolio in the region, Castellum owns mainly offi ce and retail properties in the central parts and in the expansive area Västra Mark where also warehouse and industrial properties are found.
In Linköping, the real estate portfolio is concentrated to offi ce properties in the area of Mjärdevi Science Park.
See also the section Castellum's Real Estate Schedule 2011 with real estate schedule, maps and economic information.
Rental development
Castellum's average rental level is SEK 999 per sq.m. for offi ce/retail and SEK 504 per sq.m. for warehouse/industrial premises. Rental levels have increased by 2.6% in comparable portfolio compared with previous year.
The average economic occupancy rate was 88.4%, which is 0.4%-units higher than previous year.
The gross leasing (i.e. the annual value of total leasing) during the year was SEKm 41 (27), of which SEKm 6 (8) was leasing in connection to new constructions, extensions and reconstructions. Notices of terminations amounted to SEKm 29 (14), of which bankruptcies were SEKm 3 (1), hence net leasing for the year were SEKm 12 (13).
Subsidiary
Castellum's properties in Eastern Götaland are owned and managed by the wholly owned subsidiary Fastighets AB Corallen, with its head offi ce in Värnamo. The company also has local management offi ces in Jönköping, Linköping and Växjö. At the year-end Corallen had 30 employees.
| December 31, 2011 | January-December 2011 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Area | Property | Property | Investments, SEKm - | Rental | Rental | Econ. | Rental | Property | Property | Net operating |
|||
| No of prop. |
thous. sq.m. |
value SEKm |
value SEK/sq.m |
New constr., Acquisi ext., recon. |
tions | value SEKm |
value SEK/sq.m |
occupancy rate |
income SEKm |
costs SEKm |
costs SEK/sq.m |
income SEKm |
|
| Offi ce Retail | 52 | 320 | 2,968 | 9,284 | 97 | – | 319 | 999 | 89.8% | 286 | 100 | 314 | 186 |
| Warehouse/industrial | 34 | 184 | 740 | 4,013 | 7 | – | 93 | 504 | 83.6% | 78 | 23 | 125 | 55 |
| Summa | 86 | 504 | 3,708 | 7,356 | 104 | – | 412 | 818 | 88.4% | 364 | 123 | 245 | 241 |
| Leasing and property administration | 14 | 27 | – 14 | ||||||||||
| Development projects and undeveloped land |
9 | 11 | 108 | – | 56 | 8 | – | – | – | – | – | – | – |
| Totalt | 95 | 515 | 3,816 | – | 160 | 8 | 412 | – | – | 364 | 137 | 272 | 227 |
Property Valuation
| Average valuation yield | |
|---|---|
| (excl. project/land and building rights) | Mkr |
| Net operating income properties | 2,142 |
| + Estimated index adjustment 2012, 2% | 64 |
| + Real occupancy rate, 94% at the lowest | 229 |
| +/- Property costs to a normal year | – |
| – Property administration, 30 SEK/sq.m. |
– 102 |
| Normalized net operating income | 2,333 |
| Valuation (excl. building rights of SEKm 460) | 32,594 |
| Average valuation yield | 7.2% |
Internal valuation
Castellum records the investment properties at fair value and has made an internal valuation of all properties as of December 31, 2011. The valuation was carried out in a uniform manner, and was based on a 10-year cash fl ow model, which was described in principle below. The internal valuation was based on an individual assessment for each property and refl ects both its future earnings capacity and its required market yield. In the valuation of a property's future earnings capacity, consideration has been taken of potential changes in rental levels, occupancy rates and property costs - as well as an assumed infl ation level of 1.5%. Projects in progress have been valued using the same principle, but with deductions for remaining investments. Building rights have been valued on the basis of an estimated market value per square metre, on average approx. SEK 980 per sq.m. (970). For further information about the assumptions in cash-fl ow and required yield see note 11.
Based on these internal valuations, the fair value of the properties were assessed to SEKm 33,867 Mkr (31,768), corresponding to SEK 9,835 per sq.m. (9,500). The average valuation yield for Castellum's real estate portfolio, excluding development projects and undeveloped land, can be calculated to 7.2% (7.2%). It is notable that since the early 2000s, the gap between the valuation yield and SEK government bond increased and have not been as wide as now.
Property value with different required yield and growth in rental value and property costs
To illustrate the model, the following example is provided. It should be noted that assumptions regarding cash fl ow growth and other assumptions included in the model are only intended to illustrate the model. Even if relevant fi gures is used the example should thus not be regarded as a forecast of the company's expected earnings.
Assumptions in the example:
- The economic occupancy rate is assumed to increase in order to reach a long-term level of 96% in the year 2017.
- Net operating income for 2011 is based on the result for the investment properties, with an assumed cost of SEK 30/sq.m. for pure property administration.
- Growth in rental value and property costs has been assumed to 1.5% per year during the calculation period.
- The average economic life of the real estate portfolio has been assumed to be 50 years.
- Projects, undeveloped land and building rights have an assumed value SEKm 1,273.
- The required yield, discount factor, is calculated according to the following assumptions:
Assumed value, projects, land,
Total property value 33,811
Uncertainty range
Property valuations are calculations performed according to accepted principles and on the basis of certain assumptions. The value range of +/– 5-10%, often used in property valuations in a normal market, should therefore be seen as an indication of the uncertainty that exists in assumptions and calculations. In a market with lower liquidity, the range may be wider. For Castellum, an uncertainty range of +/– 5% means a range in value of +/– SEKm 1,693, corresponding to SEKm 32,174-35,560.
External valuation
In order to provide further assurance and validation of the internal valuation, 133 properties - representing 51% of the value of the portfolio - have been valued externally by NAI Svefa. NAI Svefa's valuation of the selected properties amounted to SEKm 17,058, within an uncertainty range of +/- 5-10% on property level, depending on each property's category and location. Castellum's valuation of the same properties totalled SEKm 17,240, i. e., a net change of SEKm 182, corresponding to 1%. Gross deviation was SEKm +347 and SEKm –529 respectively, with an average deviation of 5%.
Change in value
The change in value in Castellum's portfolio during 2011 amounted to SEKm 194 (1,222), corresponding to approx. 0.6% (4%). The net increase in value, including the years change, over the past 10 years has been nearly 1.5% per year, which is in line with the infl ation.
Total yield
Concerning the total yield of the properties - i.e., the sum of yields and changes in value - it can be noted that Castellum's performance depends on when measurements were started.
On average, Castellum has had a better total yield on warehouse/ industrial compared to offi ce/retail - regardless of when measuring was started. The annual average total yield for the past 10 years has been 8.0% (7.4% yield + 0.6% change in value), thereby surpassing offi ce/ retail which had 6.9% (6.2% yield + 0.7% change in value). Calculations do not include project gains or acquisitions from the year the acquisition was completed.
From both Swedish and European perspectives, the Castellum property portfolio achieved a higher total yield in 2011 than did the asset type shares. This can be explained by turbulence on the stock exchange during the year. In a longer perspective, i.e., over the past 10 years, the average annual total yield for the Castellum property portfolio was lower than both the Castellum share and the Swedish property shares. It was, however, slightly higher than the total yield of the Stockholm Stock Exchange and European property shares.
| Assumptions | Offi ce/retail | Warehouse/ industrial |
|---|---|---|
| Cash fl ow year 1 | ||
| Rental value, SEK/sq.m. | 1,239 | 734 |
| Vacancy, % | 11% | 10% |
| Direct property costs, SEK/sq.m. | 323 | 173 |
| Property administration, SEK/sq.m. | 35 | 25 |
| Required yield | ||
| Real interest rate | 3.0% | 3.0% |
| Infl ation | 1.5% | 1.5% |
| Risk | 4.9% - 11.5% | 6.5% - 13.7% |
| Return on equity | 9.4% - 16.0% 11.0% - 18.2% | |
| Interest rate | 5.5% | 5.5% |
| Loan to value ratio | 65% | 55% |
| Return on total capital | 6.8% - 9.2% | 8.0% - 11.2% |
| Weighted d:o, disconted factor year 1-9 | 7.9% | 9.1% |
| Weighted d:o, disc. factor residual value* 6.4% | 7.6% | |
| *(required yield on total capital minus equal to infl ation) |
Internal vs external valuation
| 2011 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|
| Internal valuation | 33,867 31,768 29,267 29,165 27,717 | ||||
| External valuation | 17,058 15,614 14,981 14,657 13,976 | ||||
| Prop. external of internal | 51% | 50% | 51% | 50% | 50% |
| Net diff. external vs internal | –182 – 368 | – 9 – 142 | 67 | ||
| D:o in % | –1% | – 2% | 0% | – 1% | 0% |
| Gross deviation positive | 347 | 291 | 495 | 396 | 455 |
| Gross deviation negative | – 529 – 659 – 504 – 538 – 388 | ||||
| Average deviation | 5.1% | 5.9% | 6.7% | 6.3% | 6.1% |
Total yield in average/year in different cycles until 2011
| 1 year 3 years 10 year 1 year 3 years 10 year |
|||
|---|---|---|---|
| average / average/ | |||
| average / average/ year |
year | ||
| Total yield | year | year | |
| Properties | 6% | 6% | 7% |
| Castellum share | – 3% | 18% | 17% |
| NASDAQ OMX Stockholm (Six Return) – 14% | 19% | 6% | |
| Real Estate Index Sweden (EPRA) | – 13% | 17% | 15% |
| Real Estate Index Europe (EPRA) | – 9% | 13% | 5% |
| Change in value | |||
| Change in property value, unweighted | 0.6% | 0.4% | 1.5% |
| Infl ation | 2.0% | 1.7% | 1.6% |
Financing
Financing 31-12-2011
| Policy | Objective/Mandate Outcome | |
|---|---|---|
| Loan to value ratio | Not in the long run exceeding 55% |
51% |
| Interest coverage ratio At least 200% | 278% | |
| Interest rate risk – average fi xed interest term |
0.5-3 years | 2.7 years |
| – Proportion maturing within 6 months Currency risk |
No more than 50% | 34% |
| – investment | 60%-100% funded in local currency |
97% |
| – other currency risks | Not allowed | No exposure |
| Funding risk | At least 50% of interest bearing liabilities have a duration of at least 2 years |
100% |
| Counterparty risk | Credit institutions with high ratings at least "investment grade" |
Satisfi ed |
| Liquidity risk | Liquidity reserve in order to fulfi l payments due |
SEKm 2,731 in unutilized credit agree ments |
Listed real estate companies
Source: Rolling annual values based on each company's report Q3 2011.
Property ownership is a capital intensive business and access to funding is one of the fundamentals to ensure successful development of the real estate portfolio.
Loan-to-value ratio and tied-up capital
Properties are long-term assets and demand long-term funding with distribution between shareholders' equity and interest-bearing debt. The loan-to-value ratio is the fi nancial key ratio that describes the proportion of the property's value that is covered by loans. Castellum's objective is a loan-to-value ratio not exceeding 55% in the long run.
Castellum's assets had a value of SEKm 34,171 (31,936) on 31 December 2011 and these are fi nanced by SEKm 11,203 (11,082) in shareholders' equity and SEKm 22,968 (20,854) in liabilities - of which SEKm 17,160 (15,781) are interest-bearing liabilities. The loan-to-value ratio at the year-end was 51% (50%).
The demand for long-term funding makes Castellum look for longterm credit agreements in order to minimize the refi nancing risk. Existing agreements are regularly renegotiated and new agreements are signed. At year end, Castellum had unutilized binding long-term credit agreements with banks totalling SEKm 2,311 (2,293), which gives Castellum easy access to new funding for investments in new construction, extensions, reconstructions and acquisitions. During the year, new long-term credit agreements totalling SEKm 1,312 have been signed, and existing credit agreements totalling SEKm 5,800 have been renegotiated.
Interest rate risk and interest coverage ratio
Interest expense is the single largest cost item and affects the growth of income from property management. The interest rate cost is affected both by changes in the market interest rates and by the interest margin demanded by the lenders in return for lending money. The short-term market interest rate is controlled by the Riksbank, whereas the longterm market interest rate is affected by other factors such as expectations of future economic growth and infl ation. The credit margin is controlled by supply and demand for credit, as well as by the rules under which the banks operate. Both interest and credit markets can change rapidly and cannot be affected by Castellum.
Increasing market interest rates are generally assumed to result from economic growth and rising infl ation, and they, in turn, are assumed to lead to increased demand for commercial premises and hence increasing rents and/or reduced vacancies. Falling interest rates are assumed to have opposite causes and effects. Rising or falling fi nancial expenses will thus, over time, coincide with rising or falling rental income. Changes in credit margins may occur regardless of the economic situation and have, of late, mainly been affected by changes in bank regulations.
Changes in market interest rates affect net fi nancial items. How quickly these will change, and by how much, largely depends on the chosen fi xed interest term and the binding period of credit margins. To ensure low and stable net fi nancial items in terms of cash fl ow, Castellum has generally chosen to fi x interest rates for a relatively long period. For the same reason Castellum has chosen to sign mainly long-term credit agreements with agreed spreads with banks. However changes in both of these markets will over time affect net fi nancial items.
The interest coverage ratio is the fi nancial key ratio that describes a company's resistance and risk level regarding changes in net fi nancial items. As shown in the fi gure, Castellum has lower loan-to-value ratio and higher interest coverage ratios than the industry on average.
Castellum's strategy is an interest coverage ratio of at least 200%. For 2011, the interest coverage ratio was 278% (299%). The average fi xed interest term at 31 December, 2011, was 2.7 years (2.6). Margins and fees on long-term credit agreements had an average duration of 3.5 years (2.6).
Financial policy
Financial operations at Castellum are conducted in accordance with the fi nancial policy adopted by the Board. The strategy in the fi nancial policy is as follows:
- Maintaining a capital structure with a loan-to-value ratio not exceed ing 55% in the long run and an interest coverage ratio of at least 200%.
- Secure required liquidity and long-term funding.
- Achieve a low and stable net interest rate within the given risk mandate.
The fi nancial policy outlines mandates and limitations for managing fi nancial risk and overall delegation of responsibilities, as well as how fi nancial risks are to be reported and followed up. The fi nancial risks are followed up and reported quarterly to the Board of Directors. The Board of Directors reviews the fi nancial policy annually.
Organization
All fi nancial risk management is centralized in the parent company. The treasury department's responsibilities include the Group's funding, interest rate risk management, fi nancing for subsidiaries and cash management. The treasury department consists of two persons. The parent company also includes a function that provides accounting and independent control of the fi nancial operations - a back-offi ce and compliance function.
Net fi nancial item
Net fi nancial items were SEKm –660 (–574). The average interest rate level was 4.1% (3.7%). The average effective rate as of 31 December, 2011, was 4.0% (3.9%). The market interest rate for an equivalent portfolio – with consideration taken both to current market interest rate and credit spreads – can be assessed to 4.7% (4.0%). Castellum's interest rate costs consist of market interest rate at the time of the loan, plus the creditor's margin.
Interest bearing liabilities and interest rate derivatives
Castellum's interest bearing debt is mainly made up of short-term loans under long-term credit agreements. Short-term loans allow for great fl exibility regarding the choice of the interest rate base and fi xed interest rate term, while they facilitate amortization payments and repayments without marginal breaking costs or other compensation to the lender. Furthermore, to increase or decrease the amount of outstanding loans in long-term credit agreements means that the amount of interestbearing loans can be minimized at all times. The credit agreements are mainly bilateral credit agreements with Nordic banks. As a complement to these credit agreements, there is a commercial paper program. In those cases where there are outstanding commercial papers, they are fully covered by unutilized long-term credit agreements. After deducting liquidity of SEKm 97 (12), net interest-bearing liabilities totalled SEKm 17,063 (15,769) at December 31, 2011, of which SEKm 2,235 (1,377) refers to outstanding commercial papers. On the same date, Castellum had binding long-term credit agreements with banks totalling SEKm 19,374 (18,062), bond loans totalling SEKm 0 (200), binding short-
Loan maturity structure 31-12-2011
| Credit | ||
|---|---|---|
| Long term, SEKm | agreements Utilized | |
| 1 - 2 years | 207 | 7 |
| 2 - 3 years | 7 | 7 |
| 3 - 4 years | 7,307 | 4,257 |
| 4 - 5 years | 4,007 | 4,007 |
| 5 - 10 years | 7,846 | 6,647 |
| Total long-term credit agreements | 19,374 | 14,925 |
| Total short-term credit agreements (0-1 year) | 2,655 | 2,138 |
| Total credit agreements | 22,029 17,063 | |
| Unutilized credit in long term credit agreements | 2,311 |
Interest rate maturity structure 31-12-2011
| Interets rate | ||||
|---|---|---|---|---|
| Loan | derivatives | Amount | Average | |
| SEKm | SEKm | SEKm | interest rate | |
| 0 - 1 year | 17,063 | – 9,400 | 7,663 | 3.7% |
| 1 - 2 year | – | 1,800 | 1,800 | 4.0% |
| 2 - 3 year | – | 600 | 600 | 3.8% |
| 3 - 4 year | – | 1,250 | 1,250 | 4.8% |
| 4 - 5 year | – | 2,450 | 2,450 | 4.4% |
| 5 - 10 year | – | 3,300 | 3,300 | 4.2% |
| Total | 17,063 | – | 17,063 | 4.0% |
Credit margins are distributed in the interval of the underlying loans and interest rate derivatives are accounted for in the earliest time segment in which they can mature.
term credit agreements with banks totalling SEKm 420 (520) and a SEKm 4,000 (4,000) commercial paper program.
Secured interest-bearing liabilities
Long-term credit agreements with banks are secured mainly through the company's properties and by fi nancial covenants in credit agreements. Issued commercial papers and short-term credit agreements with banks such as bank overdraft facilities are unsecured.
Utilized credit facilities secured through mortgage deeds totalled SEKm 14,797 (13,998) at 31 December, 2011, and utilized unsecured credit facilities totalled SEKm 2,266 (1,771). The committed fi nancial covenants have a loan-to-value ratio not exceeding 65% and an interest coverage ratio of at least 150%. There are also general commitments that Castellum should provide the lenders with fi nancial information such as annual reports and interim reports and, in some cases, the right to renegotiate the credit agreements due to a material adverse change in business or discontinued stock exchange listing.
Currency
Castellum has made investments in Denmark, which means that the Group is exposed to a currency risk. A currency translation risk is primarily related to the translation of income statement and balance sheet in foreign exchange into Swedish currency. In accordance with fi nancial policy, between 60-100% of investments in foreign subsidiaries are to be fi nanced in that country's currency. At the end of 2011, 97% of the assets in Denmark were fi nanced in Danish kroner.
Derivatives
Derivatives are a cost effective and fl exible way to manage fi nancial risks such as interest rate risks and currency risks. Castellum uses derivatives to manage both risks. As of 31 December, 2011, the market value of the interest rate and the currency derivative portfolio amounted to SEKm –1,003 (–574). When market interest rates change, the market value accounted for in the balance sheet also changes. The market value in the balance sheet change when market interest rates change, the portfolio's duration is shortened and the exchange rates change. At maturity, the market value of the derivative is dissolved and the change in value over time thus has not affected shareholder's equity.
Interest rate derivatives
Different types of derivatives are used to limit the interest rate risk and achieve the desired interest maturity structure. Through interest-rate derivatives, loans with short duration can be extended without taking loans with fi xed interest rates. According to the accounting standard IAS 39, derivatives are subject to market valuation. Regarding interestrate derivatives, this means that a theoretical surplus or sub value occurs if the stipulated interest rate varies from the current market rate. For Castellum, the change in value is accounted for in the income statement. It is noteworthy that the interest rate derivatives used to achieve an interest rate maturity structure are subject to market valuation – something that normally is not the case for credit margins or loans with fi xed interest rates.
Currency derivatives
Funding in Danish currency can be achieved by borrowing in Danish kroner, as well as by using currency derivatives. The exposure is the same but according to the accounting standard IAS 39 derivatives are subject to market valuation, which means that there is a theoretical surplus or sub value if the stipulated currency rate varies from the current market exchange rate. Here, the effective portion of value change is accounted for in other total net income.
Tax
The Swedish corporate tax rate is 26.3% and is based on the company's total taxable income, which is made up of income before tax adjusted for items according to the current tax legislation.
Castellum's reported income from property management for 2011 amounted to SEKm 1,173 (1,141), while taxable income from property management amounted to SEKm 92 (208). In the absence of tax loss carry forwards, a paid tax of about SEKm 24 would occur, attributable to the income from property management, equivalent to 2% effective tax paid. The taxable income from property management is thereafter completed with tax effects resulting from sales of properties and changes in value and utilization of tax loss carry forwards to reach taxable income for the Group.
Tax depreciations
Investments in real estate can be allocated to different parts - building, land, land improvement and inventory, which among other things affect the size of depreciation. Buildings are depreciated on the basis of the Swedish Tax Authority's specifi ed percentages: 2% for offi ce/retail/ residential, 3% for department store/hotel, 4% for industrial/warehouse, and 5% for farm buildings and industrial buildings with limited purpose. Land is not depreciated. Most types of land improvement are depreciated by 5%, while inventories (accessories designed to directly service the use of the building and the activities therein) are depreciated by 20% or 30%.
Deductible reconstructions
Costs for repairs and maintenance of a building may be deducted immediately. For tax purposes an extended repair concept may be used, i.e. direct deduction is allowed for some types of reconstruction, even if it is a value-adding improvement and has been set up as an asset in the accounts.
Property sales
Property managing companies' holdings of real estate and shares in property managing subsidiaries, are fi xed assets. If the holding company instead is conducting trade with real estate, the assets mentioned above are from a taxation point of view considered current assets.
Taxable income from sales consists of the sales price with deductions for costs and the asset's fi scal written down value. Properties can be sold directly or indirectly through companies, which have different tax consequences. For properties or shares which fi scally speaking represents current assets a profi t is always taxable, while a loss is tax deductible. Profi ts and losses on properties and shares that fi scally speaking represent fi xed assets, however, face different tax consequences. Regarding properties a profi t is always taxable, while a loss is put in a "fold" and can only be netted against profi ts within the Group from direct sales of properties that represents fi xed assets. Profi t on sales of shares which from a taxation point of view are considered fi xed assets is not taxable, while a loss is not tax deductible.
Since the tax exemption on sales of shares, which fi scally speaking represents fi xed assets, was enforced, the trend in the Swedish real estate market is that sales of real estate are done indirectly through companies.
| Tax Calculation 2011 | Basis | Basis |
|---|---|---|
| current | deferred | |
| SEKm | tax | tax |
| Income from property management | 1,173 | |
| Deductions for tax purposes | ||
| depreciations | – 636 | 636 |
| reconstructions | – 365 | 365 |
| Other tax allowances | – 80 | 41 |
| Taxable income from property management | 92 | 1,042 |
| Properties sold | 8 | – 15 |
| Changes in value on properties | – | 164 |
| Changes in value on interest rate derivatives – 429 | – | |
| Taxable income before tax loss carry forwards – 329 | 1,191 | |
| Tax loss carry forwards, opening balance | – 1,406 | 1,406 |
| Tax loss carry forwards, closing balance | 1,772 – 1,772 | |
| Taxable income | 37 | 825 |
| Of which 26.3% current/deferred tax | – 10 | – 217 |
| In accordance with the balance sheet – 14,121 – 3,714 | ||
|---|---|---|
| Properties, asset acquisition | 304 | 80 |
| Total | – 14,425 – 3,794 | |
| Properties | – 16,197 – 4,260 | |
| Tax loss carry forwards | 1,772 | 466 |
| SEKm | Basis | Tax 26.3% |
| Net Deferred Tax Liability 31-12-2011 |
Changes in value on properties and derivatives
Swedish accounting laws do not allow reporting of properties at fair value in a legal entity, meaning that changes in value of properties is only reported in the consolidated accounts and hence do not affect the taxation.
Some types of fi nancial instruments such as interest rate derivatives may be reported at fair value in a legal entity. For Castellum, changes in value resulting in a negative value on the instrument is a tax deductable item and changes in value up to the acquisition value of the instrument is a taxable income.
Tax loss carry forwards and Group contributions
Tax loss carry forwards are made up of previous years' taxable losses. The losses, which are not limited in time, are carried forward to the following year and are used by netting of future taxable income.
The Castellum Group includes both companies which from a taxation point of view are considered property managing companies and companies which are considered to be property trading companies. In the case when a property trading company is owned by a property managing company there are limitations for the owners to receive group contributions. There is also a "block" for group contributions up to six years following a change in ownership. Since acquisitions of properties are mainly made indirectly through acquisitions of companies new legal entities are regularly added to the Group. In Castellum these blocks for group contributions however are limited.
The tax assessment process
The income tax return for a fi scal year is sent to the tax authority during the spring of the following year and towards the end of the year the notice of assessment is received. The Tax Authority has the right to call for a review of the tax return for two years following the fi scal year. Thereafter the tax authority may assess for arrears only if there is false information for an additional four years, giving that fi rst after six years is the tax return for the fi scal year fi nally assessed. Hence, the fi scal year 2011 will be fi nally assessed in 2018.
The tax authority carried out a tax audit in Castellum in 2009 which was completed without comments. Neither has Castellum any ongoing tax disputes.
Deferred tax in the balance sheet
The accounting regulations demand that deferred tax shall be reported undiscounted based on the difference between an asset's or a debt's book value and its fi scal value. This is in order to refl ect the tax liability or receivable which is realized if the asset or debt is sold directly. The legislation however makes an exception for assets which at the time of acquisition is classifi ed as a asset acquisition, where no deferred tax from the acquisition may be reported.
Castellum has two entries which make up the basis for deferred tax - properties and tax loss carry forwards. All tax loss carry forwards are reported since expected future taxable income may be used to net the tax loss carry forwards. Deferred tax deriving from properties occurs mainly due to increased valuation, tax deductions such as depreciation and deduction of certain reconstructions which are capitalized in the account.
Opportunities and Risks
Opportunities and risks may roughly be divided into two sections – changes in cash flow and changes in value.
Opportunities and risks in the cash flow Rental income
Rental levels as well as vacancies for commercial contracts are mainly depending on the growth in Swedish economy, but are also affected by the amount of new construction. Economic growth is supposed to lead to increased demand for premises and hence decreasing vacancies, with a potential for increasing market rents, which also provide opportunities for new construction. A weaker growth in the growth has an opposite effect. Since the commercial contracts are signed for a certain period of time, a change in the market rents does not give an immediate effect on the rental income. The most common term on a new lease is currently 3-5 years with nine months' notice of termination and an index clause linked to the infl ation. The average remaining duration of leases in Castellum's portfolio is 3.1 years. Castellum's lease portfolio is considered to be in line with market rents. The positive infl ation during the year will however cause an index adjustment upwards of rents of approx. 2% for 2012.
A state of economic recession leads to an increased risk for bankruptcies, which may give an immediate effect on the rental income. The risk for major changes in vacancies increases with few and large tenants. Castellum has approx. 4,600 commercial contracts of which the single largest contract accounts for approx. 1% of total rental income. Castellum's current lease maturity structure, together with the lease portfolio's make up of geography, type of premises, leases sizes and sectors provide a good spread of risk. Vacancies during 2011 amounted to approx. SEKm 371 and make up a potential for possible new leases.
Property costs
Operating costs are largely made up of costs for electricity, garbage disposal, heating and water, where electricity and heating costs have the largest effect on the result. The price of electricity is determined by supply and demand on the open market for electricity. Castellum limits the risk by hedging a certain amount of electricity. Most of the costs are passed on to the tenants, why Castellum's exposure to cost fl uctuation in the short term is relatively limited. Castellum's properties have a good standard and maintenance situation.
Castellum holds around 80 properties by site leasehold. The ground rent for these is currently calculated in such a way that the municipality receives a fair real interest rate, based on the estimated market value of the site. The site leasehold is typically renegotiated with 10 to 20 years intervals. It can not be ruled out that the ground rent levels or the basis for the calculation may change in the future.
The real estate tax is a federal tax based on the properties' tax assessment value and completely dependent on political decisions such as tax rate and tax assessment value, which Castellum cannot control. Also the real estate tax is passed on to the tenants, provided that the premises are not vacant; in such a case the owner of the property has to carry the real estate tax cost.
Lease maturity structure 31-12-2011
Lease size structure 31-12-2011
Distribution of leases by industry
Sensitivity analysis - cash fl ow Effect on income next 12 months
| Effect on income, SEKm | |||||
|---|---|---|---|---|---|
| +/- 1% (units) | Boom | Recession | |||
| Rental level / Index | +30/–30 | + | – | ||
| Vacancies | +34/–34 | + | – | ||
| Property costs | –10/+10 | – | 0 | ||
| Interest rate costs | –61/+52 | – | + |
Interest costs
Interest costs are the single largest cost item for Castellum and consists of the market interest rate and the credit margin the lenders demand in return for their loans. The conditions on the interest rate market may change quickly. The market interest rate is affected by the Riksbank's monetary policy, expectations of economic development both internationally as well as nationally and of unexpected events. In order to limit this infl uence the interest rate maturity structure has been spread over different terms and Castellum signs mainly long term credit agreements with fi xed margins.
There are clauses in the credit agreements, with the effect that lenders shall be compensated for increased costs which might occur due to new or revised laws or regulations. This can lead to higher borrowing costs for Castellum.
Castellum's average fi xed interest term was 2.7 years and margins and fees in long term credit agreements are fi xed with an average duration of 3.5 years.
Taxes
Castellum is affected by political decisions such as changes in the corporate tax rate, real estate tax, the fi scal legislation or interpretations thereof. Future income tax reforms or interpretations of these may have both positive as well as negative effects on Castellum's fi scal position.
Summary of opportunities and risks in cash fl ow
Increasing market interest rates is generally an effect of economic growth and increasing infl ation, which is thought to give higher rental income. This is partly because the demand for premises is thought to increase, leading to reduced vacancies and hence a potential for increasing market rents, and partly because the index clause in the commercial contracts is compensating for the rising infl ation. An economic boom therefore means higher interest costs but also higher rental income, while the opposite relationship is true during a recession. The change in rental income and interest costs does not take place at exactly the same time, why the effect on the result in the short term may occur at different points in time. Economic shocks can occur from time to time and may need shorter or longer adjustment periods, i.e. the time needed to restore a new economic equilibrium, which may cause disturbances in the relation mentioned above.
Opportunities and risks in values The value of the properties
Castellum reports its properties at fair value with changes in value in the income statement. This means that the result in particular but also the fi nancial position is volatile. Assuming a normal credit market, the value of the properties is determined by supply and demand, where the price mainly depends on the properties' expected net operating income and the buyer's required yield. An increasing demand, lower required yields and positive real development in net operating income lead to an upward adjustment in prices, while a weaker demand, higher required yields and negative growth have the opposite effect.
The sensitivity analysis enclosed shows how Castellum's loan to value ratio is affected by a change in value of +/– 10-20%. Property valuations are calculations according to accepted principles and on the basis of
certain assumptions. Consideration should therefore be taken to a value range, typically +/– 5-10% in a functioning market, in order to refl ect the uncertainty that exists in assumptions and calculations made. The example shows how the value may vary depending on changes in net operating income of +/– 5% and changes in the required yield of +/– 0.5%, which together give a value range of –11% to +13%.
Castellum does not have any outstanding rental guarantees. All of Castellum's properties are insured to their full value.
Interest bearing liabilities and fi nancial risk
All property ownership requires a functioning credit market. Castellum's greatest fi nancial risk is not having access to funding. The conditions in the credit market can be changed as for example shown by the international agreement to establish a new regulatory framework for banks. Discussions are ongoing within the EU and at national level to implement rules and reporting obligation to achieve greater transparency in the credit market. Castellum's possibility to receive new credits depends on future regulatory framework.
A low loan to value ratio enables long-term credit agreements, which limits both the risk for not having access to funding and the immediate impact of a changed credit market. Existing credit agreements are regularly renegotiated and new credit agreements are entered into when needed, in order to secure Castellum's capital need. Loans in banks are secured by pledged mortgages and/or a guarantee to maintain certain fi nancial key ratios. Financial covenants issued state a loan to value ratio not exceeding 65% and an interest coverage ratio of at least 150%, which may be compared to the actual outcome on 31 December, 2011 of 51% respectively 278%, showing that there is room for a further decrease in value of SEKm 7,500, corresponding to 22%.
Castellum currently has an average duration of long term credit agreements of 5.1 years and an unutilized volume of long term credit agreements of SEKm 2,311. Counterparty risk may occur if any party cannot meet its obligations. To limit this risk Castellum only works with counterparties with high credit ratings (at least investment grade), and limits the share of credit agreements and derivatives signed with each single counterparty.
In order to manage the interest rate risk in a cost effective way Castellum uses interest rate derivatives. If the agreed interest rate deviates from the market interest rate from time to time, there is a theoretical overvalue or undervalue, which is reported in the income statement. The lesser risk taken in interest payments, the greater risk is taken in the value of the derivatives, since the time factor increases the risk for large fl uctuations in value. An upward parallel adjustment of the discounting interest rate used in valuation of the interest rate derivative portfolio at 31 December, 2011 of +/– 1%, would alter the value of the interest rate derivative portfolio by approx. SEKm +490/– 590.
Deferred tax
In the balance sheet the deferred tax liability is based on that properties are sold today with worst possible taxation outcome, i.e. a direct sale. The effective tax is lower because of both the possibility to sell properties in a tax effi cient manner, and the time factor that causes the tax to be discounted. At present, the actual discounted deferred tax liability is considered to be approx. 5%, giving a value of SEKm 721 which is considerably lower than the SEKm 3,714 accounted for.
Sensitivity analysis - change in value
| Properties | –20% | –10% | 0 +10% +20% | ||
|---|---|---|---|---|---|
| Changes in value, SEKm– 6,773 – 3,387 | 0 +3,387 +6,773 | ||||
| Loan to value ratio | 63% | 56% | 51% | 46% | 42% |
Value range - simplifi ed example
The Castellum Share
Shareholders as at 31-12-2011
| Percentage | ||
|---|---|---|
| Shareholders | Number | of voting |
| of shares | rights/capital | |
| AFA Sjukförsäkrings AB | 6,868,714 | 4.2% |
| László Szombatfalvy | 5,000,000 | 3.0% |
| Magdalena Szombatfalvy | 4,935,000 | 3.0% |
| AMF Pensionsförsäkrings AB | 4,260,000 | 2.6% |
| Lannebo Småbolag | 3,300,000 | 2.0% |
| Andra AP-fonden | 2,136,496 | 1.3% |
| Fjärde AP-fonden | 1,911,520 | 1.2% |
| Tredje AP-fonden | 1,866,063 | 1.1% |
| Länsförsäkringar Fastighetsfond | 1,587,000 | 1.0% |
| KAS Depositary Trust Company | 1,483,823 | 0.9% |
| AMF Aktiefond Sverige | 1,400,000 | 0.9% |
| Swedbank Robur Småbolagsfond Sverige | 1,365,360 | 0.8% |
| Caceis Bank / 18129 | 1,276,156 | 0.8% |
| SEB Sverigefond Småbolag | 1,265,200 | 0.8% |
| AFA Trygghetsförsäkring AB | 1,166,039 | 0.7% |
| Livförsäkrings AB Skandia | 1,054,554 | 0.6% |
| SEB Världenfond | 1,038,663 | 0.6% |
| Bengt Norman | 1,000,000 | 0.6% |
| KPA Pensionsförsäkring AB | 907,655 | 0.5% |
| Handelsbankens Svenska Småbolagsfond | 870,000 | 0.5% |
| Skandia Fond Småbolag Sverige | 826,222 | 0.5% |
| Folksam Ömsesidig Livförsäkring | 771,413 | 0.5% |
| DNB Småbolagsfond | 719,876 | 0.4% |
| SEB Sverige Småbolag Chans/Risk | 612,570 | 0.4% |
| Gamla Livförsäkringsaktiebolaget | 595,500 | 0.4% |
| Handelsbanken Sverigefond Index | 582,478 | 0.4% |
| SEB Aktiesparfond | 564,084 | 0.3% |
| SEB Sverigefond | 540,500 | 0.3% |
| SEB Sverigefond Stora Bolag | 501,248 | 0.3% |
| Swedish shareholders < 500,000 shares: | ||
| 45 holders, 100,000-499,999 shares | 11,469,541 | 7.0% |
| 347 holders, 10,000-99,999 shares | 8,828,687 | 5.4% |
| 2,872 holders, 1,000-9,999 shares | 7,965,682 | 4.9% |
| 5,756 holders, 1-999 shares | 2,257,654 | 1.4% |
| 969 shareholders registered abroad | 83,072,302 | 50.7% |
| Total outstanding shares | 164,000,000 | 100.0% |
| Repurchased shares | 8,006,708 | |
| Total registered shares | 172,006,708 |
Shareholders distributed by country 31-12-2011
Shareholders
At the year-end, Castellum had approx. 9,400 shareholders. The amount of shares registered abroad at the year-end was 51%. Shareholders registered abroad can not be broken down in terms of directly held and nominee registered shares except when the shareholder is required to declare substantial share acquisitions. One foreign shareholder has a declared holding over 5%, Stichting Pensioensfonds ABP. Castellum has no direct registered shareholders with holdings exceeding 10%.
Proposed dividend
The Board intends to propose the annual general meeting to decide on a dividend of SEK 3.70 per share, an increase of 3% compared with previous year. The dividend ratio is 52% of income from property management before tax.
If the annual general meeting decides to accept the Board's dividend proposal, of Tuesday March 27, 2012 as the record day for payment of the dividend, the share will be traded including the dividend up to and including the day of the annual general meeting, Thursday March 22, 2012. Payment of the dividend is expected to take place on Friday March 30, 2012.
The dividend falls within Castellum's objective of distributing at least 50% of income from property management, having taken into account investment plans, consolidation needs, liquidity and fi nancial position in general. Unrealized changes in value, positive or negative, are thus not included in the distributable result.
Share capital, number of shares and repurchase
The share capital amounts to SEKm 86, distributed among 172,006,708 A-shares with a par value of SEK 0.50 per share. Each share, except the company's own repurchased shares, entitles the holder to one vote and carries an equal right to a share in Castellum's capital. Changes in the share capital and the number of shares over time are displayed in note 13.
During 2000, Castellum repurchased 8,006,708 of the company's own shares for a total of SEKm 194, equivalent to 4.7% of the total registered number of shares. Since then no repurchases of the company's own shares have been made. As repurchasing is a good method of adapting the capital structure to the capital requirements from time to time, the Board's will propose the AGM to decide on extending the mandate to repurchase shares until the next AGM. This mandate provides the facility to repurchase or transfer shares.
The number of outstanding shares, i.e. the number of registered shares less the number of repurchased shares, totals 164,000,000.
The Castellum share is listed on NASDAQ OMX Stockholm AB Large Cap.
Market capitalization and liquidity
Castellum's market capitalization, i.e. the value of all outstanding shares in Castellum, amounted to SEK 14 billion (15) as per December 31, 2011.
During 2011, a total of 150 million (152) shares were traded, equivalent to an average of 595,000 shares per day (602,000), corresponding to an annual turnover rate of 92% (93%).
The total market capitalization of Swedish real estate companies operating solely in this fi eld was nearly SEK 100 billion at the year-end, equivalent to near 3% of the total market capitalization of listed Swedish companies totalling approx. SEK 3.600 billion.
Listed Real Estate Companies
Growth, yield and financial risk
The Castellum share price at the year-end was SEK 85.30 (91.55). During 2011, the total yield of the share, including dividend of SEK 3.60, was – 3% (33%). Growth, yield and fi nancial risk are shown below for both the present year as well as the average for three and ten years.
Investor relations
Castellum's objective is to continuously provide frequent, open and fair reporting on the company's real estate portfolio, results and fi nancial position to shareholders, the capital market, the media and other interested parties, yet without disclosing any individual business relations.
Investor relations are based above all on quarterly fi nancial reports, press releases on signifi cant commercial events and presentations of Castellum.
During the year, a large number of presentations of Castellum were held at meetings with investors and analysts, and at investment meetings both in Sweden and abroad. The large share of foreign shareholders means that there are extensive contacts with foreign investors.
Some 20 Swedish and foreign stockmarket analysts track the development of both Castellum and the Swedish real estate sector.
All press releases, quarterly reports and annual reports, both in Swedish and English, are available immediately after publication on www.castellum.se.
On the website, it is possible to subscribe to Castellum's press releases and quarterly reports. Other information about Castellum, such as the real estate portfolio and continuous updates of the Castellum share price are also disclosed on the website.
| 2011 | 3 years average/year |
10 years average/year |
|
|---|---|---|---|
| Total yield of the share (incl. dividend) | |||
| Castellum | – 3% | 18% | 17% |
| NASDAQ OMX Stockholm (SIX Return) | – 14% | 19% | 6% |
| Real estate index Swedish (EPRA) | – 13% | 17% | 15% |
| Real estate index Europe (EPRA) | – 9% | 13% | 5% |
| Growth | |||
| Income from property management SEK/share 3% | 6% | 8% | |
| Net income for the year after tax SEK/share | – 64% | neg. | – 3% |
| Long term net asset value SEK/share | 5% | 5% | 7% |
| Net asset value SEK/share | 2% | 5% | 6% |
| Dividend SEK/share | 3% | 6% | 9% |
| Real estate portfolio SEK/share | 7% | 5% | 7% |
| Change in property value, unweighted | 1% | 0% | 1% |
| Yield | |||
| Return on net asset value | 6.4% | 9.8% | 10.5% |
| Return on total capital | 6.2% | 6.0% | 7.2% |
| Financial risk | |||
| Interest coverage ratio | 278% | 295% | 286% |
| Loan to value ratio | 51% | 51% | 48% |
| Press releases | |
|---|---|
| 04-01-2011 11-01-2011 |
Castellum invests SEKm 177 The election committees proposal regarding the board of directors etc of Castellum AB |
| 25-01-2011 | Year-end Report 2011: Improved rental and real estate market and a dividend of SEK 3.60 per share |
| 04-02-2011 | The Swedish version of Castellums annual report 2010 is now available on www.castellum.se |
| 16-02-2011 | Summons to the Annual General Meeting of shareholders in Castellum AB |
| 15-03-2011 | Castellum invests SEKm 287 and sells for SEKm 74 |
| 24-03-2011 | Annual General Meeting in Castellum AB |
| 06-04-2011 | Castellum has made net investements of SEKm 268 |
| 19-04-2011 | First quarter 2011: Increased investment pace and improved net leasing |
| 01-07-2011 | Castellum invests SEKm 179 |
| 12-07-2011 | First half-year 2011: Continued improvement of income from property management and net leasing |
| 18-10-2011 | Interim report January-September 2011: Stable cash-fl ow - income from property management SEKm 889 |
| 16-11-2011 | Castellum invests half a billion SEK |
| 24-11-2011 | Castellum invests SEKm 327 |
| 22-12-2011 | Castellum invests SEKm 174 |
| 13-01-2012 | The election committee's proposal regarding the board of directors etc of Castellum AB (publ) |
| 24-01-2012 | Year-end Report 2011: Increased dividend to SEK 3.70 per share |
The share's earnings multiple
| Net asset value | SEKm | SEK/ share |
|---|---|---|
| Equity according to the balance sheet | 11,203 | 68 |
| Reversed | ||
| Interest rate derivatives acc to balance sheet | 1,003 | 6 |
| Deferred tax according to balance sheet | 3,714 | 23 |
| Long term net asset value (EPRA NAV) | 15,920 | 97 |
| Deduction | ||
| Interest rate derivatives as above | – 1,003 | – 6 |
| Estimated real liability, deferred tax 5% | – 721 | – 4 |
| Actual net asset value (EPRA NNNAV) | 14,196 | 87 |
Valuation - share price related key figures
Earnings
Post-tax inome from property management relating to income from property management (EPRA EPS) amounted to SEK 7.01 (6.62) per share at the year-end. This results in a share price yield of 8.2% (7.2%). Net income after tax amounted to SEK 4.34 per share (11.98), which from the share price gives a yield of 5.1% (13.1%).
Net asset value
When assets and liabilities are valued at fair value the net asset value can be calculated using shareholders' equity in the balance sheet. However, consideration should be taken to that the effective tax is lower than the reported nominal tax rate, in part due to the possibility to sell properties in a tax effi cient way, and in part due to the time factor for which the tax should be discounted.
The long term net asset value (EPRA NAV) can be calculated to SEK 97 per share (92). The share price at the end of the year was thus 88% (99%) of the long term net asset value.
Dividend Yield
The proposed dividend of SEK 3.70 (3.60) corresponds to a yield of 4.3% (3.9%) based on the share price at the end of the year.
The share's dividend yield
Share price/net asset value
EPRA
EPRA, European Public Real Estate Association, is an association for listed real estate owners and invstors in Europe, which among other things, sets standards for financial reporting. A part of such standards are key ratios EPRA EPS (Earnings Per Share), EPRA NAV (Net Asset Value) and EPRA NNNAV (Triple Net Asset Value).
Ten year summary
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Share price, SEK | ||||||||||
| last paid during the last day for trading | 85.30 | 91.55 | 72.50 | 60.75 | 67.25 | 91.25 | 71.50 | 59.50 | 42.50 | 30.50 |
| highest paid during the year | 97.50 | 91.75 | 73.75 | 80.00 | 107.00 | 95.50 | 85.00 | 60.75 | 45.13 | 34.25 |
| lowest paid during the year | 65.25 | 58.50 | 42.80 | 41.40 | 62.00 | 56.50 | 55.00 | 39.38 | 28.25 | 24.63 |
| average (high/low per day) | 88.69 | 75.70 | 58.57 | 63.42 | 87.55 | 78.54 | 68.29 | 47.32 | 33.86 | 29.78 |
| Dividend, SEK (for 2011 proposed) | 3.70 | 3.60 | 3.50 | 3.15 | 3.00 | 2.85 | 2.62 | 2.38 | 2.13 | 1.88 |
| The share's dividend yield | 4.3% | 3.9% | 4.8% | 5.2% | 4.5% | 3.1% | 3.7% | 4.0% | 5.0% | 6.1% |
| Dividend ratio | 52% | 52% | 51% | 53% | 53% | 53% | 52% | 53% | 52% | 50% |
| Total yield, the Castellum share | – 3.1% | 32.6% | 27.4% | – 5.9% | – 24.2% | 31.7% | 25.0% | 46.7% | 48.5% | 18.8% |
| Real Estate Index Sweden (EPRA) | – 13.0% | 48.5% | 24.0% | – 21.4% | – 18.5% | 35.8% | 40.2% | 48.8% | 32.5% | 3.2% |
| Real Estate Index Europe (EPRA) | – 9.2% | 19.8% | 33.7% | – 48.8% | – 32.2% | 49.4% | 25.8% | 41.7% | 21.4% | 2.3% |
| NASDAQ OMX Stockholm (SIX Return) | – 13.5% | 26.7% | 52.5% | – 39.0% | – 2.6% | 28.1% | 36.3% | 20.8% | 34.2% | –35.9% |
| Number of shares, thousand | ||||||||||
| average | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 |
| outstanding | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 |
| registered | 172,008 | 172,008 | 172,008 | 172,008 | 172,008 | 172,008 | 172,008 | 172,008 | 172,008 | 172,008 |
| Number of shareholders | 9,400 | 10,000 | 8,900 | 7,300 | 7,300 | 7,700 | 7,900 | 8,900 | 8,800 | 8,300 |
| Percentage of shareholders registered abroad | 51% | 46% | 46% | 47% | 49% | 53% | 46% | 37% | 33% | 31% |
| Market capitalization, SEKm | 13,989 | 15,014 | 11,890 | 9,963 | 11,029 | 14,965 | 11,726 | 9,758 | 6,970 | 5,002 |
| Turnover, thousand shares per year | 150,482 | 152,186 | 191,129 | 218,304 | 207,442 | 107,710 | 93,268 | 86,289 | 92,067 | 107,587 |
| Turnover rate per year | 92% | 93% | 117% | 133% | 126% | 66% | 57% | 53% | 56% | 66% |
| Income from property mgmt per share, SEK | 7.15 | 6.96 | 6.89 | 5.93 | 5.63 | 5.38 | 5.00 | 4.52 | 4.07 | 3.77 |
| Share price/pre tax income from property | ||||||||||
| management per share | 11.9 | 13.2 | 10.50 | 10.2 | 11.9 | 17.0 | 14.3 | 13.2 | 10.4 | 8.1 |
| Income from prop management after tax (EPRA EPS), SEK |
7.01 | 6.62 | 6.93 | 5.85 | 5.50 | 5.09 | 4.49 | 4.15 | 3.82 | 3.52 |
| Share price/Income from property | ||||||||||
| management after tax per share | 12.2 | 13.8 | 10.5 | 10.4 | 12.2 | 17.9 | 15.9 | 14.3 | 11.1 | 8.7 |
| Long term net asset value per share (EPRA NAV) SEK |
97 | 92 | 82 | 84 | 88 | 79 | 69 | 61 | 55 | 53 |
| Share price/Long-term net asset value per share | 88% | 99% | 88% | 72% | 76% | 116% | 104% | 98% | 77% | 58% |
| Net asset value per share (EPRA NNNAV), SEK | 87 | 85 | 73 | 75 | 85 | 76 | 65 | 57 | 52 | 50 |
| Share price/Net asset value per share | 98% | 108% | 99% | 81% | 79% | 120% | 110% | 104% | 82% | 61% |
The Castellum share's price trend and turnover since IPO may 23, 1997 until December 31, 2011
Corporate Governance Report
Corporate governance covers the different means of decision making by which the shareholders directly and indirectly control the company. A high level of transparency in the information to shareholders and the capital market helps the decision making process run effi ciently and provide different owners good insight into the operations of the company. Corporate governance has evolved through laws, recommendations, the so called "code", and through self regulation.
Articles of association
The name of the company is Castellum Aktiebolag and the company is a public limited company. The registered offi ce of the Board is in Gothenburg.
The objective of the company's activities is to acquire, administer, develop and sell real estate and securities – directly or indirectly through wholly or partially owned companies – and to carry out other activities compatible with these. Changes in Castellum's articles of association are made in accordance with the regulations in the Companies Act. The articles of association, which also includes information on share capital, number of board members and auditors as well as rules for summons and agenda for the annual general meeting is available as a whole on the company's web site.
Annual General Meeting 2011
According to the Companies Act the annual general meeting is the highest decision making forum in a public limited company. The annual general meeting elects the Board of Directors and the company's auditors as well as makes decisions on changes in the articles of association and on chang es in the share capital.
The latest AGM was held on March 24, 2011 in RunAn, Chalmers Kårhus in Gothenburg. At the AGM approx. 369 shareholders were represented, representing 36.1% of the total number of shares and votes.
The AGM adopted the fi nancial reports for 2010 and discharged the Board of Directors and the Chief Executive Offi cer from liability regard ing the operations for 2010.
Dividend to the shareholders was decided according to the Board's proposal of SEK 3.60 per share.
The AGM decided to change the Articles of Association regarding notice procedures and auditors' term of offi ce in accordance with amended legislation,
The AGM decided that the Board of Directors shall consist of six board members with no deputies and that the Board shall receive a fi xed remuneration of SEK 1,700,000 of which SEK 500,000 to the Chairman of the Board and SEK 240,000 to each of the remaining board members. The renumeration includes work on the committees. To the Board of Directors Jan Kvarnström, Marianne Dicander Alexandersson, Per Berggren, Ulla-Britt Fräjdin-Hellqvist, Christer Jacobson and Johan Skoglund were re-elected. The AGM appointed Jan Kvarnström as Chairman of the Board.
The AGM decided on re-election of auditor Carl Lindgren, new election of auditor Magnus Fredmer and re-election of deputy auditor Conny Lysér and that fee to the auditors shall, during the term of offi ce, should be based on approved account,
The AGM decided to approve the Board's proposed guidelines for remuneration to the executive management.
The AGM also decided to authorize the Board – in order to adjust the company's capital structure and be able to transfer own shares as a payment or fi nancing of real property investments – to resolve on acquisition and transfer of own shares.
Minutes of the annual general meeting held on March 24 2011 are available on the company's web site.
Share capital
The share capital amounts to SEK 86,003,354, distributed among 172,006,708 shares with a par value of SEK 0.50. Each share, except the company's own repurchased shares of 8,006,708, entitles the holder to one vote and carries an equal right to a share in Castellum's capital. Castellum has no directly registered shareholder owning more than 10%.
Board of Directors
According to the articles of association, Castellum's Board shall consist of no less than four and no more than eight members. Board members are elected at the annual general meeting for the time until the end of the fi rst annual general meeting held after the year the board member was elected. During 2011, the Board was made up of six regular members. The Board works according to a set of procedural rules containing instructions on the allocation of work between the Board and the CEO. No board member is entitled to remuneration if leaving the assignment.
New board members receive an introduction of the company and its operations and take the stock exchange's training program according to the agreement with the stock exchange. The Board receives regularly information of regulatory changes and issues concerning the operations and board responsibilities for a listed company.
For Board decisions the rules of the Companies Act applies, stating that at least half of the board members present and more than one third of the total number of board members
must vote in order for a decision to be made. On equal count the Chairman has the deciding vote.
The Board of Directors responsibility
The Board appoints the company's Chief Executive Offi cer and sets remuneration and other terms of employment benefi ts for the CEO. According to the Swedish Companies Act and the Board of Directors' rules of procedure the Board is responsible for outlining overall, longterm strategies and objectives, budgets and business plans, review and establish the accounts, as well as making decisions on issues regarding investments and signifi cant changes in Castellum's organization and operations.
The Board of Directors' rules of procedure
The Board of Directors' rules of procedure is set annually. The rules of procedure describes the work of the Board and the distribution of responsibility between the Board and the Chief Executive Offi cer. The rules of procedure also states topics which should be dealt with at each board meeting and instructions regarding the fi nancial reporting to the Board of Directors.
The rules of procedure also prescribes that the Board shall have an audit committee and a remuneration committee made up of all members of the Board who are not employed by the company. The Chairman of the committees shall be the Chairman of the Board of Directors.
The Chairman of the Board of Directors
The Chairman of the Board of Directors is responsible for making sure that the members of the Board regularly receive information needed from the Chief Executive Offi cer in order to follow up on company's fi nancial position, results, liquidity, fi nancial planning and development. The Chairman of the Board of Directors is also obliged to fulfi l decisions made by the Annual General Meeting regarding establishing an Election Committee and to take part in the work of the committee.
The Board's year - issues besides current state of operations, prospects, investments, sales och fi nancing
The Board of Directors' activities during 2011
During 2011, Castellum's Board has held ten meetings of which one was a board meeting following election. According to the prevailing procedural rules, the Board must hold at least seven scheduled board meetings each calendar year, of which one is a board meeting following election.
Board meetings are held in connection with the publication of the company's reports, the year-end, proposed appropriation of profi ts ans issues relating to the AGM are being dealt with in January, interim accounts in April, July and October, strategy in May and the business plan for the next year at the meeting held in December.
At each of the scheduled board meetings, matters of signifi cance for the company, such as investments and sales of properties as well as funding are covered. Furthermore, the Board is informed about the current state of operations, the rental and real estate markets as well as the credit and stock markets. The regular matters dealt with by the Board during 2011 included the business plan, company-wide policies, overall strategies, the procedural rules for the Board, the capital structure and funding needs, and the company's insurance situation.
The Board has during 2011 made an external evaluation of its work. The evaluation has been handed over to the Election Committee and the Board for discussion. The evaluation covers topics such as working climate, working procedures in the businessprocess, crisis management, followup and control systems, moral, ethics and communication.
No other compensation beside the remuneration has been paid.
Remuneration Committee
The Remuneration Committee has, in relation to the Board, a preparatory function in matters of remuneration principles, remuneration and other employment terms. The Remuneration Committee shall monitor and evaluate the application of the guidelines for compensation, remuneration structures
and levels of remuneration of senior executives that the Annual General Meeting decided on, as well as prepare proposals for new guidelines on remuneration policies and other terms of employment.
Decisions are made by the Remuneration Committee regarding the outcome during the current incentive program. The Committee shall monitor and evaluate ongoing and ended incentive plans and prepare proposals for new incentive program for the AGM. Further, drawing up proposals for the Board's accounting of the remuneration committee's evaluation of variable remuneration, the application of guidelines and compensation structures and levels. The evaluation shall be presented on the company's website. The Remuneration Committee shall annually evaluate the work of the Chief Executive Offi cer and, where appropriate, deal with issues concerning appointing CEO.
The Remuneration Committee shall meet at least twice a year. During 2011, the Committee has held three meetings.
Audit Committee
The Audit Committee has, in relation to the Board of Management, a preparatory function in matters of auditing and fi nancial reporting. The Audit Committee's role is to monitor the company's fi nancial reporting and the effectiveness of the internal controls, internal audit and risk management, keep informed about the audit of fi nancial statements and meeting regularly with the auditors to obtain information on auditing and the company's risks. The Audit committee shall review and monitor the auditor's impartiality and independence, and evaluate the audit work and inform the Nomination Committee of the outcome of the evaluation. The Audit Committee shall also assist the committee in preparing proposals for auditors and compensation to them.
The Audit Committee shall meet at least three times a year, of which the auditors must attend at least twice. At one of those times when the audit committee meets with the auditors, no one from the corporate management shall be present. In 2011, the committee met on three occasions.
Board of Directors, number of meetings and attendance during 2011 in Castellum AB
| Attendance of the total number of meetings | ||||||
|---|---|---|---|---|---|---|
| Audit | Remuneration | Remuneration | ||||
| Name | Elected/resigned | Independent | Board meetings | Committee | Committee | SEK thousand |
| Jan Kvarnström | 1994 | No* | 10/10 | 3/3 | 3/3 | 500 |
| Per Berggren | 2007 | Yes | 10/10 | 3/3 | 3/3 | 240 |
| Marianne Dicander Alexandersson | 2005 | Yes | 9/10 | 3/3 | 3/3 | 240 |
| Ulla-Britt Fräjdin-Hellqvist | 2003 | Yes | 10/10 | 3/3 | 3/3 | 240 |
| Christer Jacobson | 2006 | Yes | 10/10 | 3/3 | 3/3 | 240 |
| Johan Skoglund | 2010 | Yes | 10/10 | 3/3 | 3/3 | 240 |
| * As Jan Kvarnström has been a member of the Board of Directors in Castellum since 1994 he is considered to be dependent. |
Board of Directors
Johan Ljungberg, Per Berggren, Johan Skoglund, Jan Kvarnström, Marianne Dicander Alexandersson, Ulla-Britt Fräjdin-Hellqvist, Christer Jacobson
Jan Kvarnström, Chairman of the Board
Born 1948, Master of Business Administration and Economics and MBA. Business-owner, von Deska GmbH and Kvarnström & Kvarnström.
Has been CEO of Securum AB, Esselte AB and Dresdner Bank AG and various executive positions in the Bonnier-group and PK-banken (now Nordea).
Other assignments: Chairman of the Board of Collector AB and board member in companies in the Genworth Financial Group. Shareholdings: 36,620
Per Berggren, Board member
Born 1959, Master of Science and economic education from Stockholm University. CEO of Hemsö Fastighets AB.
Previously CEO of Jernhusen AB, division manager in Fabege AB, CEO of Drott Kontor AB and property manager in Skanska Fastigheter Stockholm AB. Shareholdings: 2,500
Marianne Dicander Alexandersson, Board member
Born 1959, Master of Science. CEO of Sjätte AP-fonden.
Deputy CEO of Apoteket AB. Previous positions within Kronans Droghandel, Volvo, ICI, Pharmacia and most recently as CEO Apoteket AB.
Other assignments: Director of Chalmers University of Technology and Mölnlycke Healthcare AB. Shareholdings: 3,030
Ulla-Britt Fräjdin-Hellqvist, Board member
Born 1954, Master of Science. Business-owner, Fräjdin & Hellqvist AB.
Previous executive positions within Volvo Personvagnar and Head of Department in Confederation of Swedish Enterprise. Other assignments: Chairman of the Board in Kongberg Automotive ASA, SinterCast AB and Stiftelsen för Strategisk Forskning. Boardmember of Data Respons ASA, Rymdbolaget, Fouriertransform, Stockholm Environment Institute, Tällberg Foundation and e-man. Shareholdings: 800
Christer Jacobson, Board member
Born 1946, Master of Business Administration and Economics DHS. Business-owner, Bergsrådet Kapital AB.
Previously stock commen-tator and market manager at Affärsvärlden and Head of Analysis and CEO of the Alfred Berg group. Other assignements: Director in Viscogel AB and Max Matthiessen Värdepapper AB. Shareholdings: 40,000
Johan Skoglund, Board member
Born 1962, Master of Science KTH and the program of Master of Science Handelshögskolan, Stockholm. CEO JM.
Has experience since 1986 from JM AB in varoius positions. Other assignments: Boardmember of Sveriges Byggindustrier and Mentor Sverige. Shareholdings: 1,000
Johan Ljungberg, Secretary to the Board
Born 1974. Secretary to the Board since 2008. Lawyer, Mannheimer Swartling Advokatbyrå. Shareholdings: 0
The information above refers to the situation at the end of January 2012. Shareholdings include own holdings and those of spouse, minors or children living at home and associated companies and holdings through capital assurance.
Carl Lindgren Born 1958 Company's auditor since 2007
Audit
Castellum's auditors are elected by the AGM for a period of four years. The present period began in 2011 and the next election will therefore take place at the AGM in 2015. The company's auditors are Carl Lindgren, working at KPMG, Magnus Fredmer, working at Ernst & Young and deputy auditor Conny Lysér, working at KPMG. All of them are
Remuneration to auditors
authorized public accountants.
Remuneration to auditors during the year was SEK 4,583,000 (4,379,000) of which SEK 2,881,000 (2,682,000) related to auditing assignments, SEK 103,000 (287,000) audit in addition to the auditing assignment and SEK 1,599,000 (1,410,000) to tax consultation. The corresponding amounts for the parent company were SEK 1,084,000 (1,136,000) and SEK 864,000 (795,000) related to the auditing assignment and SEK 220,000 (341,000) tax consultation. Of the group's total remuneration of SEK 4,583,000 (4,397,000), SEK 4,184,000 (4,103,000) refer to KPMG and the remainder to Ernst & Young.
Election Committee
The Annual General Meeting 2011 decided that an Election Committee should be appointed for the AGM 2012 in order to present proposals for the number of members of the Board of Directors, election of members of the Board of Directors, chairman of the Board of Directors, remuneration to members of the Board of Directors and election of auditors and their remuneration.
The Election Committee is appointed according to the AGM's decision that the Election Committee should be established by the Chairman contacting the three largest shareholders at the end of the third quarter in order for them to each appoint one member to the Election Committee. The appointed members, together with the Chairman of the Board of Directors as convener, should constitute the Election Committee. The Election Committee would appoints chairman amongst its members.
The Election Committee includes: Maj-Charlotte Wallin representing AFA Försäkring, Rutger van der Lubbe representing Stichting Pensioenfonds ABP, Lars-Åke Bokenberger representing AMF Pension, and the Chairman of the Board Jan Kvarnström. Maj-Charlotte Wallin is the chairman of the Election Committee.
The Election Committee has held three meetings with minutes where all the issues the Election Committee are obliged to address according to the Swedish Code for corporate governance has been dealed with.
The Election Committee has decided to propose re-election of the board members Mr. Per Berggren, Mrs. Marianne Dicander Alexandersson, Mrs. Ulla-Britt Fräjdin-Hellqvist, Mr. Christer Jacobson and Mr. Johan Skoglund. Mr. Jan Kvarnström, who has been chairman of the board since 1994, has declined re-election. In addition to this Mrs. Charlotte Strömberg and Mr. Jan Åke Jonsson are proposed to be elected as members of the board of directors. Mrs. Charlotte Strömberg is proposed to be elected as new chairman of the board of directors. The proposed Board of Directors is considered to possess the versatility and competence, experience and background required with respect to Castellum's business, phase in the deve lopment and other circumstances.
In order to be able to judge the proposed board member's independency in relation to Castellum and its executive management as well as to the larger shareholders in Castellum, the Election Committee has gathered information on the proposed members of the Board of Directors.
Remuneration to the Board of Directors is proposed to SEK 510,000 to the Chairman and SEK 245,000 for each of the remaining board
since 2011
Company's auditor
Magnus Fredmer-Born 1964
Conny Lysér Born 1962 Company's deputy auditor since 2003
members, SEK 1,980,000 in total. Finally, the Election Committee has informed Castellum about the work of the Election Committee and which proposals the Election Committee has decided to put forward.
The annual general meeting 2012
For the AGM on March 22, 2012 the Board of Directors proposes:
- a dividend of SEK 3.70 per share and March 27, 2012 as record day,
- guidelines for remuneration to members of the executive management,
- a renewed mandate for the Board to decide on purchase or transfer of the company's own shares.
The election committee proposes for the AGM;
- re-election of the present board members Mr. Per Berggren, Mrs. Marianne Dicander Alexandersson, Mrs. Ulla-Britt Fräjdin-Hellqvist, Mr. Christer Jacobson and Mr. Johan Skoglund, as members of the board of directors. Mr. Jan Kvarnström, who has been chairman of the board since 1994, has declined re-election. In addition to this Mrs. Charlotte Strömberg and Mr. Jan Åke Jonsson are proposed to be elected as members of the board of directors. Mrs. Charlotte Strömberg is proposed to be elected as new chairman of the board of directors,
- that remuneration to the Board of Directors should be SEK 1,980,000 out of which SEK 510,000 should be allocated to the Chairman of the Board and SEK 245,000 to each one of the remaining members of the Board of Directors. Compared with last year, the proposal entails an increase of the total remuneration with SEK 280,000 since the board of directors is increased with one member and the individual board remuneration is increased with approx. 2%. The remuneration include work on the committees,
- for AGM to decide on appointing an election committee for the AGM 2013 and for the Chairman to contact the three largest registered or in an other way known shareholders at the end of the third quarter 2012 and invite them to each appoint one member to the election committee, and that the three appointed members together with the Chairman of the Board of Directors shall constitute the election committee. The election committee will appoint a chairman amongst its members.
Swedish code for corporate governance
Castellum applies the code which purpose is to create good preconditions for practicing the role of an active and responsible ownership. The code is meant to make up one step in the self-regulation of the Swedish business environment. It is based upon the principle comply or explain, meaning that all rules must not always be followed and there is no crime in deviating from one or more particular rules of the code if there are motives and explanations. Swedish code for corporate governance is conducted by the Swedish Corporate Governance Board and is found on www.bolagsstyrning.se.
Castellum deviates from the paragraph, "making the members of the Election Committee public", which according to the code shall be made six month prior to the AGM. The AGM 2011 decided, according to previous practice, that an Election Committee should be established at the end of the third quarter, and that the names of the members of the Election Committee should be published in the company's third interim report for the year. According to this composition of the Election Committee was published approximately fi ve months prior to the AGM.
Internal control
According to the Swedish Companies Act and Swedish code for corporate governance the Board of Directors is responsible for the internal control. This report has been drawn up in accordance with the Swedish Annual Accounts Act and the code for corporate governance and is hence limited to internal control regarding the fi nancial reporting.
The internal control in Castellum follows an established framework, Internal Control – Integrated Framework, "COSO", comprising the following fi ve components: control environment, risk assessment, control activities, information and communication, and monitoring.
Control environment
The basis for the internal control regarding the fi nancial reporting is made up of the control environment, which consists of different parts that together form the culture and values Castellum is managed from. The fundamentals for Castellum's internal control is the decentralized small-scale organization with over 600 properties, as well as cost centres, which are managed by six subsidiaries, each with approx. 30-40 employees. The decision making processes, authorizations and responsibilities which have been drawn up and communicated in documents such as the Board of Directors' rules of procedure, rules for decision making, rules for authorization, accounting and reporting manuals, internal policies and manuals are also important for the internal control. Documents in use are updated regularly to changes in legislation, accounting standards or listing requirements etc.
Risk assessment
In Castellum risk management is built into the processes and different methods are used to evaluate and limit risks and to secure that the risks Castellum is exposed to are managed in accordance with set polices and guidelines. In accordance with the rules of procedure, the Board of Directors, also the audit committee, reviews the internal control once a year. Identifi ed risks are assessed and measures are set to reduce these risks. The important risks Castellum has identifi ed in the fi nancial reporting are errors in the accounting and valuation of properties, interest bearing liabilities, taxes and VAT, as well as the risk of fraud, loss or embezzlement of assets.
Control activities
The risks identifi ed regarding the fi nancial reporting are taken care of by the company's structure for control resulting in a number of control measures. The control measures aim to prevent, discover and correct errors and deviations and comprise analytical reviews on many levels in the organization and comparisons of income statement items, reconciliation of accounts, follow-up and reconciliation of board decisions and policies set by the board, authorization and reporting of business transactions, structure for proxy and authorization, authorized signatory, compliance offi cer function, group-wide defi nitions, templates, tools for reporting as well as accounting and valuation principles.
Castellum's subsidiaries have their own fi nancial functions which take part in the planning and follow-up of their units' fi nancial results. Their regular analysis of their own units' fi nancial reporting are together with the analysis made at group level an important part of the internal control in order to ensure that the fi nancial reporting do not contain any signifi cant errors.
Information and communication
Castellum has ways for information and communication that aim to ensure an effective and correct distribution of information regarding the fi nancial reporting. This demands that all parts of the operation communicate and share relevant and important information. Policies and guidelines regarding the fi nancial reporting as well as updates and changes are made available and aware to the personnel concerned. The executive management as well as the Board of Directors regularly receive fi nancial information about the subsidiaries with comments on fi nancial results and risks. The Board of Directors also receives additional information regarding risk management, internal control and fi nancial reporting from the auditors through the audit committee. In order to ensure that the external distribution of information is correct and complete there are both a policy for communicating with the stock market and an information security policy.
Monitoring
Regular follow-ups take place on many levels in the group, on both property level and subsidiary level as well as group level. The Board of Directors, which also makes up the audit committee, regularly evaluates the information provided by the company management and the auditors. The company's auditors also report in person directly to the audit committee at least twice a year of their observations from the audit and their assessment of the internal control. In addition the audit committee makes an annual review of the risk assessments and the decided measures. The audit committee's and the Board of Directors' monitoring are of particular importance for the development of the internal control and for ensuring that measures are taken for possible shortcomings and suggestions that emerge.
The need for internal audits
Castellum has a small scale organization with approx. 30-40 employees in each company which together manages over 600 cost centres. All property management are run by the subsidiaries while fi nancial management is taken care of by the parent company's treasury department, meaning that Castellum AB is not a profi t centre. This gives the fi nancial function of the parent company the role of a controlling function for the subsidiaries and a compliance offi cer function for the treasury department. In all this provides for the assessment that there is no need for a special unit for internal audits.
Executive Group Management
The executive group management includes the Chief Executive Offi cer, the Deputy Chief Executive Offi cer with responsibility for business development, the Financial and Finance Directors of Castellum AB and the six Managing Directors of the subsidiaries. Each member of the executive group management has their own area of responsibility and at the meetings mostly issues of overall operations are covered. The executive management has had 10 meetings in 2011.
The Chief Executive Offi cer and the Deputy Chief Executive Offi cer together with Managing Director of each subsidiary is the Board in each local subsidiary.
The Chief Executive Offi cer
The Chief Executive Offi cer is responsible for the company's day-to-day operations and for leading the operations according to the guidelines and directives submitted by the Board of Directors and for providing the Board with information and necessary basis for decision making. The Chief Executive Offi cer also reports at the Board meetings and shall make sure that members of the Board regularly receive the information needed in order to follow the company's and the group's fi nancial position, results, liquidity, and development.
Guidelines for remuneration for Senior Executives
The AGM 2011 decided on the following guidelines for remuneration for senior executives:
Castellum shall uphold the remuneration levels and terms of employment required in order to recruit and maintain a good management with competence and capacity to achieve set objectives. A fi xed salary will be paid for work performed in a satisfactory manner. In addition, fl exible remunerations under an incentive plan may also be offered. Such fl exible remuneration shall aim to promote long-term value creation within The Group. Flexible remuneration, which generally can not exceed the fi xed salary is determined by how far in advance its objectives for growth in property management earnings per share and share price development are achieved, and how soft factors such as customer and employee satisfaction are developed. Flexible remuneration is paid as non pensionable salary. Executives who receive fl exibel remuneration is committed to acquire Castellum-shares for at least half the amount of fl exible remuneration after tax.
The pension terms of the executive management shall be set according to general market practice and shall be based on pension plans with fi xed payments.
Such period of notice shall, upon termination by the Company not exceeding 24 months for the Cheif Executive Offi cer and 12 months for other executives, with the obligation to work the fi rst six months. During the notice period full salary and other benefi ts is paid, less pay and compensation received from other employment.
Castellum has followed the guidelines decided by the AGM 2011.
The proposed guidelines for remuneration for senior executives which will be put forward at the AGM on March 22, 2012 are on principle unchanged compared to those put forward at the AGM in 2011.
For further information regarding remuneration for the management
Executive Group Management
Claes Junefelt, Gunnar Östenson, Anette Asklin, Christer Sundberg, Tage Christoffersson, Ulrika Danielsson, Håkan Hellström, Henrik Saxborn, Anders Nilsson, Claes Larsson
Håkan Hellström
Chief Executive Offi cer, Castellum AB
Born 1956, Master of Business Administration and Economics. Employed since 1994 as Financial and Finance Director. CEO since 2006. Has previously worked as Authorized Public Accountant. Other assignments: Member of the Board of West Sweden Chamber of Commerce and Industry.
Shareholdings: 126,300
Henrik Saxborn
Deputy Chief Executive Offi cer, Castellum AB, with responsibility for business development
Born 1964, Master of Science. Previous experience from management and acquisitions of properties. Employed since 2006. Shareholdings: 23,800
Anette Asklin
Financial Director, Castellum AB
Born 1961, Master of Business Administration and Economics. More than 20 years experience from bank and fi nance. Employed since 2000 and Financial Director since 2006.
Shareholdings: 31,010
Tage Christoffersson
Managing Director, Eklandia Fastighets AB
Born 1952, upper secondary schooling and real estate/economy at KTH. Has been working in the real estate business since 1976. Employed since 1994 and Managing Director of Eklandia since 1995. Shareholdings: 54,000
Ulrika Danielsson
Finance Director, Castellum AB
Born 1972, Master of Business Administration and Economics. Experience within the fi nancial and controlling function. Employed since 1998 and Finance Director since 2006. Shareholdings: 8,100
Claes Junefelt
Managing Director, Fastighets AB Corallen
Born 1960, Master of Science. More than 15 years experience from building construction as team manager/district manager. Employed and Managing Director of Corallen since 2005. Shareholdings: 12,210
Claes Larsson
Managing Director, Aspholmen Fastigheter AB
Born 1957, Master of Science. More than 10 years experience from building construction as team manager/district manager. Employed and Managing Director of Aspholmen since 2002. Shareholdings: 24,200
Anders Nilsson
Managing Director, Fastighets AB Brostaden
Born 1967, Master of Science. More than 15 years experience from the real estate business. Employed since 1993 and Managing Director of Brostaden since 2006.
Shareholdings: 10,534
Christer Sundberg
Managing Director, Harry Sjögren AB
Born 1955, Master of Science. More than 25 years experience from banks and real estate companies. Employed and Managing Director of Harry Sjögren AB since 1993.
Shareholdings: 49,225
Gunnar Östenson
Managing Director, Fastighets AB Briggen
Born 1956, Master of Business Administration and Economics. Previous experience from real estate management and the construction industry. Employed and Managing Director of Briggen since 2006.
Shareholdings: 10,750
The information above refers to the situation in the end of January 2012. Shareholdings include own holdings and those of spouse, minors or children living at home and associated companies and holding trough capital assurance.
Multi Year Summary
| Jan-March 2011 |
Apr-June 2011 |
July-Sept 2011 |
Oct-Dec 2011 |
2011 | Jan-March 2010 |
Apr-June 2010 |
July-Sept 2010 |
Oct-Dec 2010 |
2010 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement, SEKm | ||||||||||
| Rental income | 717 | 730 | 734 | 738 | 2,919 | 674 | 693 | 691 | 701 | 2,759 |
| Property costs | – 288 | – 238 | – 212 | – 265 | – 1,003 | – 280 | – 227 | – 206 | – 247 | – 960 |
| Net operating income | 429 | 492 | 522 | 473 | 1,916 | 394 | 466 | 485 | 454 | 1,799 |
| Central administrative expenses | – 20 | – 25 | – 18 | – 20 | – 83 | – 17 | – 22 | – 19 | – 26 | – 84 |
| Net interest rates | – 159 | – 162 | – 170 | – 169 | – 660 | – 143 | – 141 | – 142 | – 148 | – 574 |
| Income from property management | 250 | 305 | 334 | 284 | 1,173 | 234 | 303 | 324 | 280 | 1,141 |
| Changes in value. properties | 97 | 291 | 48 | – 242 | 194 | 46 | 320 | 197 | 659 | 1,222 |
| Changes in value. derivatives | 171 | – 104 | – 432 | – 64 | – 429 | – 53 | – 36 | 58 | 322 | 291 |
| Current tax | – 1 | – 1 | – 4 | – 4 | – 10 | – 2 | – 3 | 0 | 0 | – 5 |
| Deferred tax | – 123 | – 128 | 16 | 18 | – 217 | – 52 | – 154 | – 144 | – 335 | – 685 |
| Net income for the period/year | 394 | 363 | – 38 | – 8 | 711 | 173 | 430 | 435 | 926 | 1,964 |
| Other total net income | 0 | 0 | 0 | 0 | 0 | – | – | – | – | – |
| Total net income for the period/year | 394 | 363 | – 38 | – 8 | 711 | 173 | 430 | 435 | 926 | 1 964 |
| Balance Sheet. SEKm | ||||||||||
| Investment properties | 32,284 | 32,896 | 33,273 | 33,867 | 33,867 | 29,511 | 30,032 | 30,286 | 31,768 | 31,768 |
| Other fi xed assets | 192 | 181 | 192 | 207 | 207 | 134 | 164 | 164 | 156 | 156 |
| Cash and bank | 113 | 104 | 146 | 97 | 97 | 12 | 12 | 35 | 12 | 12 |
| Total assets | 32,589 | 33,181 | 33,611 | 34,171 | 34,171 | 29,657 | 30,208 | 30,485 | 31,936 | 31,936 |
| Shareholders' equity | 10,886 | 11,249 | 11,211 | 11,203 | 11,203 | 9,291 | 9,721 | 10,156 | 11,082 | 11,082 |
| Deferred tax liability | 3,620 | 3,747 | 3,731 | 3,714 | 3,714 | 2,875 | 3,029 | 3,166 | 3,502 | 3,502 |
| Derivatives | 403 | 508 | 941 | 1,003 | 1,003 | 918 | 954 | 896 | 574 | 574 |
| Long term interest-bearing liabilities | 16,370 | 16,677 | 16,739 | 17,160 | 17,160 | 15,073 | 15,675 | 15,412 | 15,781 | 15,781 |
| Non-interest-bearing liabilities | 1,310 | 1,000 | 989 | 1,091 | 1,091 | 1,500 | 829 | 855 | 977 | 997 |
| Total shareholders' equity and liabilities | 32,589 | 33,181 | 33,611 | 34,171 | 34,171 | 29,657 | 30,208 | 30,485 | 31,936 | 31,936 |
| Financial key ratios | ||||||||||
| Net operating income margin | 60% | 67% | 71% | 64% | 66% | 58% | 67% | 70% | 65% | 65% |
| Interest rate, avarage | 4.0% | 4.0% | 4.2% | 4.1% | 4.1% | 3.8% | 3.6% | 3.7% | 3.9% | 3.7% |
| Interest coverage ratio | 257% | 288% | 296% | 268% | 278% | 264% | 315% | 328% | 289% | 299% |
| Return on actual net asset value | 14.3% | 13.5% | – 1.4% | – 0.8% | 6.4% | 7.3% | 19.1% | 17.9% | 37.5% | 21.5% |
| Return on total capital | 6.3% | 9.3% | 6.6% | 2.5% | 6.2% | 5.7% | 10.3% | 8.8% | 14.1% | 9.8% |
| Investments in properties, SEKm | 522 | 319 | 328 | 846 | 2 015 | 255 | 201 | 227 | 823 | 1 506 |
| Sales, SEKm | 103 | – | – | 4 | 107 | 57 | – | 170 | – | 227 |
| Loan to value ratio | 51% | 51% | 50% | 51% | 51% | 51% | 52% | 51% | 50% | 50% |
| Data per share (since there are no potential common stock, there is no effect of dilution) | ||||||||||
| Average number of shares, thousand | 164,000 1.52 |
164,000 1.86 |
164,000 2.04 |
164,000 1.73 |
164,000 | 164,000 1.43 |
164,000 1.85 |
164,000 1.98 |
164,000 1.71 |
164,000 |
| Income from property management, SEK Income prop mgmt after tax (EPRA EPS), SEK |
1.47 | 1.76 | 1.88 | 1.90 | 7.15 7.01 |
1.40 | 1.66 | 1.81 | 1.75 | 6.96 6.62 |
| Earnings after tax, SEK | 2.40 | 2.21 | – 0.23 | – 0.05 | 4.34 | 1.05 | 2.62 | 2.65 | 5.65 | 11.98 |
| Outstanding number of shares, thousand | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 |
| Property value, SEK | 197 | 201 | 203 | 207 | 207 | 180 | 183 | 185 | 194 | 194 |
| Long term net asset value (EPRA NAV), SEK | 91 | 95 | 97 | 97 | 97 | 80 | 84 | 87 | 92 | 92 |
| Actual net asset value (EPRA NNNAV), SEK | 84 | 87 | 87 | 87 | 87 | 71 | 74 | 78 | 85 | 85 |
| Dividend, SEK (2011 proposed) | 3.70 | 3.60 | ||||||||
| Dividend ratio* | 52% | 52% | ||||||||
| Property related key ratios | ||||||||||
| Rental value, SEK/sq,m, | 991 | 997 | 997 | 1,075 | 995 | 967 | 978 | 972 | 1,049 | 974 |
| Economic occupancy rate | 88.7% | 89.3% | 90.0% | 89.2% | 89.3% | 88.4% | 88.9% | 89.4% | 89.2% | 89.0% |
| Property costs, SEK/sq,m, | 352 | 287 | 256 | 328 | 300 | 352 | 282 | 256 | 324 | 298 |
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|---|---|
| Income Statement, SEKm | ||||||||
| Rental income | 2,694 | 2,501 | 2,259 | 2,014 | 1,907 | 1,856 | 1,758 | 1,684 |
| Property costs | – 942 | – 831 | – 771 | – 700 | – 637 | – 628 | – 595 | – 560 |
| Net operating income | 1,752 | 1,670 | 1,488 | 1,314 | 1,270 | 1,228 | 1,163 | 1,124 |
| Central administrative expenses | – 81 | – 71 | – 69 | – 67 | – 68 | – 69 | – 67 | –63 |
| Net interest rates | – 541 | – 626 | – 495 | – 364 | – 382 | – 418 | – 428 | – 442 |
| Income from property management | 1,130 | 973 | 924 | 883 | 820 | 741 | 668 | 619 |
| Changes in value, properties | – 1,027 | – 1,262 | 920 | 1,145 | 932 | 660 | – 43 | 251 |
| Changes in value, derivatives | 102 | – 1,010 | 99 | 178 | – 40 | – 146 | – 13 | – 168 |
| Current tax | – 10 | –14 | – 22 | – 10 | –1 | – 5 | – 1 | – 2 |
| Deferred tax | – 35 | 650 | – 434 | – 522 | – 417 | – 334 | – 171 | – 44 |
| Net income for the year | 160 | – 663 | 1,487 | 1,674 | 1,294 | 916 | 440 | 656 |
| Other total net income | – | – | – | – | – | – | – | – |
| Total net income for the period/year | 160 | – 663 | 1,487 | 1,674 | 1,294 | 916 | 440 | 656 |
| Balance Sheet, SEKm | ||||||||
| Investment properties | 29,267 | 29,165 | 27,717 | 24,238 | 21,270 | 19,449 | 18,015 | 17,348 |
| Other fi xed assets | 201 | 230 | 123 | 200 | 103 | 94 | 167 | 172 |
| Cash and bank | 8 | 9 | 7 | 8 | 5 | 7 | 33 | 20 |
| Total assets | 29,476 | 29,404 | 27,847 | 24,446 | 21,378 | 19,550 | 18,215 | 17,540 |
| Shareholders' equity | 9,692 | 10,049 | 11,204 | 10,184 | 8,940 | 8,035 | 7,467 | 7,334 |
| Deferred tax liability | 2,824 | 2,785 | 3,322 | 2,723 | 2,126 | 1,659 | 1,294 | 1,124 |
| Derivatives | 865 | 966 | – 44 | 55 | 233 | 391 | 245 | 232 |
| Long term interest-bearing liabilities | 15,294 | 14,607 | 12,582 | 10,837 | 9,396 | 8,834 | 8,598 | 8,264 |
| Non-interest-bearing liabilities | 801 | 997 | 783 | 647 | 683 | 631 | 611 | 586 |
| Total shareholders' equity and liabilities | 29,476 | 29,404 | 27,847 | 24,446 | 21,378 | 19,550 | 18,215 | 17,540 |
| Financial key ratios | ||||||||
| Net operating income margin | 65% | 67% | 66% | 65% | 67% | 66% | 66% | 67% |
| Interest rate, average | 3.7% | 4.7% | 4.2% | 3.7% | 4.3% | 4.9% | 5.4% | 5.7% |
| Interest coverage ratio | 309% | 255% | 287% | 343% | 315% | 277% | 256% | 240% |
| Return on actual net asset value | 1.6% | – 8.3% | 16.2% | 20.7% | 18.2% | 14.6% | 7.2% | 9.0% |
| Return on total capital | 2.1% | 1.2% | 9.1% | 10.4% | 10.4% | 9.6% | 5.9% | 7.6% |
| Net investments in properties, SEKm | 1,165 | 2,738 | 2,598 | 2,283 | 1,357 | 1,268 | 1,108 | 1,050 |
| Sales, SEKm | 36 | 28 | 39 | 460 | 468 | 494 | 397 | 503 |
| Loan to value ratio | 52% | 50% | 45% | 45% | 45% | 45% | 48% | 48% |
| Data per share (since there are no potential common stock, there is no effect of dilution) | ||||||||
| Average number of shares, thousand | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 |
| Income from property management, SEK | 6.89 | 5.93 | 5.63 | 5.38 | 5.00 | 4.52 | 4.07 | 3.77 |
| Income prop mgmt after tax (EPRA EPS), SEK | 6.93 | 5.85 | 5.50 | 5.09 | 4.49 | 4.15 | 3.82 | 3.52 |
| Earnings after tax, SEK | 0.98 | – 4.04 | 9.07 | 10.21 | 7.89 | 5.59 | 2.68 | 4.00 |
| Number of outstanding shares, thousand | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 |
| Property value, SEK | 178 | 178 | 169 | 148 | 130 | 119 | 110 | 106 |
| Long term net asset value (EPRA NAV), SEK | 82 | 84 | 88 | 79 | 69 | 61 | 55 | 53 |
| Actual net asset value (EPRA NNNAV), SEK | 73 | 75 | 85 | 76 | 65 | 57 | 52 | 50 |
| Dividend, SEK (2011 proposed) | 3.50 | 3.15 | 3.00 | 2.85 | 2.62 | 2.38 | 2.13 | 1.88 |
| Dividend ratio* | 51% | 53% | 53% | 53% | 52% | 53% | 52% | 50% |
| Property related key ratios | ||||||||
| Rental value, SEK/sq,m, | 969 | 921 | 896 | 864 | 851 | 859 | 829 | 799 |
| Economic occupancy rate | 89.8% | 89.7% | 87.9% | 87.1% | 88.1% | 89.6% | 90.7% | 91.5% |
| Property costs, SEK/sq,m, | 300 | 268 | 262 | 259 | 247 | 255 | 246 | 237 |
| Property value, SEK/sq,m, | 9,036 | 8,984 | 9,098 | 8,466 | 7,930 | 7,706 | 7,296 | 7,132 |
| FINANCIAL REPORTS FINA NCIA L RE PORT S |
|
|---|---|
| Financial Reports 2011 | |
| Consolidated Statement of Comprehensive Income | 78 |
| Comments to the Consolidated Statement of | |
| Comprehensive Income | 79 |
| Consolidated Balance Sheet | 80 |
| Comments to the Consolidated Balance Sheet | 81 |
| Income statement and Comprehensive Income for the Parent Company |
82 |
| Balance Sheet for the Parent Company | 83 |
| Change in Equity | 84 |
| Cash Flow Statement | 85 |
| Accounting Principles and Notes | 86 |
| 1. Accounting Principles | 86 |
| 2. Segment Reporting | 91 |
| 3. Rental Income 4. Property Costs |
91 93 |
| 5. Central Administrative Expenses | 94 |
| 6. Interest rate and Financial Income | 94 |
| 7. Interest rate and Financial Costs | 95 |
| 8. Change In Value | 95 |
| 9. Tax Costs | 95 |
| 10. Personnel and Board of Directors 11. Investment Properties |
96 98 |
| 12. Equipment | 101 |
| 13. Shareholders´ Equity and Net Asset Value | 101 |
| 14. Liabilities | 102 |
| 15. Deferred Tax Liability / Asset | 102 |
| 16. Derivatives | 103 |
| 17. Long-term Interest-bearing Liabilities 18. Accrued Expenses and Prepaid Income |
103 106 |
| 19. Pledged Assets | 106 |
| 20. Contigent Liabilities | 106 |
| 21. Participations in Group Companies | 106 |
| 22. Long-term Receivables, Group Companies | 106 |
| 23. Financial Instruments - Future cash fl ow etc. | 107 |
| 24. Subsequent Events | 107 |
| CAST ELLU M AN NUAL REP ORT |
Consolidated Statement of Comprehensive Income
| SEKm | 2011 | 2010 | |
|---|---|---|---|
| Rental income | Note 3 | 2,919 | 2,759 |
| Operating expenses | Note 4 | – 553 | – 547 |
| Maintenance | Note 4 | – 115 | – 105 |
| Ground rent | Note 4 | – 24 | – 19 |
| Real estate tax | Note 4 | – 148 | – 140 |
| Leasing and property administration | Note 4 | – 163 | – 149 |
| Net operating income | 1,916 | 1,799 | |
| Central administrative expenses | Note 5 | – 83 | – 84 |
| Net interest rates | |||
| Interest rate income | Note 6 | 2 | 1 |
| Interest rate cost | Note 7 | – 662 | – 575 |
| Income from property management | 1,173 | 1,141 | |
| Changes in value | Note 8 | ||
| Properties | 194 | 1,222 | |
| Derivatives | – 429 | 291 | |
| Income before tax | 938 | 2,654 | |
| Current tax | Note 9 | – 10 | – 5 |
| Deferred tax | Note 9 | – 217 | – 685 |
| Net income for the year | 711 | 1,964 | |
| Other total net income | |||
| Translation difference foreign operations | 0 | – | |
| Unrealized change, currency risk hedge foreign operations | 0 | – | |
| Total net income for the year | 711 | 1,964 |
Since there are no minority interests the entire net income is attributable to the shareholders of the parent company..
| Data per share (since there are no potential common stock, there is no effect of dilution) | ||||
|---|---|---|---|---|
| -- | -- | -------------------------------------------------------------------------------------------- | -- | -- |
| Average number of shares, thousand | 164,000 | 164,000 |
|---|---|---|
| Net income for the year after tax, SEK | 4.34 | 11.98 |
Comments to the Consolidated Statement of Comprehensive Income
Rental income
Group rental income amounted to SEKm 2,919 (2,759). For offi ce and retail properties, the average contracted rental level, including charged heating, cooling and property tax, amounted to SEK 1,217 per sq.m., whereas for warehouse and industrial properties, it amounted to SEK 724 per sq.m. Rental levels, which are considered to be in line with the market, have increased by 1.6% in comparable portfolio compared with previous year.
The average economic occupancy rate was 89.3%. The total rental value for vacant premises during the year amounted to approx. SEKm 371 (374).
Gross leasing (i.e. the annual value of total leasing) during the period was SEKm 310 (257), of which SEKm 45 (46) was leasing of new constructions, extensions and reconstructions. Notices of termination amounted to SEKm 249 (221), of which bankruptcies were SEKm 18 (12), hence net leasing was SEKm 61 (36). The time difference between reported net leasing and the effect in income thereof is estimated to between 9-18 months.
Demand for properties remains strong, although some level of weakening has been noted, and the rental process takes longer. This pattern is similar for all Castellum submarkets and property types.
Rental levels are expected to remain stable. The 2011 infl ation rate has resulted in a 2012 index adjustment of just over 2%.
Property costs
Property costs amounted to SEKm 1,003 (960) corresponding to SEK 300 per sq.m. (298). Consumptions for heating during the year has been calculated to 87% (116%) of a normal year according to the degree day statistics.
Central administrative expenses
Central administrative expenses totalled SEKm 83 (84). This includes costs for a profi t-and-share-price related incentive plan for 10 persons in executive management of SEKm 14 (16).
Net interest rate
Net interest items were SEKm –660 (–574). The average interest rate level was 4.1% (3.7%).
Income from property management
Income from property management during the year, i.e. net income excluding changes in value and tax, amounted to SEKm 1,173 (1,141), equivalent to SEK 7.15 (6.96) per share - an increase with 3%.
Changes in value
The change in value in Castellum's portfolio during the year amounted to SEKm 194 (1,222), corresponding to approx. 0.6%. The change in value mainly relates to acquisitions and project gains. No general change in the the required yield in the internal valuations has been made during the year. On the property level, however, adjustments has been made on both individual required yield and future cash fl ow. The change in value also covers SEKm 30 due to sales of 4 properties where the sale price of SEKm 107 exceeded the valuations by 39%.
Castellum utilizes interest rate derivatives to achieve the desired interest rate maturity structure. If the agreed interest rate deviates from the market interest rate, irregardless credit margins, there is a theoretical surplus or sub value in the interest rate derivatives where the non-cash-fl ow affecting changes in value are reported in the income statement.
Castellum also has a few derivatives in order to hedge currency fl uctuation in the investment in Denmark where the value is accounted for in other total income. The value in the derivatives portfolio has changed mainly due to changes in long-term market interest rates by SEKm –429 (291) and the value was SEKm –1,003 (–574) at the end of the year.
Tax
The nominal corporate tax rate in Sweden is 26.3%. Due to the possibility to deduct depreciation and reconstructions for tax purposes, and to utilize tax loss carryforwards, there are in principle no paid tax costs. Paid tax occurs because a few subsidiaries are not allowed to make fi scal group contributions.
Castellum has no ongoing formal tax disputes.
| Tax Calculation 2011, SEKm | Basis | Basis |
|---|---|---|
| current tax | deferred tax |
|
| Income from property management | 1,173 | |
| Deductions for tax purposes | ||
| depreciations | – 636 | 636 |
| reconstructions | – 365 | 365 |
| Other tax allowances | – 80 | 41 |
| Taxable income from property manage ment |
92 | 1,042 |
| Properties sold | 8 | – 15 |
| Changes in value on properties | – | 164 |
| Changes in value on interest rate derivatives | – 429 | – |
| Taxable income before tax loss carry forwards |
– 329 | 1,191 |
| Tax loss carry forwards, opening balance | – 1,406 | 1,406 |
| Tax loss carry forwards, closing balance | 1,772 | – 1,772 |
| Taxable income | 37 | 825 |
| Of which 26.3% current/deferred tax | – 10 | – 217 |
Consolidated Balance Sheet
| SEKm | Dec 31 2011 | Dec 31 2010 | |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Investment properties | Note 11 | 33,867 | 31,768 |
| Tangible fi xed assets | Note 12 | 15 | 12 |
| Long-term receivable | 0 | 3 | |
| Total fi xed assets | 33,882 | 31,783 | |
| Current assets | |||
| Rent receivables | Note 3 | 20 | 10 |
| Other receivables | 108 | 78 | |
| Prepaid expenses and accrued income | 64 | 53 | |
| Cash and bank | 97 | 12 | |
| Total current assets | 289 | 153 | |
| TOTAL ASSETS | 34,171 | 31,936 | |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Shareholders' equity attributable to the shareholders of | Note 13 | ||
| the parent company | |||
| Share capital | 86 | 86 | |
| Other capital contribution | 4,096 | 4,096 | |
| Retained earnings | 7,021 | 6,900 | |
| Total shareholders' equity | 11,203 | 11,082 | |
| Liabilities | Note 14 | ||
| Long-term liabilities | |||
| Deferred tax liability | Note 15 | 3,714 | 3,502 |
| Derivatives | Note 16 | 1,003 | 574 |
| Long-term interest-bearing liabilities | Note 17 | 17,160 | 15,781 |
| Total long-term liabilities | 21,877 | 19,857 | |
| Short-term liabilities | |||
| Accounts payable | 163 | 133 | |
| Tax liabilities | 22 | 21 | |
| Other liabilities | 179 | 228 | |
| Accrued expenses and prepaid income | Note 18 | 727 | 615 |
| Total short-term liabilities | 1,091 | 997 | |
| Total liabilities | 22,968 | 20,854 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 34,171 | 31,936 | |
| Pledged assets | Note 19 | 18,986 | 17,421 |
| Contingent liabilities | Note 20 | – | – |
Comments to the Consolidated Balance Sheet
Assets
Fixed assets
During the year the real estate portfolio has changed according to the table below.
| Changes in the real estate portfolio | Value, SEKm | Number |
|---|---|---|
| Real estate portfolio on 1 January, 2011 | 31,768 | 598 |
| + Acquisitions | 857 | 23 |
| + New constructions, extensions and reconstructions |
1,158 | – |
| – Sales | – 77 | – 4 |
| +/– Unrealized changes in value | 164 | – |
| +/– Currency translation | – 3 | – |
| Real estate portfolio on 31 December, 2011 | 33,867 | 617 |
During the year investments totalling SEKm 2,015 (1,506) were made, of which SEKm 1,158 (881) were new constructions, extensions and reconstructions and SEKm 857 (625) were acquisitions. Of the total investments SEKm 728 related to Greater Gothenburg, SEKm 541 to the Öresund Region, SEKm 352 related to Mälardalen, SEKm 226 to Greater Stockholm and SEKm 168 to Eastern Götaland.
After sales of SEKm 107 (227) net investments amounted to SEKm 1,908 (1,279).
Castellum assesses the value of properties through internal valuations. These are based on a 10-year cash-fl ow-based model, in which an individual valuation for each property refl ects both its future earnings capacity and the required market yield. In the valuation of a property's future earnings capacity, consideration has been taken of potential changes in rental levels, occupancy rates and property costs - as well as an asumed infl ation level of 1.5%.
Projects in progress have been valued using the same principle, but with deductions for remaining investments. Sites with building rights have been valued on the basis of an estimated market value per square metre, on average approx. SEK 980 per sq.m. (970).
Based on these internal valuations, the value of the properties at year-end were assessed to SEKm 33,867 (31,768), corresponding to SEK 9,835 per sq.m. (9,500).
External valuation
In order to provide further assurance and validation of thevaluation, 133 properties - representing 51% of the value of the portfolio - have been valued externally by NAI Svefa. NAI. Svefa's valuation of the selected properties amounted to SEKm 17,058, within an uncertainty range of +/- 5-10% on property level, depending on each property's category and location. Castellum's valuation of the same properties totalled SEKm 17,240, i. e., a net change of SEKm 182, corresponding to 1%. Gross deviation was SEKm +347 and SEKm –529 respectively, with an average deviation of 5%.
Shareholders' equity and liabilities
Net asset value
As of 31 December 2011, shareholder's equity was SEKm 11,203. In addition, there were liabilities in the balance sheet that, in principle, were both interest free and amortization free. Hence, these liabilities can largely be regarded as shareholder equity. The net asset value can therefore be calculated in different ways, as shown in the table below.
| Net asset value 31-12-2011 | SEKm | SEK/ share |
|---|---|---|
| Equity according to the balance sheet Reversed |
11,203 | 68 |
| Derivatives acc to balance sheet | 1,003 | 6 |
| Deferred tax acc to balance sheet | 3,714 | 23 |
| Long term net asset value (EPRA NAV) | 15,920 | 97 |
| Deduction | ||
| Derivatives as above | – 1,003 | – 6 |
| Estimated real liability, deferred tax 5% | – 721 | – 4 |
| Actual net asset value (EPRA NNNAV) | 14,196 | 87 |
Deferred tax
Remaining tax loss carryforwards can be calculated to SEKm 1,772 (1,406). Fair values for the properties exceed their fi scal value by SEKm 16,197 (14,829) of which SEKm 304 relates to properties acquired and accounted for as asset acquisitions. As deferred tax liability, a full nominal 26.3% tax of the net difference is reported, reduced by the deferred tax relating to asset acquisitions, i.e. SEKm 3,714 (3,502).
Long term interest-bearing liabilities
As of 31 December, 2011 Castellum had long term binding credit agreements totalling SEKm 19,374 (18,062), short term binding credit agreements totalling SEKm 420 (520) and a commerial paper program of SEKm 4,000 (4,000). After deduction of liquid assets of SEKm 97 (12), net interest bearing liabilities were SEKm 17,063 (15,769), of which SEKm 2,235 (1,377) refers to outstanding commercial papers.
Most of Castellum's loans are short-term revolving loans, utilized in long-term binding credit agreements. Long-term loan commitments in banks are secured by pledged mortgages and/or fi nancial covenants. Outstanding commercial papers are unsecured. The fi nancial covenants state a loan-to-value ratio not exceeding 65% and an interest coverage ratio of at least 150%, which Castellum fulfi ls with comfortable margins, 51% and 278% respectively.
The average duration of Castellum's long-term credit agreements was 5.1 years (5.0). Margins and fees on long-term credit agreements had an average duration of 3.5 years (2.6).
As of 31 December, 2011, the market value of the interest rate and the currency derivative portfolio amounted to SEKm –1,003 (–574).
Income Statement for the Parent Company
| SEKm | 2011 | 2010 | |
|---|---|---|---|
| Income | Note 3 | 19 | 15 |
| Central administrative expenses | Note 5 | – 61 | – 59 |
| Financial items | |||
| Financial income | Note 6 | 1,494 | 1,486 |
| Financial costs | Note 7 | – 712 | – 636 |
| Income before changes in value and tax | 740 | 806 | |
| Changes in value | Note 8 | ||
| Derivatives | – 429 | 291 | |
| Income before tax | 311 | 1,097 | |
| Current tax | Note 9 | – | – |
| Deferred tax | Note 9 | 78 | – 116 |
| Net income for the year | 389 | 981 |
Comprehensive Income for the Parent Company
| SEKm | 2011 | 2010 |
|---|---|---|
| Net income for the year according to the Income Statement | 389 | 981 |
| Other total net income | ||
| Translation difference foreign operations | 0 | – |
| Unrealized change, currency risk hedge foreign operations | 0 | – |
| Total net income for the year | 389 | 981 |
Balance Sheet for the Parent Company
| SEKm | Dec 31 2011 | Dec 31 2010 new principle, see note 1 |
Dec 31 2010 | |
|---|---|---|---|---|
| ASSETS | ||||
| Fixed assets | ||||
| Tangible fi xed assets | Note 12 | 1 | 0 | 0 |
| Financial fi xed assets | ||||
| Participations in group companies | Note 21 | 5,338 | 5,217 | 4,087 |
| Deferred tax assets | Note 15 | 271 | 169 | 169 |
| Long-term receivables, group companies | Note 22 | 17,432 | 16,195 | 16,195 |
| Total fi nancial fi xed assets | 23,041 | 21,581 | 20,451 | |
| Total fi xed assets | 23,042 | 21,581 | 20,451 | |
| Current assets | ||||
| Short-term receivables, group companies | 772 | 838 | 838 | |
| Prepaid expenses and accrued income | 8 | 10 | 10 | |
| Cash and bank | 0 | 0 | 0 | |
| Total current assets | 780 | 848 | 848 | |
| TOTAL ASSETS | 23,822 | 22,429 | 21,299 | |
| SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity |
Note 13 | |||
| Restricted equity | ||||
| Share capital | 86 | 86 | 86 | |
| Restricted reserves | 20 | 20 | 20 | |
| Non-restricted equity | ||||
| Retained earnings | 4,362 | 3,971 | 2,974 | |
| Net income for the year | 389 | 981 | 848 | |
| Total shareholders' equity | 4,857 | 5,058 | 3,928 | |
| Liabilities | Note 14 | |||
| Derivatives | Note 16 | 1,003 | 574 | 574 |
| Long-term interest-bearing liabilities | Note 17 | 15,391 | 14,719 | 14,719 |
| Long-term interest-bearing liabilities, group companies | 1,809 | 1,691 | 1,691 | |
| Short-term interest-bearing liabilities | 518 | – | – | |
| Short-term interest bearing liabilities, group companies | 90 | 230 | 230 | |
| Accounts payable | 2 | 3 | 3 | |
| Other liabilities | 2 | 2 | 2 | |
| Accrued expenses and prepaid income | Note 18 | 150 | 152 | 152 |
| Total liabilities | 18,965 | 17,371 | 17,371 | |
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 23,822 | 22,429 | 21,299 | |
| Pledged assets | Note 19 | 16,103 | 14,721 | 14,721 |
| Contingent liabilities | Note 20 | 1,174 | 1,062 | 1,062 |
Change in Equity
| Attributable to the shareholders of the parent company | |||||||
|---|---|---|---|---|---|---|---|
| Number of out | Other Translation |
Hedging | |||||
| standing shares, | Share | capital | of currency | of currency | Retained | Total | |
| Group, SEKm (note 13) | thousand | capital | contribution | reserve | reserve | earnings | equity |
| Shareholders' equity 31-12-2009 | 164,000 | 86 | 4,096 | – | – | 5,510 | 9,692 |
| Dividend, March 2010 (3.50 per share) | – | – | – | – | – | – 574 | – 574 |
| Net income for the year | – | – | – | – | – | 1,964 | 1,964 |
| Other total net income | – | – | – | – | – | – | – |
| Shareholders' equity 31-12-2010 | 164,000 | 86 | 4,096 | 0 | 0 | 6,900 11,082 | |
| Dividend, March 2011 (3.60 per share) | – | – | – | – | – | – 590 | – 590 |
| Net income for the year | – | – | – | – | – | 711 | 711 |
| Other total net income | – | – | – | 0 | 0 | – | 0 |
| Shareholders' equity 31-12-2011 | 164,000 | 86 | 4,096 | 0 | 0 | 7,021 11,203 |
| Fair value reserves | |||||||
|---|---|---|---|---|---|---|---|
| Number of | Translation | Hedging | |||||
| outstanding | Share | Restricted | of currency | of currency | Retained | Total | |
| Parent Company, SEKm (note 13) | shares, thousand | capital | reserves | reserve | reserve | earnings | equity |
| Shareholders' equity 31-12-2009 | 164,000 | 86 | 20 | – | – | 3,585 | 3,691 |
| Changed accounting principle - paid | |||||||
| Group contribution, net value after tax | – | – | – | – | – | 960 | 960 |
| Dividend, March 2010 (3.50 per share) | – | – | – | – | – | – 574 | – 574 |
| Net income for the year | – | – | – | – | – | 981 | 981 |
| Other total net income | – | – | – | – | – | – | – |
| Shareholders' equity 31-12-2010 | 164,000 | 86 | 20 | – | – | 4,952 | 5,058 |
| Dividend, March 2011 (3.60 per share) | – | – | – | – | – | – 590 | – 590 |
| Net income for the year | – | – | – | – | – | 389 | 389 |
| Other total net income | – | – | – | 0 | 0 | – | 0 |
| Shareholders' equity 31-12-2011 | 164,000 | 86 | 20 | 0 | 0 | 4,751 | 4,857 |
Cash Flow Statement
| Group | Parent Company | |||
|---|---|---|---|---|
| SEKm | 2011 | 2010 | 2011 | 2010 |
| Operating activities | ||||
| Net operating income | 1,916 | 1,799 | 19 | 15 |
| Central administrative expenses | – 83 | – 84 | – 61 | – 59 |
| Depreciations reversed | 6 | 6 | 0 | 0 |
| Net fi nancial items paid | – 651 | – 595 | 19 | – 9 |
| Tax paid | – 14 | – 9 | – | – |
| Cash fl ow from operating activities | ||||
| before change in working capital | 1,174 | 1,117 | – 23 | – 53 |
| Cash fl ow from change in working capital | ||||
| Change in current receivables | – 51 | 12 | 68 | –136 |
| Change in current liabilities | 184 | 84 | – 12 | 0 |
| Cash fl ow from operating activities | 1,307 | 1,213 | 33 | –189 |
| Investment activities | ||||
| Investments in new constructions, extensions and reconstructions | – 1,158 | – 881 | – | – |
| Property acquisitions | – 857 | – 625 | – | – |
| Change in liabilities at acquisitions of properties | – 95 | 137 | – | – |
| Property sales | 102 | 219 | – | – |
| Change in receivables at sales of properties | 3 | 32 | – | – |
| Net capital contributions, subsidiaries | – | – | 626 | 608 |
| Other net investments | – 6 | – 4 | 0 | 0 |
| Cash fl ow from investment activities | –2,011 | – 1,122 | 626 | 608 |
| Financing activities | ||||
| Change in interest-bearing liabilities | 1,379 | 487 | 1,168 | 449 |
| Change in long-term receivables | – | – | – 1,237 | – 294 |
| Dividend paid | – 590 | – 574 | – 590 | – 574 |
| Cash fl ow from fi nancing activites | 789 | – 87 | – 659 | – 419 |
| Cash fl ow for the year | 85 | 4 | 0 | 0 |
| Cash and bank, opening balance | 12 | 8 | 0 | 0 |
| Cash and bank, closing balance | 97 | 12 | 0 | 0 |
Accounting Principles and Notes
(All fi gures in SEKm unless stated otherwise.)
Not 1 Accounting Principles General information The fi nancial reports of Castellum AB (The Parent Company) for the fi nancial year ending December 31, 2011, have been approved by the Board of Directors and the Chief Executive Offi cer for publication on February 3, 2012, and will be proposed to the 2012 Annual General Meeting for adoption. The parent company is a Swedish limited liability company (publ), with registered offi ce in Gothenburg, Sweden. The business activities of the Group are described in the Directors' report. Grounds for the accounting Castellum's accounts have been prepared in accordance with the IFRS standards adopted by the EU and the interpretations of them (IFRIC). Further, the consolidated accounts have been prepared according to Swedish law by application of the Swedish Financial Reporting Board's recommendation RFR 1 (Complementary accounting principles for consolidated accounts). The accounts have been prepared based on fair value of investment properties and derivatives and nominal value for deferred tax. For the remaining items acquisition value has been used. Critical assessments For accounts to be completed in accordance with the IFRS and generally accepted, accounting principles, assessments and assumptions must be made that affect the recorded assets, liabilities, income and costs, as well as other information in the accounts. These assessments and assumptions are based upon historical experience and other factors which are considered fair under current conditions. Real outcome may be different from these assessments if other assumptions are made or other conditions exist. Investment properties For valuation of investment properties, the assessments and assumptions can have a signifi cant affect on the income and fi nancial position of the Group. The valuation calls for estimates and assumptions of future cash fl ows and decisions about the discounting factor (required yield). To refl ect the uncertainty that exists in the assessments and assumptions, normally an uncertainty range of +/- 5-10% is used in property valuations. Information about this along with prevailing assessments and assumptions is presented in note 11. Asset acquisition versus business combination Company acquisitions can be classifi ed as either business combinations or asset acquisitions. A company acquisition that has as its primary purpose to acquire a company's property - i.e., where the company's possible property management and administration are of secondary importance to the acquisition - is classifi ed as an asset acquisition. Other company acquisitions are classifi ed as business combinations. Regarding asset acquisitions, no deferred tax is attributable to the property acquisition. Instead, possible discount will reduce the acquisition value of the property. This means that changes in value will be affected by the tax discount in the subsequent valuation. Deferred tax liability According to the accounting principles, deferred tax shall be accounted to nominal value without discount, meaning a 26.3% nominal tax rate. Actual tax is considerably lower, in part due to the possibility to sell properties in a tax-effi cient manner, and in part due to the time factor. Income from property management Castellum's operations are focused on cash fl ow growth from property management - i.e., growth in income from property management - with the objective of an annual increase in property management income by at least 10%. It is also the income from property management that forms the basis of what is yearly distributed to shareholders - at least 50% of the property management income before tax. Thus, the size of changes in value has not been targeted since they are neither included in the basis for distribution, nor in any other base such as, for example, the management's incentive program. To give an accurate picture of Castellum's view on its business operations, the comprehensive income report has been designed accordingly - i.e., the accounting of changes in value (not affecting cash-fl ow) occurs after the cashfl ow affecting items. Furthermore, one result row has been inserted on which the business operations are managed and targeted: the income from property management. Classifi cation Fixed assets and long-term liabilities consist of amounts that are expected to be regained or maturing more than twelve months from the balance sheet date. Current assets and short-term liabilities consist of amounts that are expected to be regained or settled in less than twelve months from the balance sheet date. The consolidated fi nancial statements The Group's balance sheet and income statement include all companies where the parent company has direct or indirect determining infl uence. All companies in the Group are wholly-owned and there are neither associated companies nor joint ventures. In addition to the parent company, the Group comprises the subsidiaries listed in Note 21 and their respective sub-groups. The consolidated fi nancial statements are based upon the accounts for all subsidiaries as of December 31. The consolidated fi nancial statements have been prepared according to the acquisition accounting method. This means that shareholders' equity in the subsidiaries at the time of acquisition, calculated as the difference between the fair value of the assets and liabilities, is fully eliminated. The shareholders' equity of the Group includes only the part of shareholders' equity in the subsidiaries that has been added after the acquisition.
The consolidated income statement includes records of associated companies acquired or sold during the year only for the time of possession.
Intra-group sales, income, losses and dealings are eliminated in the consolidated accounts.
The accounts of the foreign operation are translated to SEK by translating the balance sheet to the exchange rate at balance date - except for shareholders' equity which is translated at the historical exchange rate. The income statement is translated at the average exchange rate of the period. Exchange differences on translation are recognized in other total income.
Rental income
Rental income, which from an accounting perspective is also called income from operating leases, is debited in advance and recorded as a linear allocation in the income statement, based on the terms in the lease. Rental income includes supplementary charges for the tenant, such as debited real estate tax and heating costs. Rents debited in advance are recorded as deferred rental income.
In cases where a lease during a certain period of time offers a reduced rent, corresponding to a higher rent at another point in time, this lower/higher rent is spread out over the period of the lease. Pure discounts, such as reduction for successive moving in, are recorded in the income statement for the period in which they are given.
Income from property sales
Income from property sales is entered as of the contract date, unless there exist special conditions in the purchasing agreement. On sale of a property through a company, the transaction is recorded using gross accounting regarding the underlying property price and the calculated deduction for deferred tax. The result from property sales is accounted for as a change in value and refers to the difference between the received sales price after deduction of sales costs, and the recorded value in the latest interim report with adjustment for capitalized investments after the latest interim report.
Financial income
Financial income consists of interest rate income and is recorded as income in the period to which they refer. Received and anticipated dividends are also recorded as fi nancial income.
Financial costs include interest and other costs that occur when a company borrows money. Costs for taking out pledges for mortgages are not considered as fi nancial costs and are capitalized as a property investment since it increases valuation. Financial costs are accounted for in the period which they refer to. Financial costs also include the interest rate cost for interest-rate derivatives. Payments for these interest-rate derivatives are accounted for in the period to which they refer. Net fi nancial items have not been affected by market valuation of the undertaken interest rate derivatives. Instead, changes in the market value of interest-rate derivatives are recorded as changes in value under a separate headline. The portion of interest rate cost originating from the construction period for major new construction, extension or reconstruction projects is capitalized. Interest is calculated based on the average interest rate level for the Group.
Employee benefi ts are accounted for as employees perform services in exchange for remuneration. Benefi ts from incentive plans settled in cash and paid as non-pensionable salary are accounted for as the targets are met during the period of the incentive plan.
Pensions and other post-employment benefi ts are classifi ed as defi ned contribution or defi ned benefi t plans. The majority of the Castellum Group's pension commitments are defi ned contribution plans. These are fulfi lled through regular payments to independent authorities or bodies which administer the plans. Obligations regarding payments to contribution plans are recorded as a cost in the income statement when they occur. A small number of employees within the Castellum Group have defi ned ITP-plans with regular payments to Alecta. These plans are recorded as defi ned contribution plan since Alecta does not provide the information needed in order to report the plan as a defi ned benefi t plan. There are, however, no indications of any signifi cant liabilities in addition to what has already been paid to Alecta.
Income tax in the income statement is divided into current and deferred tax. Income tax is recorded in the income statement except when related to transactions, such as group contributions, which have been recorded directly in equity. When possible, tax effects have also been recorded directly in equity. Current and deferred taxes are calculated based on the current tax rate, which is 26.3% at present.
Open claims in the income tax return that contain a certain degree of uncertainty are taken into consideration in the tax calculation in the year after the fi scal year at the earliest, after taxation has been assessed by tax authorities.
Income
Financial cost
Employee benefi ts
Income taxes
Deferred tax
Deferred tax is recorded in Castellum, using the balance sheet method, for all temporary differences between an asset's or a liability's book value and its tax-basis value. This means that there is a tax liability or a tax asset that falls due for payment on the date for which the asset or liability is realized. However, exceptions are made for temporary differences that arise from the initial accounting for assets and liabilities relating to asset acquisitions. Castellum has two entries in which temporary differences may be found - properties and tax- loss carry forwards. Deferred tax assets related to taxloss carry forwards are recorded, since it is probable that future taxable income will be available, which may be utilized to offset tax-loss carry forwards. Deferred tax liability relates to the difference between the properties book value and their tax basis value. For changes in either of the two entries above, the deferred tax liability / tax asset is also changed, and this is recorded in the income statement as a deferred tax.
Castellum has recorded all completed company acquisitions as asset acquisitions, meaning that deferred tax at the time of the acquisition is not accounted for in the balance sheet.
Current tax
In addition to deferred tax, current tax is also recorded in the income statement. This is equivalent to the tax that the company must pay on the taxable income for the year, adjusted for possible prevailing taxes for previous periods.
Leases Leases where all crucial risks and benefi ts associated with the ownership fall on the lessor, are classifi ed as operational leases. From an accounting perspective, all existing rental leases related to Castellum's investment properties are seen as operational leases. How these leases are accounted for can be read about in the accounting principles for income and in note 3.
From an accounting perspective, site leasehold is seen as an operational lease. The ground rent is accounted for in the income statement for the period it refers to.
There are also a small number of leases of insignifi cant value, where Castellum is the lessee. These leases are also accounted for as operational leases and mainly concern private passenger cars. Payments made during the leasing period are recorded as running costs in the income statement, over the leasing period.
Investment properties
An investment property is a property held for the purpose of generating rental income, capital appreciation - or both. This is as opposed to utilization in a company's operations for production or supply of goods or services or for administrative purposes and sales in daily operations. All of Castellum's owned or ground-leased properties are considered to be investment properties. If the Group starts an investment on an existing investment property for future use as an investment property, the property continues to be recorded as an investment property.
Valuation
Investment properties are recorded at acquisition cost, prevailing at acquisition time. This includes expenses directly related to the acquisition, with consideration taken for nominal deferred tax. The acquisitions have been recorded at fair value with changes in value in the income statement. Fair value has been calculated using an internal valuation model described in note 11. The note also describes the assumptions made as basis for the valuation. The valuation model is based on an earnings-based value, determined by calculating the net prevailing value of future cash fl ows. A differentiated required yield for each property depending on such factors as location, intended use, condition and standard is taken into consideration. In order to provide further assurance, the valuation part of the portfolio has been valued externally.
Changes in value
Changes in value are recorded in the income statement and consist of unrealized as well as realized changes in value. Unrealized changes in value are calculated based on the valuation at the end of the fi nancial year compared with the previous year's valuation, or the acquisition value if the property has been acquired during the year, with the addition of capitalized subsequent expenditures during the period. For properties sold during the year, unrealized changes in value are recorded and calculated based on the valuation at the latest interim report prior to the sale, compared to the valuation at the end of previous year with adjustment for capitalized subsequent expenditures during the period. How realized changes in value are calculated for may be found in the accounting principles for "income from property sales".
Subsequent expenditures
Subsequent expenditures which lead to economic benefi ts for the company, i.e., increase the valuation of the property and can be reliably calculated are capitalized. Costs for repairs and maintenance are accounted for in the income statement for the period in which they occur. In the case of major new construction and reconstruction projects, interest costs during the construction period are capitalized.
Acquisitions and sales
For acquisition or sale of properties or companies, the transaction is entered as of the date-of-contract, unless special conditions exist in the purchasing contract.
Tangible fi xed assets comprise all equipment, which has been recorded at acquisition value, including deduction of accumulated depreciation according to plan and any write-downs made. The acquisition value includes the purchase price and costs directly related to, e.g., transport-to-site and proper condition for utilization according to the purpose of the acquisition. Depreciation on equipment is based on historical acquisition values after possible deduction of subsequent write-downs. The residual value is assumed to be non-existent. Depreciation of assets acquired during the year is calculated with reference to the date of acquisition. Depreciation is linear, which means equal and even depreciation during the period of use, which is normally fi ve years, except for computers, which are expected to have a three-year period of use.
Financial instruments which are recorded in the balance sheet include assets such as cash-and-bank, lease receivables, other receivables and long-term receivables and liabilities such as interest rate derivatives, accounts payable, other liabilities and loans.
Financial instruments are initially recorded to fair value equivalent to acquisition value, with the addition of transaction costs. One excepted category includes fi nancial instruments which are recorded at fair value through income statement, without transaction costs. Following the initial recognition, accounting is based on the classifi cation made according to the criteria below. Financial transactions such as cash received or paid as interest and loans are recorded on the settlement day of the bank holding the account, while other payments are recorded on the accounting date of the bank holding the account.
A fi nancial asset is removed from the balance sheet when the rights are realized, expire or the company loses control of it. A fi nancial liability is removed from the balance sheet when the contractual obligations have been paid or extinguished in some other way.
Cash and bank
Cash-and-bank consists of the bank balance at the end of the accounting period and is recorded at nominal value.
Receivables
Financial assets which are not interest rate derivatives, that have fi xed or predictable payments and that are not quoted on an active market, are recorded as receivables. In the Group there are rent receivables and other receivables. After individual valuation, receivables have been recorded as the amount at which they are expected to be received. This means that they are recorded at acquisition value with reservation for receivables which are uncertain. Reservation for uncertain receivables is made when an objective risk assessment concludes that the Group might not receive the entire receivable. Receivables in the parent company consist only of receivables from the subsidiaries, and these are recorded at acquisition value.
Liabilities
Liabilities refer to loans and operating liabilities such as accounts payable. The majority of Castellum's credit agreements are long term. In cases where short-term loans are drawn under long-term credit agreements, the loans are considered as long-term. The loans are recorded on the settlement date at acquisition value. Deferred unpaid interest is recorded in accrued expenses. A liability is recorded when the counterparty has performed services and a legal obligation to pay exists, even if the invoice has not yet been received. Accounts payable are recorded when the invoice is received. Accounts payable and other operative liabilities with short duration are recorded at nominal value.
Foreign currency
Transactions in foreign currencies are translated to Swedish kronor (SEK) to the spot exchange rate of the transaction. Monetary assets and liabilities are translated at the rate on balance day.
Derivatives
Interest-rate derivatives are fi nancial assets or liabilities which are valued at fair value, with value-changes recorded in the income statement. In order to manage exposure to fl uctuations in the market interest rate according to fi nancial policy, Castellum has entered into interest-rate-derivative agreements. When using interest-rate derivatives, changes in value may occur, mainly due to changes in market interest rates. Interest-rate derivatives are initially recorded in the balance sheet on the trade day at acquisition value, where the absolute majority refer to exchanges in interest-rate fl ows, entailing an acquisition value of zero. They are thereafter valued at fair value with value-changes appearing in the income statement.
To calculate the fair-value market-interest-rates for each fi xed interest term as listed on the balance sheet date, generally accepted methods for calculations are used. This means that fair value has been determined according to level 2, IFRS 7 point 27a. Interest-rate derivatives are valued by calculating the net present value by discounting future cash fl ows. Instruments containing some sort of option are valued at the current repurchase price, which may be received from respective counterparties. Changes in value can be realized as well as unrealized. Realized changes in value refer to redeemed interest-rate derivatives and comprise the difference between the price at the time of redemption and the recorded book value according to the latest interim report. Unrealized changes in value refer to the changes in value during the fi nancial year for the interest-rate derivatives that Castellum held at the end of the fi scal year.
Changes in value are calculated based on the valuation at the end of the fi scal year compared to the valuation in the previous year, or the acquisition value if the interest rate derivative agreements have been entered into during the year. For interest rate derivatives that have been redeemed, an unrealized change in value is recorded and calculated based on the valuation at the latest interim report prior to the redemption, compared with the valuation at the end of the previous year. Payments made under these agreements are accounted for in the period to which they refer.
Tangible fi xed assets
Financial instruments
| In accordance with the fi nancial policy, between 60-100% of foreign investments must be fi nanced in the functional currency of the company. This can be accomplished both by taking out loans in the functional currency of the foreign company and by using currency derivatives. In cases where currency derivatives are used they are initially reported in the balance sheet at cost on trade date. Thereafter, they are reported at fair value where the effective portion of the foreign exchange rate change regarding the hedging instrument is recognized in other total income, while the ineffective portion is recognized as change in value in the income statement. The rate at balance date is used to deter mine real value. |
|
|---|---|
| Shareholders´ equity |
Repurchased shares Repurchased shares reduce shareholders' equity by the paid purchase price including any transaction costs. |
| Dividends Dividends are accounted for as a deduction of shareholders' equity, after decision by the AGM (Annual General Mee ting). The recipient accounts for an anticipated dividend as a fi nancial income. |
|
| Earnings after tax, per share Calculation of after-tax earnings per share is based on the Group's net income for the year pertaining to the sharehol ders of the parent company, and on the weighted average number of outstanding shares during the year. |
|
| Defi nitions of segments |
The Group's operations are organized, managed and reported primarily by geographical region and secondly by type of property. Segments are consolidated according to the same principles as the Group. Income and costs reported for each segment are actual costs. No distribution of joint costs has been made between the regions. This is also true for assets and liabilities reported in the note segment reporting. |
| Cash fl ow statement |
The cash fl ow statement has been prepared according to the indirect method. Net profi t or loss is adjusted for the transaction effects of a non-cash-fl ow nature during the period as well as income or costs associated with the cash fl ow from investment or fi nancing activities. |
| Differences in accounting principles between the Group and the parent company |
The Annual Report of the parent company has been prepared according to the Annual Accounts Act and by applying of the Swedish Financial Reporting Board's recommendation RFR 2 (Accounting for legal entities). RFR 2 states that a legal entity shall apply the same IFRS/IAS that is applied in the consolidated fi nancial statements, with exceptions for and additions of rules and laws mainly according to the Annual Accounts Act, and with consideration to the relationship between accounting and taxation. Differences in accounting principles between the Group and the parent company are mentioned below. |
| Shares in subsidiaries Shareholdings in subsidiaries are accounted for in the parent company according to the method of acquisition value. The book value is regularly compared to subsidiaries' group equity. When the book value is lower than the subsidiaries' group value, a write-down is made in the income statement. In the case when a previous write-down no longer can be justifi ed, it will be reversed. |
|
| Contingent liabilities Contingent liabilities for the benefi t of subsidiaries are fi nancial guarantees and are accounted for in accordance with RFR 2, i.e. they are not accounted for as provisions, instead Castellum provides information in the notes. |
|
| New accounting | New standards and interpretations, now in effect; approved by the EU. |
| rules and regulations |
Changes to existing standards A number of minor changes and clarifi cations were made to existing standards that became effective in 2011. Among other things; in the IAS 1, the IASB has clarifi ed that the analysis of other total net income can be accounted for either in the report on shareholders' equity, or in a note. Furthermore, the IFRS 7 encourages that qualitative and quantitative information is presented together to obtain an overall picture of the existing fi nancial risk that is linked to fi nancial instruments. |
| Changes in Swedish regulations | |
| Annual Accounts Act The disclosure requirement to include a property's rateable value, absence due to illness and capitalized interest has disappeared as from 2011, but Castellum still chooses to provide this information. |
|
| UFR 2 Group contributions and shareholder contributions The Swedish Financial Reporting Board has withdrawn the UFR 2, which previously concerned accounting for Group contributions as well as shareholder contributions. The change took effect on January 1, 2011. This entails a change in accounting principle for the parent company concerning paid and received Group contributions. Previously, these items were accounted for directly in shareholders' equity as net value after tax. Now received contributions should be accoun ted for as fi nancial income and paid Group contributions in Castellum, as net of tax as an investment in subsidiaries shares. The revised approach means that SEKm 1,130 has been added to the shareholders' equity. Previous years have |
been recalculated to refl ect this.
Segment Reporting Note 2
| Greater | Öresund | Greater | Eastern | Unallocated | The Castellum | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gothenburg | Region | Stockholm | Mälardalen | Götaland | items | Group | ||||||||
| 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |
| Rental income, external | 953 | 913 | 567 | 572 | 547 | 500 | 487 | 433 | 365 | 341 | – | – | 2,919 | 2,759 |
| Property costs | –275 | –276 | –201 | –198 | –205 | –184 | –185 | –168 | –137 | –134 | – | – | –1,003 | –960 |
| Net operating income | 678 | 637 | 366 | 374 | 342 | 316 | 302 | 265 | 228 | 207 | 0 | 0 | 1,916 | 1,799 |
| Central administration | –13 | –14 | –7 | –7 | –7 | –7 | –7 | –7 | –6 | –6 | –43 | –43 | –83 | –84 |
| Interest income | 18 | 32 | 38 | 34 | 5 | 6 | 3 | 3 | 4 | 2 | –66 | –76 | 2 | 1 |
| Interest costs | –228 | –217 | –160 | –146 | –131 | –113 | –131 | –109 | –89 | –77 | 77 | 87 | –662 | –575 |
| Income from prop. mgmt | 455 | 438 | 237 | 255 | 209 | 202 | 167 | 152 | 137 | 126 | –32 | –32 | 1,173 | 1,141 |
| Changes in value, property | 141 | 299 | 17 | 277 | 36 | 307 | -13 | 170 | 13 | 169 | – | – | 194 | 1,222 |
| Interest rate derivatives, | – | – | – | – | – | – | – | – | – | – | –429 | 291 | –429 | 291 |
| changes in value | ||||||||||||||
| Income before tax | 596 | 737 | 254 | 532 | 245 | 509 | 154 | 322 | 150 | 295 | –461 | 259 | 938 | 2 654 |
| Tax income | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Tax costs | –155 | –188 | –64 | –141 | –57 | –133 | –31 | –82 | –40 | –77 | 120 | –69 | –227 | –690 |
| Net income for the year | 441 | 549 | 190 | 391 | 188 | 376 | 123 | 240 | 110 | 218 | –341 | 190 | 711 | 1 964 |
| Investment properties | 11,023 | 10,176 | 7,303 | 6,748 | 6,557 | 6,370 | 5,168 | 4,829 | 3,816 | 3,645 | – | – | 33,867 | 31,768 |
| of which investments this year | 728 | 315 | 541 | 187 | 226 | 374 | 352 | 464 | 168 | 166 | – | – | 2,015 | 1,506 |
| Current assets | 516 | 600 | 1,007 | 930 | 282 | 144 | 181 | 239 | 190 | 185 | –1,872 | –1,930 | 304 | 168 |
| Total assets | 11,539 | 10,776 | 8,310 | 7,678 | 6,839 | 6,514 | 5,349 | 5,068 | 4,006 | 3,830 | –1,872 | –1,930 | 34,171 | 31,936 |
| Shareholders' equity | 4,155 | 3,927 | 2,902 | 2,777 | 2,605 | 2,516 | 1,353 | 1,392 | 1,281 | 1,288 | –1,093 | –818 | 11,203 | 11,082 |
| Deferred tax liability | 1,365 | 1,232 | 944 | 903 | 753 | 712 | 510 | 462 | 413 | 362 | –271 | –169 | 3,714 | 3,502 |
| Interest rate derivates | – | – | – | – | – | – | – | – | – | – | 1,003 | 574 | 1,003 | 574 |
| Interest-bearing liabilities | 5,656 | 5,367 | 4,147 | 3,865 | 3,284 | 3,011 | 3,313 | 3,123 | 2,208 | 2,092 | –1,448 | –1,677 | 17,160 | 15,781 |
| Non-interest-bearing liabilities | 363 | 250 | 317 | 133 | 197 | 275 | 173 | 91 | 104 | 88 | -63 | 160 | 1,091 | 997 |
| Total shareholders' equity & liabilities 11,539 10,776 | 8,310 | 7,678 | 6,839 | 6,514 | 5,349 | 5,068 | 4,006 | 3,830 | –1,872 | –1,930 | 34,171 | 31,936 |
Of the Groups external rental income SEKm 9 (–) refers to customers located in Denmark. Of the Groups income from property management SEKm 254 (–) refers to investment properties located i Denmark.
The Group's operational segments are the following geographical areas; Greater Gothenburg (incl. Borås, Halmstad, and Alingsås), Öresund Region (Malmö, Lund, Helsingborg and Copenhagen), Greater Stockholm, Mälardalen (Örebro, Västerås and Uppsala) and Eastern Götaland (Jönköping, Linköping, Värnamo and Växjö). The Group manages only commercial properties. The operational segments are identifi ed by geographical fi eld of activity, which is according to how they are followed-up and analyzed by the primarily executive decision maker in the Group. Greater Gothenburg is made up of two operational segments with similar economical characteristics and operations.
Castellum has no larger customers. The single largest lease as well as the single largest tenant corresponds to approx. 1% of the Groups total rental income.
Rental Income Note 3
Group rental income was SEKm 2,919 (2,759). Rental income consists of the rental value with deduction of the value of vacant premises during the year. Rental value refers to the rental income received and the estimated market rent of unlet premises. The rental value also includes supplementary charges for the customer, such as heating, real estate tax and an index supplement. Rental value SEK/sq.m. for the different regions and types of properties are shown in the table below. Rental levels have increased by approx. 1.6% (1%) in comparable portfolio compared with previous year.
| Rental value | Offi ce/Retail | Warehouse/Industrial | Total | ||||
|---|---|---|---|---|---|---|---|
| SEK/sq.m. | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |
| Greater Gothenburg | 1,277 | 1,275 | 731 | 726 | 944 | 935 | |
| Öresund Region | 1,366 | 1,408 | 703 | 684 | 1,065 | 1,060 | |
| Greater Stockholm | 1,343 | 1,307 | 926 | 912 | 1,181 | 1,154 | |
| Mälardalen | 1,088 | 1,041 | 715 | 690 | 982 | 934 | |
| Eastern Götaland | 999 | 970 | 504 | 495 | 818 | 795 | |
| Total | 1,217 | 1,201 | 724 | 711 | 995 | 974 |
Rental value
Renegotiation Commercial leases, for which rents are paid quarterly in advance, are signed for a certain period of time, which means that a change in the market rents do not have an immediate effect on rental income. Rental levels can only be changed when the lease in question is due for renegotiation. The rental levels of Castellum are considered to be in line with the market.
Commercial leases include a so-called index clause, which provides for an upward adjustment of the rent, corresponding to a certain percentage of the infl ation during the previous year or a minimum upward adjustment.
The lease maturity structure for Castellum's portfolio is shown in the table below, where lease value refers to annual value. An explanation of the relatively small portion in 2012 is that a majority of the leases maturing were already renegotiated in 2011 due to the period of notice. The most common terms for a new lease is 3-5 years with a nine months notice. The average remaining lease duration in the portfolio is 3.1 years (3.2).
| Lease maturity structure | No. of leases | Lease value, SEKm | Percentage of value |
|---|---|---|---|
| Commercial, term | |||
| 2012 | 1,099 | 264 | 9% |
| 2013 | 1,341 | 656 | 24% |
| 2014 | 1,070 | 649 | 23% |
| 2015 | 707 | 564 | 20% |
| 2016 | 159 | 239 | 9% |
| 2017 + | 178 | 422 | 15% |
| Total commercial | 4,554 | 2,794 | 100% |
| Residential | 342 | 26 | |
| Parking spaces and other | 2,599 | 33 | |
| Total | 7,495 | 2,853 |
Economic occupancy rate
Castellum's average economic occupancy rate during 2011 was 89.3% (89.0%). The economic occupancy rate for warehouse and industrial properties amounted to 91.7% (90.4%) and for offi ce and retail properties 88.2% (88.3%). The total annual rental value for vacant premises during the year amounts to approx. SEKm 371.
The gross leasing (i.e. the annual value of total leasing) during the year was SEKm 310 (257), of which SEKm 45 (46) were leasing on new construction, extension and reconstruction. Terminations amounted to SEKm 249 (221), of which bankruptcies was SEKm 18 (12), hence net leasing for the year were SEKm 61 (36). The time difference between reported net leasing and the effect in income thereof is estimated to between 9-18 months.
| Economic | Offi ce/Retail | Warehouse/Industrial | Total | ||||
|---|---|---|---|---|---|---|---|
| occupancy rate | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |
| Greater Gothenburg | 94.3% | 95.1% | 96.7% | 93.1% | 95.4% | 94.1% | |
| Öresund Region | 86.2% | 87.6% | 82.8% | 84.5% | 85.2% | 86.6% | |
| Greater Stockholm | 78.1% | 79.2% | 91.4% | 91.0% | 82.2% | 82.8% | |
| Mälardalen | 92.3% | 90.2% | 93.7% | 91.8% | 92.6% | 90.6% | |
| Eastern Götaland | 89.8% | 88.3% | 83.6% | 86.6% | 88.4% | 88.0% | |
| Total | 88.2% | 88.3% | 91.7% | 90.4% | 89.3% | 89.0% |
Risk exposure, credit risk
Castellum's lease portfolio has a good risk exposure. The Group has approx. 4,600 commercial leases and 300 residential leases and their distribution in terms of size can be seen in the table below. The single largest lease as well as the single largest customer accounts for only approx. 1% of the Group's total rental income, meaning that Castellum´s exposure to a single customers credit risk is very low. The distribution of commercial leases across various business sectors is also good, as shown in the following table.
| Lease value, | ||||||
|---|---|---|---|---|---|---|
| Lease size, SEKm | No. of leases | Percentage | SEKm | Percentage | ||
| Commercial | ||||||
| < 0.25 | 2,481 | 33% | 228 | 8% | ||
| 0.25-0.5 | 791 | 10% | 288 | 10% | ||
| 0.5-1.0 | 599 | 8% | 425 | 15% | ||
| 1.0-3.0 | 526 | 7% | 877 | 31% | ||
| > 3.0 | 157 | 2% | 976 | 34% | ||
| Total commercial | 4,554 | 60% | 2,794 | 98% | ||
| Residential | 342 | 5% | 26 | 1% | ||
| Parking spaces and other | 2,599 | 35% | 33 | 1% | ||
| Total | 7,495 | 100% | 2,853 | 100% |
| Commercial leases distributed by sectors | No. of | Lease value, | |
|---|---|---|---|
| (GICS-code) | leases | SEKm | Percentage |
| Energy (10) | 82 | 33 | 1% |
| Materials (15) | 101 | 107 | 4% |
| Capital goods (2010) | 612 | 443 | 16% |
| Commercial Services & Supplies (2020) | 1,270 | 388 | 14% |
| Transportation (2030) | 139 | 117 | 4% |
| Retailing (2550) | 547 | 403 | 14% |
| Other Consumer Durables and Services (2510-2540) | 556 | 399 | 14% |
| Consumer Staples (30) | 117 | 118 | 4% |
| Health Care (35) | 212 | 159 | 6% |
| Finance and Real Estate (40) | 134 | 82 | 3% |
| Software and Services (4510) | 269 | 166 | 6% |
| Technology Hardware and Equipment (4520) | 142 | 107 | 4% |
| Telecommunication Services (50) | 95 | 12 | 1% |
| Utilities (55) | 23 | 4 | 0% |
| Public sector etc. | 255 | 256 | 9% |
| Total | 4,554 | 2,794 | 100% |
The table below shows the spread of future rental income for existing lease agreements.
| Group | Parent Company | |||
|---|---|---|---|---|
| Future rental income for existing leases | 2011 | 2010 | 2011 | 2010 |
| Contracted rental income year 1 | ||||
| Commercial leases | 2,878 | 2,666 | – | – |
| Residential | 9 | 8 | – | – |
| Contracted rental income between 2 and 5 years | 5,523 | 5,339 | – | – |
| Contracted rental income after more than 5 years | 861 | 921 | – | – |
| Total | 9,271 | 8,934 | – | – |
Rents are announced and paid in advance, which means that all the Group's rental receivables of SEKm 20 (10) are overdue.
The parent company consists only of group-wide functions and the turnover mainly consists of intra-group services. Parent company
Property Costs Note 4
Property costs in 2011 was SEKm 1,003 (960), equivalent to SEK 300/sq.m. (298). This amount includes both direct property costs such as costs of operation, maintenance, ground rent and real estate tax, and indirect costs such as leasing and property management.
Operating expenses include electricity, heating, water, facilities management, cleaning, insurance, rent losses and property-specifi c marketing costs. Most of the operating expenses are passed on to the customers as supplements to the rent. For warehouse and industrial properties, however, customers are in most cases directly responsible for most of the operating costs. Operating expenses in 2011 were SEKm 553 (547), equivalent to SEK 165/sq.m. (169). Operating expenses, which are considered to be at a normal level for the business, are dependent on the weather, which means that they vary between both different years and seasons of the year. Energy consumption for heating during the period has been calculated to 87% (116) of a normal year according to the degree day statistics. Operating expenses includes rent losses of SEKm 8 (6) corresponding to 0.3% of rental income.
Maintenance costs are ongoing measures to maintain the property's standard and technical systems. The maintenance costs were SEKm 115 (105), equivalent to SEK 35/sq.m. (34).
Ground rent for the year 2011 was SEKm 24 (19), and mainly related to Greater Stockholm. Ground rent is the fee paid annually to the municipality by the owner of a building on land owned by the municipality. The ground rent for these are currently calculated in a way that the municipality receives a fair real interest rate based on the estimated market value of the site. The site leaseholds are spread over a period of time and are in most cases renegotiated at intervals of 10 to 20 years. At the end of year 2011 Castellum had around 90 properties with site leasehold. Existing site leaseholds mature relatively even over the next 60 years. When notice is given for the site leaseholds shall, in most cases, the site owner (the municipality) compensate Castellum for buildings etc. However there are a few contracts where the municipality can demand that the land is restored.
Operating expenses
Maintenance
Ground rent
| Group | Parent Company | |||
|---|---|---|---|---|
| Future contracted ground rents | 2011 | 2010 | 2011 | 2010 |
| Contracted ground rents year 1 | 22 | 21 | – | – |
| Contracted ground rents between 2 and 5 years | 85 | 82 | – | – |
| Contracted ground rents after more than 5 years | 597 | 606 | – | – |
| Total | 704 | 709 | – | – |
Real estate tax Group's real estate tax was SEKm 148 (140), equivalent to SEK 44 sq.m. (43). Real estate tax is a state tax based on the property's tax assessment value. Most of the costs are passed on to the tenants, why the affect on the result is marginal. The tax rate for 2011 was 1.0% of the tax assessment value for offi ce/retail properties and 0.5% for warehouse/ industrial.
Leasing and property management The Group's leasing and property management costs for 2011 were SEKm 163 (149), equivalent to SEK 49 /sq.m. (46). Leasing and property management refers to the indirect costs of ongoing property management, comprising the costs of leasing operations, rent negotiation, lease administration, rent debiting, collecting rent and accounting as well as project administration costs and depreciation on equipment in subsidiaries. Of the costs SEKm 92 (89) refers to employee benefi ts and SEKm 6 (6) depreciation on equipment.
Remuneration to
Summary Property costs per square metre, distributed by property category and type of cost are shown below.
| Property costs | Offi ce/Retail Warehouse/Industrial |
Total | ||||
|---|---|---|---|---|---|---|
| SEK/sq.m. | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 |
| Operating expenses | 201 | 205 | 121 | 127 | 165 | 169 |
| Maintenance | 44 | 44 | 23 | 21 | 35 | 34 |
| Ground rent | 7 | 7 | 7 | 6 | 7 | 6 |
| Real estate tax | 67 | 66 | 17 | 17 | 44 | 43 |
| Direct property costs | 319 | 322 | 168 | 171 | 251 | 252 |
| Leasing and property management (indirect) | 49 | 46 | ||||
| Total | 319 | 322 | 168 | 171 | 300 | 298 |
Note 5 Central Administrative Expenses
Central administrative expenses include the costs of portfolio management, company administration and the costs of maintaining the Stock Exchange listing. This involves all of the costs of Castellum AB, comprising group management, treasury department, IT, personnel, investor relations, annual report, audit, and depreciation on equipment etc. At the subsidiary level, the fi gures include, costs for the MD and fi nancial manager as well as costs of preparing the annual report, audit etc. Of the costs, excl. the incentive plan described below, SEKm 48 (44) refers to employee benefi ts and SEKm 0 (0) is depreciation on equipment.
Central administrative expenses also include costs relating to a profi t and share price-related incentive plan for senior management and other senior executives, to the order of SEKm 14 (16).
| Remuneration to | Group | Parent Company | |||
|---|---|---|---|---|---|
| auditors | Remuneration to auditors | 2011 | 2010 | 2011 | 2010 |
| Audit assignment | 3 | 3 | 1 | 1 | |
| Audit business in addition to the audit assignment | 0 | 0 | 0 | 0 | |
| Tax consulting | 2 | 1 | 0 | 0 | |
| Other consulting | 0 | 0 | 0 | 0 | |
| Total | 5 | 4 | 1 | 1 |
Of the Group's total remuneration of SEK 4,583,000 (4,379,000), SEK 4,184,000 (4,103,000) refers to KPMG and the remainder to Ernst & Young.
| Interest rate and Financial | Group | Parent Company | |||
|---|---|---|---|---|---|
| Income | 2011 | 2010 | 2011 | 2010 | Note 6 |
| Interest rate income | 2 | 1 | 0 | 0 | |
| Received Group contributions, subsidiary | – | 0 | 160 | 180 | |
| Anticipated dividend, subsidiaries | – | – | 612 | 658 | |
| Interest rate income, subsidiaries | – | – | 722 | 648 | |
| Other fi nancial income | 0 | 0 | 0 | 0 | |
| Total | 2 | 1 | 1,494 | 1,486 |
Interest rate income, for the Group as well as for the Parent Company, is related to receivables valued to accrued acquisition value.
| Group | Parent Company | |||||
|---|---|---|---|---|---|---|
| Interest rate and Financial Costs | 2011 | 2010 | 2011 | 2010 | Note 7 | |
| Interest rate costs | 661 | 575 | 645 | 560 | ||
| Interest rate costs, subsidiaries | – | – | 67 | 76 | ||
| Other fi nancial costs | 1 | – | 0 | 0 | ||
| Total | 662 | 575 | 712 | 636 |
Net fi nancial items were SEKm – 660 (– 574). During the year, interest costs of SEKm 12 (8) were capitalized in connection with investments in the real estate portfolio. The average interest rate level were 4.1% (3.7%). When capitalizing interest costs the average rental level has been used.
Of the interest rate costs SEKm 465 are related to liabilities valued to accrued acquisition value.
Changes In Value Note 8
In 2011, transaction volumes in the Swedish property market amounted to approx. SEK 105 billion (100) for larger deals, which is in line with last year. Fourth-quarter volumes amounted to approx. SEK 30 billion (39).
Buyers were mostly still domestic and transactions mainly concerned offi ce buildings, whereas volumes for residential rental-properties decreased slightly compared to previous years. Real estate transactions have been conducted in all high-growth regions, of which 40% were conducted in Greater Stockholm.
Castellum estimates that property prices are stable and that the liquidity decrease at year-end is not due to buyers and sellers having varied viewpoints on pricing, but rather the result of a stretched credit market.
The change in value in Castellum's portfolio during the year amounted to SEKm 194 (1,222), corresponding to approx. 0.6%. The change in value mainly relates to acquisitions and project gains. No general change in the the required yield in the internal valuations has been made during the year. On the property level, however, adjustments has been made on both individual required yield and future cash fl ow. The change in value also covers SEKm 30 due to sales of 4 properties where the sale price of SEKm 107 exceeded the valuations by 39%.
It should be noted that, since property valuations include an uncertainty range of normally 5-10%, also the changes in value include a not insignifi cant uncertainty.
Castellum utilizes interest rate derivatives to achieve the desired interest rate maturity structure. If the agreed interest rate deviates from the market interest rate, irregardless credit margins, there is a theoretical surplus or sub value in the interest rate derivatives where the non-cash-fl ow affecting changes in value are reported in the income statement. Castellum also has a few derivatives in order to hedge currency fl uctuation in the investment in Denmark. The value in the derivatives portfolio has changed mainly due to changes in long-term market interest rates by SEKm –429 (291) and the value was SEKm –1,003 (–574) at the end of the year.
The income tax in Sweden for limited liability companies is 26.3%. In the income statement, the income tax is recorded as two entries, current tax and deferred tax. Current tax is based on the taxable income for the year, which is lower than the recorded net income for the year. This is mainly an effect of the possibility to:
- use tax depreciation on buildings,
- make tax deductions for certain reconstructions of the properties, which are capitalized in the accounts,
- utilize existing tax loss carry forwards.
The deferred tax is a provision for the tax which will be paid in the future when the properties are directly sold, and the depreciation for tax purposes and the capitalized investments deducted for tax purposes are reversed.
As shown in the table below, there is in principle no taxable income for 2011, because Castellum uses the above mentioned depreciation for tax purposes and tax deductions for certain reconstructions. The current paid tax that occur is because a few subsidiaries are not allowed to make fi scal group contributions.
Investments properties
Derivates
| Basis | Basis | |
|---|---|---|
| Tax calculation for the Group 31-12-2011 | current tax | deferred tax |
| Income from property management | 1,173 | |
| Deductions for tax purposes | ||
| depreciation | – 636 | 636 |
| reconstructions | – 365 | 365 |
| Other tax allowances | – 80 | 41 |
| Taxable income from property management | 92 | 1,042 |
| Properties sold | 8 | – 15 |
| Changes in value on properties | – | 164 |
| Changes in value on interest rate derivatives | – 429 | – |
| Taxable income before tax loss carry forwards | – 329 | 1,191 |
| Tax loss carry forwards, opening balance Tax loss carry forwards, closing balance |
– 1,406 1,772 |
1,406 – 1,772 |
| Taxable income | 37 | 825 |
| Of which 26.3% current/deferred tax | – 10 | – 217 |
The total tax may be different from nominal tax in those cases where there are recorded income / costs which are not taxable / tax deductible or as an effect of other tax adjustments. The total tax cost shown in Castellum's income statement 2011 is less than nominal tax, which mainly depends on non taxable sales of properties through company. The effective tax on income from property management, without consideration taken to the use of tax loss carry forwards, can be calculated to 2%. As shown in the table above the remaining tax loss carry forward are calculated to SEKm 1,772.
For the parent company deferred tax of SEKm 24 (60) has been recorded directly in subsidiary shares since the underlying transaction has been recorded in that way.
| Parent Company | ||||
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| 938 | 2,654 | 311 | 917 | |
| – 247 | – 698 | – 82 | – 241 | |
| – | – | 161 | 173 | |
| 15 | – | – | – | |
| 5 | 8 | – 1 | –1 | |
| – 227 | – 690 | 78 | – 69 | |
| 2011 | 2010 | 2011 | 2010 | |
| Group Group |
Parent Company |
Note 10 Number of
employees Average number of employees (all in Sweden) 239 229 14 14
Salaries, remuneration and benefi ts
During 2011, the parent company had 6 (7) board members, of which 2 (2) are women, while the total number of board members in the Group's subsidiaries were 20 (21), of which 5 (5) are women. The Group and the parent company alike have 10 (10) senior executives, of which 2 (2) are women. The total number of senior executives in the subsidiaries' managerial bodies and the senior executives of the Group were 39 (39), of which 10 (10) are women.
of which women 90 89 7 6
| Group | Parent Company | |||
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| Salaries, remuneration and benefi ts | ||||
| Chairman of the Board | 0.5 | 0.5 | 0.5 | 0.5 |
| Other Board members (SEK 240,000 each) | 1.2 | 1.3 | 1.2 | 1.3 |
| Chief Executive Offi cer | ||||
| Fixed salary | 3.1 | 3.0 | 3.1 | 3.0 |
| Variable remuneration | 2.1 | 2.4 | 2.1 | 2.4 |
| Benefi ts | 0.1 | 0.1 | 0.1 | 0.1 |
| Other senior executives (Group:9, Parent Company:3) | ||||
| Fixed salary | 12.3 | 12.1 | 4.6 | 4.5 |
| Variable remuneration | 8.7 | 9.4 | 3.0 | 3.3 |
| Benefi ts | 0.7 | 0.6 | 0.2 | 0.2 |
| Other employees | 104.0 | 95.8 | 10.3 | 10.6 |
| Total | 132.7 | 125.2 | 25.1 | 25.9 |
| Contractural pension costs | ||||
| Chief Executive Offi cer | 0.7 | 0.7 | 0.7 | 0.7 |
| Other senior executives (Group:9, Parent Company:3) | 3.6 | 3.6 | 1.1 | 1.1 |
| Other employees | 10.6 | 11.9 | 0.7 | 0.8 |
| Total | 14.9 | 16.2 | 2.5 | 2.6 |
| Statutory social costs incl. special employer's contributions | ||||
| Chairman of the Board | 0.2 | 0.2 | 0.2 | 0.2 |
| Other Board members | 0.4 | 0.4 | 0.4 | 0.4 |
| Chief Executive Offi cer | 1.8 | 1.9 | 1.8 | 1.9 |
| Other senior executives (Group:9, Parent Company:3) | 7.4 | 7.6 | 2.7 | 2.8 |
| Other employees | 34.6 | 33.6 | 3.4 | 3.5 |
| Total | 44.4 | 43.7 | 8.5 | 8.8 |
| Total | 192.0 | 185.1 | 36.1 | 37.3 |
The executive management includes the Chief Executive Offi cer, the Deputy Chief Executive Offi cer with responsibility for business development, the Financial Director and Finance Director of Castellum AB and the six Managing Directors of the subsidiaries.
Executive management
Remuneration and benefi ts
Remuneration and benefi ts for the executive management are prepared by the remuneration committee and decided by the Board of Directors. The remuneration comprises a fi xed salary and a variable remuneration according to an incentive plan described below. During the three-year period of the plan, the variable remuneration can amount to a maximum of three years' salary.
The executive management, ten persons in total, have an incentive plan that comprises two parts:
- One profi t-based part based on the result of income from property management compared to the previous year, and an overall determination of the development of certain soft factors such as customer and personnel satisfaction. For the full outcome requires that the growth in income from property management per share is 10% per year. When growth is in the range 0-10%, a linear calculation of the incitament is made. The profi t-based part is paid out yearly as salary after the year-end closing and can total no more than six months' salary per year, equal to a cost of SEKm 10 for Castellum, including social costs. The plan runs out at the end of 2013.
- One share-price-based part based on the total return on the Castellum share during a three-year period, both in nominal fi gures and compared with index for real estate shares in Sweden, the Eurozone and Great Britain. In order to receive full outcome of the incentive program, the total return must be at least 50% during the period and the total return has to exceed the index development by at least 5%-units during the period. When growth is in the ranges 0-50% and 0-5%-units respectively, a linear calculation of the incentive is made. Any payments due is paid as salary after the measurement period of June 2011 – May 2014. During the three-year period, the share-price-based part can total no more than one-and-a-half-years' salary, equal to a cost for Castellum of SEKm 30, including social costs.
Executives in receipt of variable remuneration according to the incentive plan must acquire Castellum shares for at least half of the amount of the payment due after tax. The paid incentive does not affect pension contributions. Pensions
Persons in the Executive management have defi ned contribution pensions with no other obligations for the company than to pay an annual premium during the time of employment. This implies that these persons, after completed employment, have the right to decide on their own, the time-frame during which the defi ned payments and subsequent return will be received as pension. The retirement age for the CEO and other members of executive management is 65 years. Notice of dismissal
The period of notice shall, when given from the company, not exceed 24 months regarding the Managing Director, with an obligation to continue his or her work during the fi rst six months. Period of notice is 12 months for any other member of the executive management of the company, with an obligation to continue his or her work during the fi rst six months. When given by the Managing Director or any other member of the executive management of the company, the period of notice is to be six months. During the period of notice, salary and other benefi ts are paid, with deduction of salary and remuneration deriving from another employment or activity.
| Pensions for other employees |
Other employees in Castellum have defi ned contribution pensions, with no other obligations for the company than to pay an annual premium during the time of employment. This implies that these persons, after completed employment, have the right to decide on their own, the time-frame during which the defi ned payments and subsequent return will be received as pension. However, there is an exception for about 25 employees within the Castellum Group who instead have defi ned ITP-plans with regular payments to Alecta. Insurance premiums paid to Alecta during the year amounted to SEKm 1 (1). The surplus in Alecta may be distributed to the insurance holder and/or the insured. Alecta's surplus in the collective consolidation level as of December had not been made offi cial at the time of signing of this annual report and can therefore not be reported. Alecta's latest offi cial consolidation level was as of September 2011 113% (Decem ber 2010: 146%). The collective consolidation level is made up of the market value of Alecta's assets as a percentage of the insurance obligations calculated according to Alecta's assumptions for calculating the insurance, which do not comply with IAS 19. |
|---|---|
| Absence due to illness |
Absence due to illness for the year was 2% (2%), of which 0%-unit (0) was for long-term sick leave. Absences due to illness for men and women were 1% (1%) and 3% (3%) respectively. Absences due to illness were 1% (1%) for the age group 29 years and younger, 2% (1%) for the age group 30-49 years and 2% (3%) for the age |
for long-term sick leave.
group 50 years or older. Absence due to illness for the parent company was 1% (1%), of which 0%-unit (0) was
| Group | |||
|---|---|---|---|
| Note 11 | Investment Properties | 2011 | 2010 |
| Schedule of the changes during the year | |||
| Opening balance | 31,768 | 29,267 | |
| New construction, extension and reconstruction | 1,158 | 881 | |
| of which capitalized interest costs | 12 | 8 | |
| Acquisitions | 857 | 625 | |
| Sales | – 77 | – 204 | |
| Unrealized changes in value | 164 | 1,199 | |
| Currency transalation | – 3 | – | |
| Closing balance | 33,867 | 31,768 | |
| Schedule of tax assessment value | |||
| Buildings | 14,441 | 13,600 | |
| Land | 4,000 | 3,829 | |
| Total tax assessment value | 18,441 | 17,429 | |
| Rental income from investment properties | 2,919 | 2,759 | |
| Property costs for investment properties | 1,003 | 960 | |
| The Parent company does not own any investment properties. | |||
| Investments during the year |
During 2011, Castellum made investments totalling SEKm 2,015 (1,506), of which SEKm 857 (625) were acquisitions and SEKm 1,158 (881) new construction, extensions and reconstructions. Of the total investments SEKm 728 related to Greater Gothenburg, SEKm 541 to Öresund Region, SEKm 352 to Mälardalen, SEKm 226 to Greater Stockholm and SEKm 168 to Eastern Götaland. |
Signifi cant obligations Castellum has no signifi cant obligations to acquire or sell any investment property. However, Castellum is obligated to complete ongoing investments of a further SEKm 1,100 in addition to what is accounted for in the balance sheet.
| Larger ongoing investments | Investment, SEKm of which remaining, SEKm | To be completed | |
|---|---|---|---|
| Lindholmen 28:3, Gothenburg | 280 | 233 | Quarter 2 2013 |
| Atollen, Jönköping | 169 | 142 | Quarter 4 2013 |
| Fullriggaren 4, Malmö | 154 | 73 | Quarter 1 2013 |
| Forskaren 2, Lund | 149 | 58 | Quarter 4 2012 |
| Gården 15, Linköping | 106 | 60 | Quarter 1 2013 |
Valuation model According to accepted theory, the value of an asset consists of the net present value of the future cash fl ows that the asset is expected to generate. This section aims to describe and illustrate Castellum's cash fl ow-based model for calculation of the value of the real estate portfolio. The value of the real estate portfolio is calculated in this model as the total present value of net operating income minus remaining investments on ongoing projects, during the next nine years and the present value of the estimated residual value in year ten. The residual value in year ten consists of the total present value of net operating income during the remaining economic life span. The estimated market value of undeveloped land and building rights are added to this.
The required yield and the assumption regarding future real growth are of crucial importance for the calculated value of the real estate portfolio, as they are the most important value-driving factors in the valuation model. The required yield is the weighted cost of borrowed capital and equity. The cost of borrowed capital is based on the market interest rate for loans. The cost of equity is based on a "risk-free interest rate" equivalent to the long-term government bond rate with the addition of a "risk premium". The risk premium is unique to each investment and depends on the investor's perception of future risk and potential.
Castellum records the investment properties at fair value and has made an internal valuation of all properties as of December 31, 2011. The valuation was carried out in a uniform manner, and was based on a ten-year cash fl ow model, which was described in principle above. The internal valuation was based on an individual assessment for each property of both its future earnings capacity and its required market yield.
Assumptions of the cash fl ow
In assessing a property's future earnings capacity we took into account an assumed level of infl ation of 1.5% and potential changes in rental levels from each contract's rent and expiry date compared with the estimated current market rent, as well as changes in occupancy rate and property costs. In the valuation, the economic occupancy rate gradually improves during the 10-years period and reaches 96%. Included in property costs are operating expenses, maintenance, ground rent, real estate tax, and leasing and property administration.
| Assumptions per property category 31-12-2011, year 1 | Offi ce/Retail | Warehouse/Industrial |
|---|---|---|
| Rental value SEK/sq.m, | 1,239 | 734 |
| Vacancy | 11% | 10% |
| Direct property cost SEK/sq.m. | 323 | 173 |
| Property management SEK/sq.m | 35 | 25 |
Assumptions of the required yield
The required yield on equity is different for each property, and is based on assumptions regarding real interest rate, infl ation and risk premium. The risk premium is different for each property and can be divided into two parts - general risk and individual risk. The general risk makes up for the fact that a real estate investment is not as liquid as a bond, and that the asset is affected by the general economic situation. The individual risk is specifi c to each property, and comprises a weighted assessment of; the property's category, the town/city in which the property is located, the property's location within the town/city with reference to the property's category, if the property has the right design, is appropriate and makes effi cient use of space, the property's technical standard with regard to such criteria as the choice of materials, the quality of public installations, furnishing and equipment on the premises and apartments and the nature of the lease agreements, with regard to such issues as the length, size and number of agreements and where appropriate adjustment for leasehold land.
In order to calculate the required yield on total capital, an assumption has been made about the cost of borrowed capital of 5.5%. The required yield of borrowed capital comprises the real interest rate and infl ation. The loan to value ratio is assumed to be 55%-65%, depending on the property category.
The required yield on total capital is calculated by weighting the required yield on equity and the cost of borrowed capital depending on the capital structure. The required yield on total capital is used to discount the expected 10-year future cash fl ows, while the residual value is discounted by calculating the return on total capital minus growth which is set equal to the infl ation in order to not assume perpetual real growth
The calculated required yield is then calibrated compared to the markets required yield. To get an opinion about the markets required yield Castellum follows completed transactions. In an inactive market within a certain area or for a certain type of property, Castellum compares the data from transactions completed in a similar area or for a similar type of property. In the absence of completed transactions the opinion is based on existing macroeconomic factors.
The assumptions that form the basis for Castellum's valuation are shown in the table below.
| Assumptions per property category 31-12-2011 | Offi ce/Retail | Warehouse/Industrial |
|---|---|---|
| Real interest rate | 3.0% | 3.0% |
| Infl ation | 1.5% | 1.5% |
| Risk | 4.9% – 11.5% | 6.5% – 13.7% |
| Return on equity | 9.4% – 16.0% | 11.0% – 18.2% |
| Interest rate | 5.5% | 5.5% |
| Loan to value ratio | 65% | 55% |
| Return on total capital | 6.8% – 9.2% | 8.0% – 11.2% |
| Weighted d:o, discounted factor year 1-9 | 7.9% | 9.1% |
| Weighted d:o, discounted factor residual value* | 6.4% | 7.6% |
| *(required yield on total capital minus growth equal to infl ation) |
The change in value in Castellum's portfolio during the year amounted to SEKm 194 (1,222), corresponding to approx. 0.6% (4%). The change in value mainly relates to acquisitions and project gains. No general change in the the required yield in the internal valuations has been made during the year. On the property level, however, adjustments has been made on both individual required yield and future cash fl ow. The change in value also covers SEKm 30 due to sales of 4 properties where the sale price of SEKm 107 exceeded the valuations by 39%.
The average valuation yield for Castellum's real estate portfolio, excluding development projects and undeveloped land, can be calculated to 7.2% (7.2%). Contracted rental levels are considered to be in line with the market levels.
| Average valuation yield, SEKm | 2011 | 2010 |
|---|---|---|
| Net operating income, properties according to income statement | 1,916 | 1,799 |
| Reversed leasing and property administration | 163 | 149 |
| Net operating income, ongoing development projects | 0 | – 2 |
| Properties acquired/completed as if they had been owned the whole year | 64 | 49 |
| Properties sold | – 1 | – 8 |
| Net operating income excl. leasing and property admin. for properties as if | ||
| they had been owned during the whole year, excl. projects and land | 2,142 | 1,987 |
| Adjusted for: | ||
| Index adjustments 2012, 2% | 64 | 45 |
| Real occupancy rate, 94% at the lowest | 229 | 225 |
| Property costs to a normal year | – | 25 |
| Property administration, 30 SEK/sq.m. | – 102 | – 98 |
| Normalized net operating income | 2,333 | 2,184 |
| Valuation excl. building rights of SEKm 460 (496) | 32,594 | 30,213 |
| Average valuation yield | 7.2% | 7.2% |
Development projects and building rights
Projects in progress have been valued using the same principle, but with deductions for remaining investment. Sites with building rights and undeveloped land have been valued on the basis of an estimated market value per square metre on average approx. SEK 980 per sq.m. (970).
The value of the real estate portfolio
The internal valuation shows a fair value of SEKm 33,867 (31,768), which is an increase in value of approx. 0.6% (4%). Of the value approx. SEKm 3,340 are properties hold through site leasehold rights, with a rental income of SEKm 352. The table below shows the fair value distributed by property category and region.
| Warehouse/ | Projects | |||
|---|---|---|---|---|
| Property value, SEKm 31-12-2011 | Offi ce/Retail | Industrial | and land | Total |
| Greater Gothenburg | 6,012 | 4,862 | 149 | 11,023 |
| Öresund Region | 5,271 | 1,750 | 282 | 7,303 |
| Greater Stockholm | 4,352 | 1,945 | 260 | 6,557 |
| Mälardalen | 4,241 | 913 | 14 | 5,168 |
| Eastern Götaland | 2,968 | 740 | 108 | 3,816 |
| Total | 22,844 | 10,210 | 813 | 33,867 |
External valuation In order to provide further assurance and validation of the valuation 133 properties, representing 51% of the value of the portfolio, were valued by NAI Svefa. The properties were selected on the basis of the largest properties in terms of value, but also in order to refl ect the composition of the portfolio as a whole in terms of category and geographical location of the properties. NAI Svefa's valuation of the selected properties amounted to SEKm 17,058, within an uncertainty range of +/– 5-10% on property level. The size of the uncertainty range varies depending on each property's category and location. Castellum's valuation of the same properties amounted to SEKm 17,240, i. e. a net change of SEKm 182 corresponding to 1%. Gross deviation was SEKm +347 respectively SEKm –529 with an average deviation of 5%.
Uncertainty range and sensitivity analysis
A property's market value can only be confi rmed when it is sold. Property valuations are calculations performed according to accepted principles and on the basis of certain assumptions. The value range of +/– 5-10% often used in property valuations should be seen as an indication of the uncertainty that exists in such assessments and calculations. In a less liquid market, the range can be bigger. For Castellum, an uncertainty range of +/– 5%, means a range in value of +/– 1,693 SEKm which corressponds to SEKm 32,174 – 35,560.
| Sensitivity analysis +/–1%-unit | Effect on value, SEKm | |
|---|---|---|
| Rental value SEK/sq.m. | +/– 463 | |
| Economic occupancy rate | +/– 493 | |
| Property costs SEK/sq.m. | –/+ 124 | |
| Required yield = Discount rate | –/+ 4,800 |
The sensitivity analysis shown above illustrates how a +/- 1%-unit change in growth assumptions in future cash fl ow and required yield affects the valuation. The sensitivity analysis is however not realistic thus one isolated parameter rarely changes, since the assumptions made are linked together regarding cash fl ow and required yield.
| Group | Parent Company | |||||
|---|---|---|---|---|---|---|
| Equipment | 2011 | 2010 | 2011 | 2010 | Note 12 | |
| Opening acquisition value | 60 | 56 | 3 | 3 | ||
| Acquisitions | 9 | 6 | 1 | 0 | ||
| Sales / Retirement of assets | – 8 | – 2 | 0 | 0 | ||
| Closing acquisition value | 61 | 60 | 4 | 3 | ||
| Opening depreciation | – 48 | – 43 | – 3 | – 3 | ||
| Sales / Retirement of assets | 8 | 1 | 0 | 0 | ||
| Depreciation for the year | – 6 | – 6 | 0 | 0 | ||
| Closing depreciation | – 46 | – 48 | – 3 | – 3 | ||
| Book value | 15 | 12 | 1 | 0 |
Shareholders' Equity and Net Asset Value Note 13
Share capital
The share capital as of 31 December, 2011 consisted of 172,006,708 registered A-shares with one vote per share and a par value of 0.50 per share. All shares are fully paid. Of the registered shares, Castellum owns 8,006,708, to a total nominal value of SEK 4,003,354. The number of outstanding shares thus totals 164,000,000, which is the same amount as for the corresponding period previous year. The repurchased shares do not carry any voting rights and are not entitled to dividend. There are no restrictions regarding dividend or other types of repayment. There is no potential common stock such as convertible shares, or preferential rights to accumulated dividend (preference shares).
Items in shareholders´
equity
| Development of | Number | Par value | Share capital, | |
|---|---|---|---|---|
| share capital | Date | of shares | per share | SEK |
| Formation A-shares | 27-10-1993 | +500 | 100 | +50,000 |
| New share issue, A-shares | 27-09-1994 | +999,500 | 100 | +99,950,000 |
| Share split 50:1 | 25-03-1997 | +49,000,000 | 2 | – |
| IPO | 23-05-1997 | 50,000,000 | 2 | 100,000,000 |
| New share issue, C-shares | 12-07-2000 | +7,142,857 | 2 | +14,285,714 |
| Redemption, A-shares | 12-07-2000 | –6,998,323 | 2 | –13,996,646 |
| Redemption, C-shares | 13-11-2000 | –7,142,857 | 2 | –14,285,714 |
| Share split 4:1 | 27-04-2006 | 129,005,031 | 0.50 | – |
| Year-end | 31-12-2011 | 172,006,708 | 0.50 | 86,003,354 |
Other capital contribution
Other capital contribution is shareholders´ equity contributed by shareholders.
Currency translation reserve
Currency translation differencies as a result of foreign operations.
Currency hedge reserve
Refers to the effective part of unrealized changes in value related to currency derivates used to hedge investments in foreign operations.
Retained earnings
Retained earnings relates to earnings earned in the Group. The Group's earlier depositions to the restricted reserves is included in this item.
Restricted and non-restricted equity in the parent company
According to the Swedish Companies Act shareholders' equity is made up of restricted (non-distributable) and nonrestricted (distributable) equity. Dividend to the shareholders may only be such that there after the distribution is full coverage for restricted equity in the parent company. Further, distribution of profi ts may only be made if it is justifi ed with respect to the demands put on the amount of equity needed by the type of business, extent and risk of operations, company and Group consolidation needs, liquidity and fi nancial position in general.
During the year 2000, Castellum repurchased 8,006,708 of the company's own shares for a total of SEKm 194, equivalent to 4.7% of the total registered number of shares. Since then no repurchase of the company's own shares have been made.
Dividend is proposed by the Board of Directors according to the rules of the Companies Act and decided by the annual general meeting. The proposed dividend, not yet paid out, for the fi nancial year 2011 is SEK 3.70 per share, SEKm 607 in total. The amount is recorded as debt after the annual general meeting has approved the dividend.
Own shares repurchased
Dividend
Net asset value Net asset value can be calculated both long and short term. Long term net asset value is based on the balance sheet with adjustments for items that will not lead to any short term payment, such as in Castellum's case, interest rate derivatives and deferred tax liability. This means that shareholders' equity according to the balance sheet shall increase with SEKm 1,003 and SEKm 3,714 respectively.
Actual net asset value is equity according to the balance sheet adjusted for deferred tax liability. Present accounting principles states that the deferred tax liability shall be recognized at nominal 26.3%, while the real deferred tax is substantially lower, due to the possibility so sell properties in a taxeffi cient way and the time factor. The present assessment is that the discounted real deferred tax liability does not exceed 5%, meaning that an additional SEKm 2,993 should be recorded in equity.
The value range of +/– 5-10% often used in property valuations should be viewed as an indication of the uncertainty that exists in assessments and calculations made. For Castellum this is equal to a range of SEKm +/– 1,608 after tax.
| Net asset value | SEKm | SEK/share |
|---|---|---|
| Equity according to the balance sheet | 11,203 | 68 |
| Reversed | ||
| Derivatives according to the balance sheet | 1,003 | 6 |
| Deferred tax according to the balance sheet | 3,714 | 23 |
| Long term net asset value (EPRA NAV) | 15,920 | 97 |
| Deduction | ||
| Derivatives as above | – 1,003 | – 6 |
| Estimated real liability, deferred tax 5% | – 721 | – 4 |
| Actual net asset value (EPRA NNNAV) | 14,196 | 87 |
| Uncertainty range valuation of properties +/– 5% after tax | +/– 1,608 | +/– 10 |
Capital structure Castellum will have a stable capital structure with low fi nancial risk, meaning a loan to value ratio not permanently exceeding 55% and an interest coverage ratio of at least 200%.
In the balance sheet there is, besides shareholders equity, liabilities which in principle are both interest free and amortization free and therefore can be considered as shareholders equity. The real estate industry therefore uses loan to value as a key ratio for capital structure and not solidity. For the same reason the net asset value can be calculated in different ways, which is shown above.
Castellum´s objective is based on growth in cash fl ow and is not directly related to the net asset value. The objective is an annual growth in cash fl ow, i.e., income from property management per share, of at least 10%. In order to achieve this objective, net investments of at least 5% of the property value will be made yearly. At the moment, this is equivalent to approx. SEKm 1,700. All investments will contribute to the objective of growth in income from property management within 1-2 years and have a potential asset growth of at least 10%. Sales of properties will take place when justifi ed from a business standpoint and when an alternative investment with a higher return can be found.
| Group | Parent Company | ||||
|---|---|---|---|---|---|
| Note 14 | Liabilities | 2011 | 2010 | 2011 | 2010 |
| Interest-bearing liabilities due within | |||||
| one year of the balance sheet date | – | – | 608 | 230 | |
| Other non-interest-bearing liabilities due within | |||||
| one year of the balance sheet date | 1,091 | 997 | 154 | 157 | |
| Interest-bearing liabilities due within | |||||
| 1-5 years of the balance sheet date | 9,314 | 9,019 | 11,500 | 10,710 | |
| Interest-bearing liabilities due more than | |||||
| 5 years after the balance sheet date | 7,846 | 6,762 | 5,700 | 5,700 | |
| Total excl. deferred tax liability and interest rate derivatives | 18,251 | 16,778 | 17,962 | 16,797 |
During 2012, current interest-bearing liabilities amounting to SEKm 2,138 (1,777) are due for payment, but since they are covered by unutilized long-term credit agreements, they are treated as long-term interest-bearing liabilities.
Note 15 Deferred Tax Liability / Asset
A realization of all assets and liabilities to book value for the Group and utilization of all existing tax loss carry forward would, as is shown in the table below, result in a taxable income of SEKm 14,425 (13,423), equivalent to a tax payment of SEKm 3,794 (3,531). Castellum has deferred tax of SEKm 80 which relates to properties aquired during the year accounted for as asset acquisitions. According to present regulations the deferred tax at the time of the accquistion is not allowed to be accounted for in the balance sheet, which is shown in the table below.
As far as the parent company is concerned the deferred tax asset of SEKm 271 (169) consists of 26.3% of the unutilized tax loss carry forwards of SEKm 1,031 (643).
Castellum´s tax loss carry forwards were estimated to SEKm 1,772 (1,406) December 31, 2011. The change may be seen in the table in note 9
Tax loss carry forward
When calculating the tax effect on a sale of all properties in the Group, the book value in the Group of SEKm 33,867 (31,768) must be compared to the residual value for tax purposes in the legal entity, which amounts to SEKm 17,670 (16,939). This means that if all of Castellum's properties were sold, the taxable net profi t would exceed the recorded profi t in the Group by SEKm 16,197 (14,829). Previous write-downs where tax deductions have been assessed to amount approx. SEKm 220. These may be reversed in the case of future increases in value.
Surplus- and sub value of properties for tax purposes
| 2011 | 2010 | |||
|---|---|---|---|---|
| Deferred tax liability | Basis | Tax 26.3% | Basis | Tax 26.3% |
| Tax loss carry forwards | ||||
| Opening balance | 1,406 | 370 | 1,885 | 496 |
| Change of the year in the income statement | 366 | 96 | – 479 | – 126 |
| Closing balance in the balance sheet | 1,772 | 466 | 1,406 | 370 |
| Difference between the properties book and tax basis | ||||
| value | ||||
| Opening balance | – 14,829 | – 3,901 | – 12,624 | – 3,320 |
| Change of the year in the income statement | – 1,173 | – 317 | – 2,142 | – 564 |
| Company acquisition/sale of properties | – 195 | – 42 | – 63 | – 17 |
| Closing balance | –16,197 | – 4,260 | – 14,829 | – 3,901 |
| Deductible relating to asset acquisitions | 304 | 80 | 109 | 29 |
| Closing balance in the balance sheet | – 15,893 | – 4,180 | – 14,720 | – 3,872 |
| Total | ||||
| Opening balance | – 13,314 | – 3,502 | – 10,739 | – 2,824 |
| Change of the year | – 807 | – 212 | – 2,575 | – 678 |
| Closing balance | – 14,121 | – 3,714 | – 13,314 | – 3,502 |
Derivatives Note 16
Castellum's strategy of using interest rate derivatives in order to manage the interest rate risk and achieve the desired interest rate maturity structure means that there may be changes in value of the interest rate derivatives portfolio from time to time. These changes occur partly due to changes in market interest rates and partly due to the time factor. As of December 31, 2011 the market value of the interest rate derivatives portfolio amounted to SEKm –1,003 (–574).
In the balance sheet derivates are accounted for as long-term liabilities since the amount will not be settled in cash. Although a theoretical, during 2012 matured amount, can be mathematical calculated to SEKm 197.
The table below shows the interest rate derivatives portfolio's nominal net amount and market value as of 31-12-2011 and the market value of the portfolio with a +/- 1%-unit change in the interest rate. Interest rate derivatives which include an option has, based on the date of termination, been reported in the same time segment as prior to the assumed change in interest rate.
| End | Amount, | Acquistion | Market value, | Average | Market value | Market value |
|---|---|---|---|---|---|---|
| date | SEKm | value, SEKm | SEkm | interest rate | interest +1%-unit | interest -1%-unit |
| 2012 | 100 | – | – 1 | 3.3% | 0 | – 1 |
| 2013 | 1,800 | – | – 55 | 4.0% | – 26 | – 85 |
| 2014 | 600 | – | – 48 | 3.8% | – 31 | – 65 |
| 2015 | 1,450 | – | – 138 | 4.6% | – 92 | – 187 |
| 2016 | 3,150 | – | – 272 | 3.6% | – 161 | – 421 |
| 2017+ | 3,700 | – | – 489 | 3.8% | – 201 | – 833 |
| Total | 10,800 | – | – 1,003 | 3.9% | – 511 | – 1,592 |
Interest rate derivates with a market value of SEKm 0 is not included in the table above, since a change in the market interest rate has an unsignifi cant effect on the market value.
Long-term Interest-bearing Liabilities Note 17
Castellum's funding and management of fi nancial risk are conducted in accordance with the fi nancial policy adopted by the Board of Directors.
The objectives in the fi nancial policy are:
- Maintaining a stable capital structure, with a loan to value ratio not exceeding 55% in the long run and an interest coverage ratio of at least 200%.
- Securing the required liquidity and long-term funding.
- Achieving low and stable net interest expense within the given risk authorization.
The fi nancial policy outlines the given authorization and limits for managing fi nancial risks defi ned in the policy, overall delegation of responsibilities and how fi nancial risk should be reported. Financial policy
Objectives
All fi nancial risk management is centralized in the parent company and the fi nance function works as the Groups treasury department. The fi nancial operations in Castellum shall be run in such manner that the costs for fi nancial risk management are minimized. Meaning that Castellum carries out fi nancial transactions based on estimations of the Group's overall long-term funding needs, liquidity and increased interest rate risk. Hence, the fi nancial risk management is carried out on portfolio level. Portfolio management of funding means that an intra Group transaction, such as an internal loan, is not replicated by an identical external transaction. Instead loans are drawn under short or long term credit agreements, based on the Group's overall funding needs. For a cost effective management of the interest rate risk an assessment is made of the interest rate risk that occurs when a payment is made or a new loan is drawn with short fi xed interest term under different credit agreements, followed by interest rate derivative transactions are made in order to achieve the desired fi xed interest term on the total amount of debts. The internal bank works with a cash pool system of bank accounts for the Group´s liquidity fl ows.
| Policy | Objective/Mandate | Outcome |
|---|---|---|
| Loan to value ratio | Not in the long run exceeding 55% | 51% |
| Interest coverage ratio | At least 200% | 278% |
| Interest rate risk | ||
| – average fi xed interest rate | 0.5-3 years | 2.7 år |
| term | ||
| – proportion maturing within 6 | No more than 50% | 34% |
| months | ||
| Currency risk | ||
| – investment | 60-100% funded in local currency | 97% |
| – other currency risk | Not allowed | No exposure |
| Funding risk | At least 50% interest bearing liabilities have a | 100% |
| duration of at least 2 years. | ||
| Counterparty risk | Credit institutions with high ratings, at least | Satisfi ed |
| "investment grade" | ||
| Liquidity risk | Liquidity reserve in order to fulfi ll payments | SEKm 2,731 in unutilized |
| due | credit agreements |
The parent company holds a function, separated from the treasury department, that provides accounting and independent control of the fi nancial management and the fi nancial risks. Financial risks defi ned in the fi nancial policy, are reported quarterly to the Board of Directors. In order to improve and adjust the fi nancial risk management the Board of Directors reveiws of the fi nancial policy each year.
Borrowing, maturity structure and interest rates
Properties are long term assets and demands long term funding where the ratio between equity and interest bearing debt is set to obtain necessary funding. The loan to value ratio is the fi nancial key ratio that describes the proportion of the property´s value covered by loans. Castellum´s objective is a loan to value ratio not exceeding 55% in the long run. The loan to value ratio at year end was 51% (50%).
Demands for long-term funding make Castellum look for long term capital in credit agreements in order to minimize the risk of refi nancing. To reach maximum fl exibility utilized loans are revolving, i e the turnover interest rate is normally within 1-3 months. Short term revolving loans leads to great fl exibility when it comes to fi xed interest rate terms, basis for interest rate and the opportunity for amortization at every turnover occasion without any marginal breaking costs or other compensation to lenders. The objective is to minimize the interest-bearing liabilities, and cash is therefore used primarily to repay outstanding debts.
In order to secure Castellum's need liquidity and long-term funding, Castellum are regularly re-negotiating and, when needed entering into new credit agreements or forms of borrowing. At the year-end Castellum had long term credit agreements totalling SEKm 19,374 (18,062), of which SEKm 2,311 (2,293) was unutilized, long term bonds totalling SEKm 0 (200), outstanding commercial papers totalling SEKm 2,235 (1,377), short term credit agreements totalling SEKm 420 (520). The average duration of Castellum's long-term credit agreements as of 31-12-2011 was 5.1 years (5.0).
Margins and fees in long term credit agreements had an average duration on 3.5 years (2.6). After deducting liquidity of SEKm 97 (12), net interest bearing liabilities were SEKm 17,063 (15,769), giving Castellum easy access to new funding for investments in new constructions, extensions and reconstructions. During the year new long term agreements totalling SEKm 1,312 have been signed and exisitng credit agreements totalling SEKm 5,800 have been renegotiated and extended.
| Credit agreements/-limits | Amount, SEKm | Utilized, SEKm |
|---|---|---|
| Long term credit agreements | 19,374 | 14,925 |
| Short term credit agreements | 420 | – |
| Liquidity | – | – 97 |
| Total credit agreements | 19,794 | 14,828 |
| Commercial paper program | 4,000 | 2,235 |
| Total | 23,794 | 17,063 |
The debt maturity structure for the credit agreements, as may be seen in the table below, shows when in time the credit agreements fall due for renegotiation or repayment.
| Debt maturity structure | Credit agreements, SEKm | Utilized, SEKm |
|---|---|---|
| 1-2 years | 207 | 7 |
| 2-3 years | 7 | 7 |
| 3-4 years | 7,307 | 4,257 |
| 4-5 years | 4,007 | 4,007 |
| 5-10 years | 7,846 | 6,647 |
| Total long term credit agreements | 19,374 | 14,925 |
| Short term credit agreements (0-1 year) | 2,655 | 2,138 |
| Total credit agreements | 22,029 | 17,063 |
| Unutilized credits in long term credit agreements | 2,311 |
The credit agreements can be divided into following categories:
- Loans pledged by Castellum's receivables from subsidiaries, including mortgages. Utilized credits secured by pledged mortgages were at the end of the year SEKm 14,797. In addition to the mortgages the majority of the credit agreements include commitments regarding loan to value ratio and interest coverage ratio, so called fi nancial covenants. In all cases the fi nancial covenants are issued with in safe margins to Castellum´s objectives for the capital structure and state a loan to value ratio not exceeding 65% and an interest coverage ratio of at least 150%.
- Loans directly to subsidiaries pledged by mortgages. Loans directly to subsidiary have, in the majority of the cases, also a guaranteed commitment from the parent company.
- Unsecured loans.
- Issuing of bonds, without pledged securitiy.
- Issuing of commercial papers, without pledged security.
Irrespective of the type of credit agreement they include usual conditions for cancellation and sometimes also conditions for renegotiation if there is a material adverse change in business or in the case of discontinued stock exchange listing. If the lender, in such renegotiation calls on the right and the parties cannot agree, the agreements contain specifi ed terms for the time of termination for those agreements covered by such conditions.
Changes in market interest rates affect net fi nancial items. How quickly and by how much largely depends on the chosen fi xed interest term. To ensure low and stable net fi nancial items in terms of cash fl ow Castellum has generally chosen to fi x interest rates for a relatively long period. This limits the immediate effect in net fi nancial items caused by changes in the market interest rates.
For the same reason Castellum has chosen to sign mainly long-term credit agreements with agreed spreads with banks. However changes in both of these markets will over time affect net fi nancial items.
The interest coverage ratio is the fi nancial key ratio that describes a company's resistance and level of risk for changes in net fi nancial items. Castellum's objective is an interest coverage ratio of at least 200%. For 2011 the interest coverage ratio was 278% (299%).
The average fi xed interest term as of 31 December 2011 was 2.7 years (2.6), the average effective interest rate was 4.0% (3.9%) and the average interest rate for the year was 4.1% (3.7%). Margins and fees on long-term credit agreements had an average duration of 3.5 years (2.6). The market interest rate for an average equal portfolio, regarding both current market rate and estimated credit margin, can be assessed to 4.7% (4.0%). The present value of these credit margins is calculated to SEKm 400-600. The range refl ects the great uncertainty that exists for establishing a credit margin that would be applicable to new bilateral loan agreements. In light of the discussions that Castellum continuously has with banks and other participants in the credit and capital market, it is Castellum's assessment that existing credit margins differ favourably compared to today's credit margins. Due to the great uncertainty and the fact that bilateral loan agreements cannot be converted or transferred - unlike, for example, listed fi nancial contracts - the amount is not included in the calculating of the per share net asset value.
With a change in the interest rate of +/– 1%, the effect on the result for the next 12 months will amount to SEKm –61 and +52, respectively.
In the interest rate maturity structure, interest rate derivates are accounted for in the earliest time segment in which the can mature. Credit margins are distributed in the interval of the underlying loans.
| Interest rate maturity structure | Loan, SEKm | Derivates, SEKm | Amount, SEKm | Average |
|---|---|---|---|---|
| interest rate | ||||
| 0-1 years | 17,063 | – 9,400 | 7,663 | 3.7% |
| 1-2 years | – | 1,800 | 1,800 | 4.0% |
| 2-3 years | – | 600 | 600 | 3.8% |
| 3-4 years | – | 1,250 | 1,250 | 4.8% |
| 4-5 years | – | 2,450 | 2,450 | 4.4% |
| 5-10 years | – | 3,300 | 3,300 | 4.2% |
| Total | 17,063 | – | 17,063 | 4.0% |
Currency risk
Castellum has made investments in Denmark, which means that the Group is exposed to a currency risk. A currency translation risk is primarily related to when income statement and balance sheet in foreign exchange are translated into Swedish currency. In accordance with fi nancial policy, between 60-100% of investments in foreign subsidiaries are to be fi nanced in that country's currency. The transaction risk in the Group is unsignifi cant and will be managed by matching income by costs.
| Group | |||||
|---|---|---|---|---|---|
| Note 18 | Prepaid Income | 2011 | 2010 | 2011 | 2010 |
| Rents paid in advance | 438 | 330 | – | – | |
| Accrued interest | 140 | 131 | 140 | 131 | |
| Other | 149 | 154 | 10 | 21 | |
| Total | 727 | 615 | 150 | 152 | |
| Group | Parent Company | ||||
| Note 19 | Pledged assets | 2011 | 2010 | 2011 | 2010 |
| Property mortgages | 18,986 | 17,421 | – | – | |
| Long-term receivables, group companies | – | – | 16,103 | 14,721 | |
| Total | 18,986 | 17,421 | 16,103 | 14,721 | |
| Group | Parent Company | ||||
| Note 20 | Contingent Liabilities | 2011 | 2010 | 2011 | 2010 |
| Guaranteed commitments for subsidiaries | – | – | 1,174 | 1,062 |
Normally the parent company is the borrower, but when the property owning company borrows directly, the parent company provides guaranteed commitments for subsidiaries.
Total – – 1,174 1,062
Note 21 Participations in Group Companies
The principles for consolidation are described in the accounting principles. Directly owned subsidiaries are listed below. Other companies in the Group are included in each respective subsidiary's annual report.
| Corporate | Registered | Share of | Book | |
|---|---|---|---|---|
| Directly owned subsidiaries | identity no. | offi ce | capital | value |
| Fastighets AB Brostaden | 556002-8952 | Stockholm | 100% | 1,205 |
| Aspholmen Fastigheter AB | 556121-9089 | Örebro | 100% | 797 |
| Eklandia Fastighets AB | 556122-3768 | Gothenburg | 100% | 1,010 |
| Harry Sjögren AB | 556051-0561 | Mölndal | 100% | 804 |
| Fastighets AB Corallen | 556226-6527 | Värnamo | 100% | 589 |
| Fastighets AB Briggen | 556476-7688 | Malmö | 100% | 933 |
| Fastighets AB Regeringsgatan | 556571-4051 | Gothenburg | 100% | 0 |
| Total | 5,338 |
| Parent Company | ||
|---|---|---|
| 2011 | 2010 | |
| Opening acquisition value | 5,217 | 4,087 |
| Changed accounting principle | – | 960 |
| Paid shareholders´contribution | 55 | – |
| Paid Group contribution, net value after tax | 66 | 170 |
| Closing acquisition value / book value | 5,338 | 5,217 |
Note 22 Long-term Receivables, Group Companies Parent Company
| Closing acquisition value / book value | 17,432 | 16,195 |
|---|---|---|
| New lending to subsidiaries | 1,237 | 294 |
| Opening acquisition value | 16,195 | 15,901 |
| 2011 | 2010 |
Financial Instruments - future cash fl ow etc. Note 23
Future cash-fl ows attributable to interest rate derivatives as well as liabilities are shown in the table below. Cash-fl ows related to interest rate derivatives consist of interest paid minus interest received. To calculate the variable part of the interest rate derivative, the Stibor interest rate - as listed at year end - has been used throughout the full term of the derivative. In calculating cash-fl ow attributable to loan, the assumption is made that a maturing loan is replaced by a new one during the term or maturity of the underlying credit agreement and to a Stibor interest rate as listed at year end.
| Derivates | Loan | |||||||
|---|---|---|---|---|---|---|---|---|
| Interest | Interest rate | Interest rate | Loan, | Mature | Loan , | Interest | ||
| Year | rate to pay, | to earn, | costs, SEKm | opening | closing | costs, SEKm | ||
| SEKm | SEKm | balance | balance | |||||
| 2012 | – 422 | 285 | – 137 | 17,160 | – 2,235 | 14,925 | – 558 | |
| 2013 | – 402 | 274 | – 128 | 14,925 | – 7 | 14,918 | – 529 | |
| 2014 | – 363 | 249 | – 114 | 14,918 | – 7 | 14,911 | – 528 | |
| 2015 | – 333 | 230 | – 103 | 14,911 | – 4,257 | 10,654 | – 491 | |
| 2016 | – 243 | 173 | – 107 | 10,654 | – 4,007 | 6,647 | – 310 | |
| 2017+ | – 431 | 322 | – 109 | 6,647 | – 6,647 | 0 | – 253 | |
| Total | –2 194 | 1 533 | – 661 | – 17,160 | – 2,669 |
The categories of the fi nancial instruments in the groups balance sheet is shown in the table below.
| SEKm | Loan and accounts receivable | Financial liabilities recorded | Financial liabilities recorded at | ||||
|---|---|---|---|---|---|---|---|
| at fair valut through income | accrued acquisition value | ||||||
| statement | |||||||
| 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | ||
| Rent receivables | 20 | 10 | – | – | – | – | |
| Other receivables | 14 | 63 | – | – | – | – | |
| Prepaid expenses and | |||||||
| accrued income | 64 | 53 | – | – | – | – | |
| Cash and bank | 97 | 12 | – | – | – | – | |
| Long-term liabilities | – | – | – | – | 17,160 | 15,781 | |
| Derivates | – | – | 1,003 | 574 | – | – | |
| Accounts payable | – | – | – | – | 163 | 133 | |
| Other liabilities | – | – | – | – | 149 | 226 | |
| Accrued expenses and | |||||||
| prepaid income | – | – | – | – | 727 | 615 | |
| Total | 195 | 138 | 1,003 | 574 | 18,199 | 16,755 |
Financial instruments such as rent receivables, accounts payable etc. are recorded at accrued acquisition value with deduction for any write-downs. Hence, fair value is assessed to comply with book value. Long-term interest bearing liabilities have a fi xed interest term of three months, whereas credit margins have longer terms of maturity. Today there is an estimated surplus value related to the credit margins of SEKm 400-600, as shown in note 17.
Subsequent Events Note 24
The Financial Reports are a part of the Annual Report and were signed by the Board of Directors on February 3, 2012. The Board of Directors of Castellum AB intends to propose the annual general meeting a dividend of SEK 3.70 per share, which is an increase of 3% compared to previous year. The Income Statement and the Balance Sheet for the Parent Company and the Group shall be adopted at Castellum AB's Annual General Meeting, which will take place on March 22, 2012.
Proposed Distribution of Profits
The following funds are at the Annual General Meetings disposal: Retained profits SEK 4,361,406,438 Net income for the year SEK 389,641,182
| SEK 4,751,047,620 | ||||||
|---|---|---|---|---|---|---|
| The Board of Directors propose that the retained profits be appropriated as follows: | |
|---|---|
| Dividend to shareholders, SEK 3.70 per share | SEK 606,800,000 |
| Carried forward to the new accounts | SEK 4,144,247,620 |
| SEK 4,751,047,620 |
The company has 172,006,708 registered shares, of which 8,006,708 are currently the company's own repurchased shares and are not entitled to dividends.
The total dividend payment proposed above of SEK 606,800,000 can be changed if the number of the companys own repurchased shares changes before the record date for the dividend.
Statement regarding Proposed Distribution of Profit
Reasons
The group's equity has been calculated in accordance with IFRS standards, approved by the EU, and the interpretations of these standards (IFRIC), as well as in accordance with the provisions of Swedish law by application of the recommendation RFR 1 of the Swedish Financial Reporting Board (Supplementary Accounting Standards for Groups). The equity of the parent company has been calculated in accordance with Swedish law and by application of the recommendation RFR 2 of the Swedish Financial Reporting Board (Accounting for Legal Persons).
It is noted that the proposed distribution constitutes 52% of the group's income from property management, which is in line with the express target to distribute at least 50% of the group's income from property management, having considered investment plans, consolidation needs, liquidity and overall position. The group's net income after tax and changes in value for the year amounted to SEKm 711. The distribution policy is based on the group's income from property management, on account of which increases and/or decreases in value on the group's properties and on interest rate derivatives not affecting cash flow, do not normally affect the distribution. That kind of profit or loss, not affecting cash flow, have furthermore not been taken into consideration in previous year's resolutions regarding distribution of profit.
The board of directors concludes that the company's restricted equity is fully covered after the proposed distribution.
The board of directors also concludes that the proposed distribution to the shareholders is justified considering the parameters in section 17 subsection 3, second and third paragraphs of the Swedish Companies Act (the nature, scope and risks of the business as well as consolidation needs, liquidity and overall position). The board of directors would in this context like to emphasise the following.
The nature, scope and risks of the business
The board of directors estimates that the equity of the company as well as the group will, after the proposed distribution, be sufficient in relation to the nature, scope and risks of the business. The board of directors has in this context considered, inter alia, the historical development of the company and the group, budgeted development, investment plans and the economic situation.
Consolidation needs, liquidity and overall position
Consolidation needs
The board of directors has made a general estimation of the financial position of the company and the group, and the possibilities of fulfilling their obligations in the long run. The proposed dividend constitutes 12% of the company's equity and 5% of the group's equity. The express target for the group's capital structure, meaning a loan to value ratio not permanently exceeding 55% and an interest coverage ratio of at least 200%, will be maintained after the proposed dividend. The capital structure of the company and the group is good considering the prevailing conditions of the real estate business. In light of the above, the board of directors concludes that the company and the group have all the necessary requirements to manage future business risks and also to carry potential losses. Planned investments have been considered when deciding on the proposed dividend.
Liquidity
The proposed dividend will not affect the company's or the group's ability to meet their payment obligations in a timely manner. The company and the group have good access to liquidity reserves through short-term as well as long-term credits. The credits may be utilised at short notice, meaning that the company and the group are prepared to handle liquidity fluctuations as well as possible unexpected events.
Overall position
The board of directors has considered all other known conditions which might affect the financial position of the company and the group and which have not been considered within the scope of the above considerations. No circumstances have however been found showing that the proposed dividend would not be justified.
Evaluation to actual value
Derivatives instruments and other financial instruments have been valued to the actual value in accordance with section 4 subsection 14a of the Swedish Annual Accounts Act. The valuation has showed an undervalue of SEKm 739 after taxes, which has affected the equity by the mentioned amount.
Gothenburg January 24, 2012 The Board of Directors
Signing of the Annual Report
As far as we know the Annual Report is prepared in accordance with generally accepted accounting principles. The Annual Report give a true and fair view of the company's fi nancial position and results, and the directors' report give a true and fair overview of the development of the company's operations, fi nancial position and results, and discribes the signifi cant risks and factors of uncertainty facing the company.
The consolidated accounts have been prepared in accordance with the international accounting standards covered in Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards. The consolidated accounts give a true and fair view of the group's fi nancial position and results, and the directors' report for the consolidated accounts give a true and fair overview of the development of the group's operations, fi nancial position and results and as well as the signifi cant risks and factors of uncertainty facing the companies within the group.
Gothenburg February 3, 2012
Ordförande
Jan Kvarnström Per Berggren Marianne Dicander Alexandersson
Ulla-Britt Fräjdin-Hellqvist Christer Jacobson Johan Skoglund
Håkan Hellström Cheif Executive Officer
Our Audit Report regarding this Annual Report was submitted on February 3, 2012
Carl Lindgren Magnus Fredmer
Authorized Public Accountant Authorized Public Accountant
Audit Report
To the annual meeting of the shareholders of Castellum AB (publ) corporate identity number 556475-5550
Report on the annual accounts and consolidated accounts
We have audited the annual accounts and consolidated accounts of Castellum AB for the year 2011. The annual accounts and consolidated accounts of the company are included in the printed version of this document on pages 4-110.
Responsibilities of the Board of Directors and the Managing Director for the annual accounts and consolidated accounts
The Board of Directors and the Managing Director are responsible for the preparation and fair presentation of these annual accounts and consolidated accounts in accordance with International Financial Reporting Standards , as adopted by the EU, and the Annual Accounts Act, and for such internal control as the Board of Directors and the Managing Director determine is necessary to enable the preparation of annual accounts and consolidated accounts that are free from material misstatement, whether due to fraud or error.
Auditor's responsibility
Our responsibility is to express an opinion on these annual accounts and consolidated accounts based on our audit. We conducted our audit in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the annual accounts and consolidated accounts are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual accounts and consolidated accounts. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the annual accounts and consolidated accounts, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company's preparation and fair presentation of the annual accounts and consolidated accounts in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors and the Managing Director, as well as evaluating the overall presentation of the annual accounts and consolidated accounts.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinions
In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the parent company
Carl Lindgren Magnus Fredmer
Gothenburg February 3, 2012 for the financial year.
CASTELLUM ANNUAL REPORT 2011 111 Authorized Public Accountant Authorized Public Accountant
as of 31 December 2011 and of its financial performance and its cash flows for the year then ended in accordance with the Annual Accounts Act, and the consolidated accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the group as of 31 December 2011 and of their financial performance and cash flows in accordance with International Financial Reporting Standards, as adopted by the EU, and the Annual Accounts Act. The statutory administration report is consistent with the other parts of the annual accounts and consolidated accounts.
We therefore recommend that the annual meeting of shareholders adopt the income statement and balance sheet for the parent company and the statement of comprehensive income and statement of financial position for the group.
Report on other legal and regulatory requirements
In addition to our audit of the annual accounts and consolidated accounts, we have examined the proposed appropriations of the company's profit or loss and the administration of the Board of Directors and the Managing Director of Castellum AB for the year 2011.
Responsibilities of the Board of Directors and the Managing Director The Board of Directors is responsible for the proposal for appropriations of the company's profit or loss, and the Board of Directors and the Managing Director are responsible for administration under the Companies Act.
Auditor's responsibility
Our responsibility is to express an opinion with reasonable assurance on the proposed appropriations of the company's profit or loss and on the administration based on our audit. We conducted the audit in accordance with generally accepted auditing standards in Sweden.
As a basis for our opinion on the Board of Directors' proposed appropriations of the company's profit or loss, we examined the Board of Directors' reasoned statement and a selection of supporting evidence in order to be able to assess whether the proposal is in accordance with the Companies Act.
As a basis for our opinion concerning discharge from liability, in addition to our audit of the annual accounts and consolidated accounts, we examined significant decisions, actions taken and circumstances of the company in order to determine whether any member of the Board of Directors or the Managing Director is liable to the company. We also examined whether any member of the Board of Directors or the Managing Director has, in any other way, acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Opinions
We recommend to the annual meeting of shareholders that the profit be appropriated in accordance with the proposal in the statutory administration report and that the members of the Board of Directors and the Managing Director be discharged from liability
Castellum´s Real Estate Schedule 2011
| Greater Gothenburg | 114 |
|---|---|
| Öresund Region | 122 |
| Greater Stockholm | 128 |
| Mälardalen | 132 |
| Eastern Götaland | 138 |
| Properties sold in 2011 | 144 |
Management subsidiaries: ASP = Aspholmen Fastigheter AB BRI = Fastighets AB Briggen BRO = Fastighets AB Brostaden COR = Fastighets AB Corallen EKL = Eklandia Fastighets AB HAR = Harry Sjögren AB
| Greater Gothenburg | Acquis Build/ | Square metres per type of premises | assessment Sub | Tax Mgmt. | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | |||||
| OFFICE/RETAIL | ||||||||||||||
| 1 Annedal 21:10 | Haraldsgatan 5 | Gothenburg | 1999 1995 | 4,382 | – | – | – | – | – | 4,382 | 3,132 | 81,200 EKL | ||
| 2 Guldheden 8:10 | Guldhedsgatan 5 | Gothenburg | 2000 1995 | 10,477 | – | 23 | – | – | – | 10,500 | 9,896 | 0 EKL | ||
| 3 Gullbergsvass 1:15 | Lilla Bommens torg | Gothenburg | 1999 2001 | 7,942 | – | 36 | – | – | – | 7,978 | 1,835 | 163,000 EKL | ||
| 4 Heden 16:5 | Parkg 10/Nya Allén 5 | Gothenburg | <1995 1961 | 70 | – | – | – | 616 1,243 | 1,929 | 993 | 25,663 EKL | |||
| 6 Inom Vallgraven 19:17 Kyrkogatan 38-40 | Gothenburg | <1995 1919 | 210 | 158 | 20 | – | – | 975 | 1,363 | 867 | 28,000 EKL | |||
| 7 Inom Vallgraven 22:3 | Kungsgatan 31-33 | Gothenburg | <1995 1929 | 1,080 | 488 | – | – | – | – | 1,568 | 574 | 39,600 EKL | ||
| 8 Inom Vallgraven 33:9 | Västra Hamng 21/ Vallg 9 |
Gothenburg | <1995 1929/1995 | 1,063 | 510 | – | – | – | – | 1,573 | 829 | 27,800 EKL | ||
| 9 Inom Vallgraven 34:8 | Kungsg 19-23/ Magasinsg 18 |
Gothenburg | <1995 1929/1994 | 3,481 | 831 | 55 | – | – | – | 4,367 | 1,242 | 91,581 EKL | ||
| 10 Inom Vallgraven 35:14 Kungsg 15-17/ | Magasinsg 17 | Gothenburg | <1995 1929/1991 | 2,489 | 1,219 | – | – | 469 | – | 4,177 | 1,315 | 87,970 EKL | ||
| 11 Inom Vallgraven 35:16 AKaserntorget 5/Vallg 2 Gothenburg | <1995 1991 | 2,371 | 590 | 36 | – | – | – | 2,997 | 690 | 46,800 EKL | ||||
| 12 Inom Vallgraven 35:17 Magasinsg 11-13/ | Vallg 4-6 | Gothenburg | <1995 1991 | 163 | 139 | – | – 1,149 | – | 1,451 | 690 | 23,001 EKL | |||
| 13 Inom Vallgraven 57:2 | Drottningg7/V Hamng 5Gothenburg | 2000 1988/1990 | 6,104 | 710 | 276 | – | – | – | 7,090 | 2,422 | 92,800 EKL | |||
| 14 Krokslätt 102:2 | Eklandiagatan 80 | Gothenburg | 2008 1980 | 160 | – | 811 | – | – | – | 971 | 2,110 | 650 EKL | B | |
| 15 Lorensberg 46:5 | Kungsportsavenyen 7 | Gothenburg | <1995 1930 | 276 | 691 | – | – | – | – | 967 | 348 | 25,200 EKL | ||
| 16 Lorensberg 48:8 | Vasagatan 46 | Gothenburg | <1995 1900/1992 | 1,401 | 202 | 74 | – | – | – | 1,677 | 722 | 18,828 EKL | ||
| 17 Masthugget 3:6 | Linnégatan 5 | Gothenburg | <1995 1893/1980 | 492 | 628 | – | – 1,079 | 790 | 2,989 | 745 | 39,600 EKL | |||
| 18 Masthugget 9:17 | Järntorget 3-4 | Gothenburg | 1996 1900 | 2,865 | 518 | 10 | – | – | – | 3,393 | 1,221 | 46,300 EKL | ||
| 19 Masthugget 26:1 | Barlastgatan 2 | Gothenburg | <1995 1923 | 4,038 | 1,075 | – | – 2,796 | – | 7,909 | 3,597 | 105,200 EKL | |||
| 20 Nordstaden 2:16 | Östra Hamngatan 16 | Gothenburg | 2004 1974/2010 | 13,855 | 2,759 | – | – | – | 4 | 16,618 | 3,255 | 417,143 EKL | ||
| 21 Pustervik 3:8 | Brogatan 4 | Gothenburg | <1995 1988 | 3,910 | – | – | – | – | – | 3,910 | 1,088 | 36,800 EKL | ||
| 22 Gamlestaden 22:14 | Gamlestadsvägen 16 | Gothenburg | 2004 1957 | 18,738 | – | 690 | 352 | – | 8 | 19,788 | 20,313 | 78,683 EKL | ||
| 23 Gamlestaden 26:1 | Marieholmsgatan 10 | Gothenburg | <1995 1914/1987 | 6,226 | 270 | 1,870 | 6,865 | – | – | 15,231 | 24,356 | 51,308 EKL | T/B | |
| 24 Olskroken 14:2 | Ånäsv 44-46/Svang 2-4/ Ejderg 3 |
Gothenburg | <1995 1895/1986 | 7,241 | 315 | 135 | 5,397 | 136 | – | 13,224 | 10,263 | 68,407 EKL | ||
| 25 Skår 58:1 | St Sigfridsgatan 89 | Gothenburg | <1995 1991 | 11,855 | – | – | – | – | – | 11,855 | 6,151 | 125,000 EKL | B | |
| 26 Arendal 764:394 | Sydatlanten 15-17 | Gothenburg | 2005 1990 | 9,358 | – | – | – | – | – | 9,358 | 9,646 | 49,800 EKL | T | |
| 30 Backa 27:43 | Bergögatan 5-7 | Gothenburg | 1998 1984 | 3,189 | – | 1,326 | 309 | – | – | 4,824 | 3,920 | 27,400 EKL | ||
| 31 Backa 196:6 | Aröds Industriväg 34 | Gothenburg | 1996 1990 | 1,332 | – | 474 | – | – | – | 1,806 | 5,274 | 8,665 EKL | ||
| 28 Kärra 28:19 | Transportgatan 33 | Gothenburg | 1996 2008 | – | – | 4,600 | – | – | – | 4,600 | 21,832 | 26,221 EKL | ||
| 33 Kärra 77:3 | Tagenevägen 70 | Gothenburg | 1998 1990 | 1,197 | – | – | – | – | – | 1,197 | 9,200 | 6,030 EKL | T | |
| 34 Lindholmen 28:2 | Theres Svenssons Gata 9-11 Gothenburg | 2006 2006 | 4,903 | 204 | 79 | – | – | – | 5,186 | 2,725 | 109,000 EKL | |||
| 194 Lundbyvassen 3:1 | Lindholmsallén 9 | Gothenburg | 2011 1949/2006 | 8,811 | – | – | – | – 2,000 | 10,811 | 6,016 | 144,000 EKL | |||
| 35 Rambergsstaden 733:409 |
Herkulesgatan 68 | Gothenburg | <1995 1988 | 2,295 | 944 | 1,027 | – | – | – | 4,266 | 9,499 | 23,557 EKL | ||
| 36 Sannegården 28:33 | Vingalandsgatan 2 | Gothenburg | 2006 1880/1987 | 4,820 | – | 1,603 | 172 | – | 34 | 6,629 | 3,016 | 77,000 EKL | ||
| 193 Sannegården 52:1 | Östra Eriksbergsg 14-52 Gothenburg | 2011 1956/1993 | 2,204 | 320 | 615 | 1,711 | – 2,640 | 7,490 | 12,784 | 72,000 EKL | ||||
| 37 Tingstadsvassen 11:11 Ringög 12/Kolgruveg 3-5Gothenburg | <1995 1992 | 3,578 | 2,170 | 219 | – | – | 2 | 5,969 | 4,267 | 33,000 EKL | B | |||
| 38 Tingstadsvassen 12:12 Kalkbruksgatan 9 | Gothenburg | 2006 1989 | 2,129 | – | – | – | – | – | 2,129 | 3,751 | 8,428 EKL | |||
| 39 Tingstadsvassen 26:5 | Lergodsgatan 1-3 | Gothenburg | 2002 1989 | 1,254 | – | 2,106 | – | – | – | 3,360 | 4,566 | 19,487 EKL | T/B | |
| 40 Tuve 87:1 | Hildedalsgatan 2 | Gothenburg | 2007 1987 | 1,336 | – | 3,200 | – | – | – | 4,536 | 9,318 | 22,555 EKL | ||
| 41 Högsbo 8:8 | Beatrice Lesslies gata 14Gothenburg | 2000 1961/2001 | 1,100 | – | 1,000 | – | – | – | 2,100 | 3,500 | 9,644 HAR B | |||
| 42 Högsbo 13:3 | E A Rosengrens gata 15 Gothenburg | <1995 1982 | 1,244 | – | – | – | – | – | 1,244 | 3,787 | 6,511 HAR T/B |
Note: T=Ground Rent A=Lease B=Unutilized building permission
| Greater Gothenburg | Tax Mgmt. | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | Square metres per type of premises | assessment Sub | ||||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | |||||
| 43 Högsbo 20:22 | F O Petterssons gata 24-32Gothenburg | 2002 1982 | 14,145 | 178 | 760 | – | – | – | 15,083 | 15,522 | 87,800 HAR | |||
| 44 Högsbo 24:12 | August Barks gata 23 | Gothenburg | 1999 1968/1990 | 3,117 | – | 2,756 | – | – | – | 5,873 | 12,817 | 44,464 HAR B | ||
| 45 Högsbo 27:7 | August Barks gata 6 | Gothenburg | 2002 1988 | 7,933 | – | – | – | – | – | 7,933 | 9,723 | 76,600 HAR | ||
| 46 Kobbegården 6:362 | Stora Åvägen 19 A-B, 21Gothenburg | <1995 1990 | 5,513 | 878 | 1,150 | – | – | – | 7,541 | 5,490 | 65,430 HAR | |||
| 47 Kobbegården 6:726 | Datavägen 14 B | Gothenburg | <1995 1981 | 2,573 | – | – | – | – | – | 2,573 | 4,267 | 11,880 HAR | ||
| 48 Anisen 1 | Johannefredsgatan 1 | Mölndal | 2000 1990 | 1,676 | – | 237 | – | – | – | 1,913 | 5,843 | 12,324 HAR B | ||
| 49 Anisen 3 | Johannefredsgatan 3 | Mölndal | 1998 2003 | 1,800 | 1,500 | – | 2,600 | – | – | 5,900 | 10,108 | 45,528 HAR | ||
| 50 Berguven 1 | Möbelgatan 4 | Mölndal | 2004 1964 | 6,500 | – | – | – | – | 500 | 7,000 | 24,283 | 23,200 HAR B | ||
| 51 Generatorn 5 | Aminogatan 16 | Mölndal | <1995 1986 | 640 | – | – | 483 | – | – | 1,123 | 5,169 | 8,043 HAR | ||
| 52 Mejramen 1 | Lunnagårdsgatan 4 | Mölndal | 1999 1999 | 8,300 | – | 4,700 | – | – | – | 13,000 | 38,818 | 107,000 HAR B | ||
| 53 Pottegården 4 | Kråketorpsgatan 20 | Mölndal | <1995 1992 | 3,182 | – | 1,836 | – | – | – | 5,018 | 6,060 | 27,524 HAR | ||
| 54 Riskullaverket 2 | Aminogatan 25 | Mölndal | <1995 1991 | 1,692 | – | 1,261 | – | – | – | 2,953 | 3,411 | 17,898 HAR | ||
| 55 Sesamfröet 2 | Aminogatan 27 | Mölndal | 2005 1992 | 5,150 | – | 700 | – | – | – | 5,850 | 11,000 | 51,600 HAR B | ||
| 56 Apollo 5 | Österlånggatan 5 | Borås | <1995 1930/1979 | 6,803 | 552 | 193 | – | – | – | 7,548 | 2,343 | 46,600 HAR | ||
| 160 Cedern 9,12,15,16 | Ramnåsg 1/ Göteborgsvägen 6 |
Borås | 2005 1935/1980 | 4,289 | 300 | 2,129 | 260 | – | 361 | 7,339 | 4,159 | 9,057 HAR B | ||
| 57 Katrinedal 14 | Katrinedalsgatan 22 | Borås | <1995 1990 | 2,360 | – | 1,892 | – | – | – | 4,252 | 7,675 | 14,530 HAR | ||
| 58 Midas 14 | Västerlånggatan 17 | Borås | <1995 1974 | 15,408 | 5,424 | – | 366 | – | – | 21,198 | 8,185 | 166,200 HAR B | ||
| 59 Narcissus 5 | L:a Brogatan 15/ St Brogatan 16 |
Borås | <1995 1930 | 908 | 1,484 | – | – 1,284 | – | 3,676 | 853 | 29,190 HAR | |||
| 60 Nestor 2 | L:a Brogatan 19-21 | Borås | <1995 1962/1991 | 1,225 | 3,012 | 135 | – | – | – | 4,372 | 1,381 | 44,400 HAR | ||
| 61 Nestor 3 | St Brogatan 24 | Borås | 1999 1930 | 1,346 | 732 | – | – | 439 | – | 2,517 | 590 | 22,060 HAR | ||
| 62 Solsten 1:109 | Företagsparken | Härryda | <1995 2003 | 11,375 | – | – | – | – | – | 11,375 | 19,206 | 61,321 EKL | ||
| 63 Flaggan 1 | Laholmsvägen 84 | Halmstad | 2007 1959/2004 | – | 2,895 | – | – | – | – | 2,895 | 5,941 | 9,908 HAR | ||
| 64 Karossen 3 | Kristinehedsvägen 5, 7 Halmstad | 2007 1965/2004 | 916 | 4,458 | 568 | 535 | – | – | 6,477 | 14,500 | 23,118 HAR B | |||
| 65 Kartongen 3 | Spikgatan 7 | Halmstad | 2007 1990/1995 | 3,434 | – | 2,842 | – | – | 40 | 6,316 | 20,900 | 25,460 HAR B | ||
| 66 Valsen 2 | Svingelvägen 2 | Halmstad | 2007 1979/2003 | 2,294 | – | – | – | – | – | 2,294 | 7,314 | 11,115 HAR B | ||
| 67 Filaren 1 | Sveagatan 10 | Alingsås | <1995 1958/1968 | 3,116 | 2,282 | 158 | – | – | – | 5,556 | 4,636 | 28,863 HAR | ||
| 68 Gjutaren 26 B | Metallgatan 2-4 | Alingsås | <1995 2000 | 3,585 | – | – | – | – | – | 3,585 | 4,000 | 36,647 HAR B | ||
| 69 Partille 4:2, 4:25 | G:a Kronvägen 22 | Partille | <1995 1940/1981 | – | 2,240 | – | – | – | – | 2,240 | 8,250 | 17,834 HAR | ||
| 70 Ugglum 8:37 | Göteborgsvägen 78-80 Partille | <1995 1937/1982 | – | 296 | – | – | 278 | – | 574 | 762 | 4,054 HAR | |||
| 71 Ugglum 8:91 | Göteborgsvägen 82-84 Partille | <1995 1988 | 2,082 | 1,016 | – | – | – | – | 3,098 | 4,969 | 25,581 HAR | |||
| 72 Ugglum 8:92 | Göteborgsvägen 74-76 Partille | <1995 1992 | 4,944 | 720 | 193 | – | – | – | 5,857 | 5,408 | 42,400 HAR | |||
| 73 Ugglum 126:4 | Gibsons väg 3 | Partille | <1995 1990 | 468 | – | – | – | – | – | 468 | 767 | 4,046 HAR | ||
| 74 Hede 3:125 | Sättarevägen 3 | Kungsbacka | <1995 1990 | 1,759 | – | 601 | – | – | – | 2,360 | 3,690 | 11,432 HAR | ||
| 75 Kungsbacka 4:46 | L:a Verkstadsgatan 8 | Kungsbacka | <1995 1979 | 401 | – | – | – | – | – | 401 | 1,356 | 1,931 HAR B | ||
| 76 Varla 2:380 | Energigatan 11 | Kungsbacka | <1995 1990 | 1,689 | – | 685 | – | – | – | 2,374 | 4,590 | 13,709 HAR | ||
| 77 Varla 2:416 | Kungsparksvägen 2 | Kungsbacka | 2001 2002 | 1,100 | – | 680 | – | – | – | 1,780 | 5,500 | 9,538 HAR | ||
| 78 Varla 3:22 B | Hallabäcksvägen 2 | Kungsbacka | 2006 1979 | 1,100 | 4,300 | 600 | – | – | – | 6,000 | 20,000 | 64,446 HAR B | ||
| 191 Vägmästaren 5 | Syréngatan 1 | Kungsbacka | 2009 2010 | 3,000 | – | – | – | – | – | 3,000 | 6,500 | 35,600 HAR B | ||
| Total offi ce/retail | 295,462 | 47,008 | 44,361 | 19,050 8,246 8,597 | 422,724 | 527,741 3,702,163 |
| Greater Gothenburg | Tax Mgmt. | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | Square metres per type of premises | assessment Sub | ||||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | |||||
| WAREHOUSE/INDUSTRIAL | ||||||||||||||
| 80 Arendal 1:13 | Hamneviksvägen 31 | Gothenburg | 2005 2006 | – | – | 27,787 | – | – | – | 27,787 | 6,408 | 144,600 EKL | ||
| 81 Arendal 7:4 | Kärrlyckegatan 11 | Gothenburg | 1998 1991 | 1,320 | – | 2,374 | – | – | 4 | 3,698 | 12,671 | 16,084 EKL | ||
| 82 Arendal 764:130 | Oljevägen 103 | Gothenburg | 2005 1971 | – | – | 9,739 | 15,140 | – | 891 | 25,770 | 41,244 | 81,624 EKL | ||
| 83 Backa 18:7, 18:10 | Risbindaregatan 1 | Gothenburg | <1995 1964 | – | – | 16,930 | – | – | – | 16,930 | 45,020 | 50,248 EKL | ||
| 84 Backa 20:5 | Exportgatan 2-8 | Gothenburg | 2007 1989/1999 | 1,175 | – | 856 | 13,869 | – | – | 15,900 | 37,965 | 61,986 EKL B | ||
| 86 Backa 22:11 | Exportgatan 2-8 | Gothenburg | <1995 1990 | 245 | – | 2,500 | – | – | – | 2,745 | 5,031 | 9,522 EKL | ||
| 87 Backa 25:7 | Exportgatan 28 | Gothenburg | 1999 1972 | – | – | – | 11,200 | – | – | 11,200 | 23,169 | 29,545 EKL | ||
| 88 Backa 26:3 | Exportgatan 40 | Gothenburg | 1996 1947/1988 | 2,712 | 763 | 2,467 | – | – | 6 | 5,948 | 6,000 | 24,726 EKL | ||
| 89 Backa 27:2 | Importgatan 17 | Gothenburg | <1995 1968 | – | – | 2,765 | – | – | – | 2,765 | 12,927 | 9,408 EKL B | ||
| 90 Backa 29:24 | Importgatan 12 | Gothenburg | <1995 1977 | – | – | 2,224 | – | – | – | 2,224 | 4,366 | 6,862 EKL | ||
| 91 Backa 94:1 | Exportgatan 15 | Gothenburg | 1998 1989 | – | – | 7,560 | – | – | – | 7,560 | 20,947 | 24,789 EKL B | ||
| 92 Backa 97:11 | Exportgatan 39-41 | Gothenburg | 2002 1978 | 1,393 | – | 2,486 | – | – | – | 3,879 | 19,285 | 19,116 EKL | ||
| 85 Backa 107:4 | Transportgatan 17 | Gothenburg | 2010 1983/2006 | – | – | 22,700 | – | – | – | 22,700 | 73,621 | 21,200 EKL T | ||
| 93 Backa 192:3 | Aröds Industriväg 72 | Gothenburg | <1995 1989 | 119 | – | 1,215 | – | – | – | 1,334 | 3,630 | 4,681 EKL | ||
| 94 Backa 192:4 | Aröds Industriväg 60 | Gothenburg | <1995 1989 | 484 | 194 | 1,356 | – | – | – | 2,034 | 3,428 | 7,412 EKL T | ||
| 95 Backa 192:6 | Aröds Industriväg 62 | Gothenburg | 1998 1988 | – | – | 1,371 | – | – | – | 1,371 | 4,387 | 4,670 EKL | ||
| 96 Backa 192:10 | Aröds Industriväg 66 | Gothenburg | <1995 1990 | 1,410 | – | 1,335 | – | – | – | 2,745 | 6,042 | 12,071 EKL | ||
| 97 Backa 193:1 | Aröds Industriväg 2 A | Gothenburg | 2000 1988/1996 | – | – | – | 3,750 | – | – | 3,750 | 10,524 | 14,627 EKL B | ||
| 98 Backa 197:2 | Aröds Industriväg 17-19 | Gothenburg | <1995 1990 | – | – | 1,228 | – | – | – | 1,228 | 2,727 | 4,748 EKL | ||
| 182 Kärra 28:10 | Transportgatan 37 | Gothenburg | 1996 2010 | – | 2,217 | – | – | – | – | 2,217 | 14,872 | 12,182 EKL | ||
| 99 Kärra 37:4 | Tagenevägen 21 | Gothenburg | <1995 1972 | – | 1,195 | 11,740 | – | – | – | 12,935 | 26,476 | 36,530 EKL | ||
| 183 Kärra 72:36 | Tagenevägen 34 | Gothenburg | 2008 2011 | – | – | 6,400 | – | – | – | 6,400 | 14,600 | 8,017 EKL | ||
| 100 Kärra 74:2 | Tagenevägen 29 | Gothenburg | 1996 2010 | – | – | 15,758 | – | – | – | 15,758 | 35,995 | 79,000 EKL B | ||
| 101 Kärra 74:3 | Tagenevägen 33 | Gothenburg | 1998 1985 | – | – | – | 7,505 | – | – | 7,505 | 22,398 | 26,638 EKL B | ||
| 102 Kärra 75:3 | Transportgatan 35 | Gothenburg | 2008 1980 | – | – | 9,191 | – | – | – | 9,191 | 14,375 | 31,933 EKL | ||
| 103 Kärra 77:8 | Tagenevägen 72 | Gothenburg | <1995 1991 | 212 | – | 1,859 | – | – | – | 2,071 | 8,914 | 9,590 EKL | ||
| 104 Kärra 80:7 | Trankärrsvägen 14 | Gothenburg | <1995 1990 | 211 | – | 3,451 | – | – | – | 3,662 | 7,185 | 14,902 EKL T | ||
| 105 Kärra 94:1 | Orrekulla Industrigata 25 | Gothenburg | 1999 1990 | – | – | – | 1,960 | – | – | 1,960 | 3,520 | 7,715 EKL | ||
| 106 Kärra 96:1 | Orrekulla Industrigata 13-15Gothenburg | 2001 1991 | 160 | – | 3,830 | – | – | – | 3,990 | 10,408 | 16,252 EKL B | |||
| 107 Tingstadsvassen 11:9 Kolgruvegatan 9 | Gothenburg | <1995 1988 | 343 | – | 721 | – | – | – | 1,064 | 2,213 | 4,891 EKL | |||
| 108 Tingstadsvassen 12:6 Manufakturgatan 19 | Gothenburg | <1995 1990 | 328 | – | 2,657 | – | – | – | 2,985 | 2,960 | 14,214 EKL T | |||
| 109 Tingstadsvassen 12:9 Manufakturgatan 21-23 Gothenburg | <1995 1957 | – | – | 6,217 | – | – | – | 6,217 | 7,355 | 11,460 EKL T | ||||
| 110 Tingstadsvassen 14:7 Stålverksgatan 11 | Gothenburg | 1997 1993 | 934 | – | – | 4,273 | – | – | 5,207 | 9,547 | 738 EKL B | |||
| 111 Tingstadsvassen 19:3 Kolgruvegatan 1 | Gothenburg | <1995 1950 | 839 | – | 9,548 | 245 | – | – | 10,632 | 16,645 | 22,091 EKL T | |||
| 112 Högsbo 4:1 | Fältspatsgatan 1 | Gothenburg | <1995 1965/1972 | 1,140 | 350 | 3,074 | – | – | – | 4,564 | 10,394 | 17,629 HAR | ||
| 113 Högsbo 7:16 | Gustaf Melins gata 7 | Gothenburg | <1995 1987 | 1,301 | – | – | 404 | – | – | 1,705 | 4,043 | 10,016 HAR | ||
| 114 Högsbo 9:3 | A Odhners gata 17 | Gothenburg | 2008 1978/2002 | 635 | – | 2,267 | – | – | – | 2,902 | 6,007 | 16,398 HAR | ||
| 115 Högsbo 18:1 | E A Rosengrens gata 30-38Gothenburg | <1995 1966/1973 | 1,092 | – | 7,628 | – | – | – | 8,720 | 17,149 | 28,182 HAR B | |||
| 116 Högsbo 26:8 | August Barks gata 25 | Gothenburg | 1998 1969/1979 | 2,123 | – | – | 2,253 | – | – | 4,376 | 6,068 | 16,883 HAR B | ||
| 117 Högsbo 28:3 | August Barks gata 7 | Gothenburg | <1995 1968/1981 | 785 | – | – | 2,857 | – | – | 3,642 | 3,942 | 15,236 HAR | ||
| 118 Högsbo 36:1 | Norra Långebergsgatan 8Gothenburg | 2000 1971/1995 | 710 | – | 3,840 | – | – | – | 4,550 | 9,057 | 22,966 HAR | |||
| 119 Högsbo 36:5 | Hulda Mellgrens gata 3 Gothenburg | 1998 1991 | 553 | – | – | 2,931 | – | – | 3,484 | 5,438 | 15,790 HAR B | |||
| 120 Högsbo 36:9 | Hulda Mellgrens gata 9 Gothenburg | <1995 2007 | 400 | – | 1,475 | – | – | – | 1,875 | 4,253 | 12,159 HAR | |||
| 121 Högsbo 38:9 | Sisjö Kullegata 4 | Gothenburg | <1995 1984 | – | – | – | 983 | – | – | 983 | 8,609 | 8,823 HAR B | ||
| 122 Högsbo 40:1 | Gustaf Werners gata 2 Gothenburg | 1999 1981/1999 | 1,495 | – | 5,505 | – | – | – | 7,000 | 16,070 | 32,525 HAR B |
| Greater Gothenburg | Tax Mgmt. | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | Square metres per type of premises | assessment Sub | |||||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | ||||||
| 123 Högsbo 40:2 | Gustaf Werners gata 4 Gothenburg | 2006 1978 | 400 | – | 2,815 | – | – | – | 3,215 | 10,799 | 17,064 HAR B | ||||
| 124 Kobbegården 208:6 | Askims Verkstadsväg 16Gothenburg | 1999 1973/1979 | 480 | – | – | 1,264 | – | – | 1,744 | 3,462 | 6,977 HAR | ||||
| 125 Kobbegården 209:1 | Askims Verkstadsväg 15Gothenburg | 1999 1973/1996 | – | – | – | 2,538 | – | – | 2,538 | 6,336 | 11,559 HAR B | ||||
| 126 Kobbegården 6:180 | Datavägen 20 | Gothenburg | <1995 1980 | 1,704 | – | 1,078 | – | – | – | 2,782 | 5,100 | 18,700 HAR | |||
| 127 Kobbegården 6:360 | Datavägen 31 | Gothenburg | 2001 1979 | 1,640 | – | 5,349 | – | – | – | 6,989 | 14,508 | 42,400 HAR | |||
| 128 Kobbegården 6:724 | Ekonomivägen 11 | Gothenburg | 1999 1978/1986 | – | – | – | 6,290 | – | – | 6,290 | 12,786 | 25,411 HAR B | |||
| 129 Rud 51:21 | Klangfärgsgatan 2 C | Gothenburg | 2006 1979/1989 | 510 | – | 2,590 | – | – | – | 3,100 | 6,926 | 17,470 HAR T | |||
| 130 Tynnered 1:10 | Kontrabasgatan 12 | Gothenburg | <1995 1969 | 429 | 140 | – | 2,152 | – | – | 2,721 | 7,475 | 10,049 HAR T/B | |||
| 131 Kallebäck 3:4 | Mejerigatan 1 | Gothenburg | 2000 1962 | 7,725 | – | 23,845 | 805 | – | 420 | 32,795 | 37,723 | 105,000 EKL | |||
| 188 Olskroken 35:7 | Blomstergatan 2 | Gothenburg | 2009 1977 | 417 | – | 3,427 | – | – | – | 3,844 | 37,598 | 12,446 EKL T | |||
| 189 Olskroken 35:9 | Grönsaksgatan 5 | Gothenburg | 2009 1966 | 874 | – | 6,781 | – | – | – | 7,655 | 9,127 | 22,418 EKL T | |||
| 190 Olskroken 35:14 | Grönsaksgatan 3 | Gothenburg | 2009 1967 | 1,169 | 4,542 | – | – | – | – | 5,711 | 6,216 | 18,086 EKL T | |||
| 132 Majorna 163:1 | Banehagsliden 2 | Gothenburg | 2006 1949 | – | – | 8,226 | 749 | – | – | 8,975 | 9,263 | 24,550 EKL B | |||
| 133 Gaslyktan 11 | Argongatan 26-30 | Mölndal | <1995 1987 | 4,000 | – | 11,000 | – | – | – | 15,000 | 38,100 | 82,800 HAR B | |||
| 134 Generatorn 1 | Aminogatan 24 | Mölndal | <1995 1995/2003 | 1,445 | – | 3,110 | – | – | – | 4,555 | 30,000 | 36,000 HAR B | |||
| 135 Generatorn 2 | Aminogatan 20-22 | Mölndal | <1995 1991 | 164 | – | 2,938 | – | – | – | 3,102 | 8,933 | 15,378 HAR | |||
| 136 Heliumgasen 11 | Kryptongatan 5B | Mölndal | 1999 1975 | 4,560 | – | – | 5,093 | – | – | 9,653 | 16,300 | 46,503 HAR B | |||
| 137 Kryddpepparn 3 | Östergårdsgatan 8 | Mölndal | <1995 1992 | – | – | – | 4,140 | – | – | 4,140 | 15,347 | 0 HAR B | |||
| 192 Kusken 3 | Idrottsvägen 10 | Mölndal | 2011 2005 | 2,773 | – | – | 4,852 | – | – | 7,625 | 17,665 | 41,727 HAR | |||
| 138 Lindome 2:40 | Elementvägen 2 | Mölndal | <1995 1966 | 376 | – | 9,811 | – | – | – | 10,187 | 32,453 | 20,000 EKL B | |||
| 139 Lindome 2:47 | Elementvägen 2 | Mölndal | <1995 1966 | – | – | 1,835 | 510 | – | – | 2,345 | 15,141 | 8,202 EKL B | |||
| 140 Pottegården 2 | Kråketorpsgatan 18 | Mölndal | <1995 1964 | – | – | 1,800 | – | – | – | 1,800 | 7,014 | 7,444 HAR B | |||
| 141 Skinntickan 1 | Ålegårdgatan 5 | Mölndal | <1995 1989 | 1,221 | – | – | 4,720 | – | – | 5,941 | 10,267 | 10,622 HAR | |||
| 142 Syrgasen 8 | Kryptongatan 14 | Mölndal | <1995 1979 | – | – | – | 3,055 | – | – | 3,055 | 11,197 | 14,727 HAR B | |||
| 143 Tjärblomman 2 | Wolfsgatan 2 | Mölndal | 1999 1960 | 2,495 | – | 4,540 | – | – | – | 7,035 | 9,193 | 17,525 HAR B | |||
| 144 Tjärblomman 3 | Sallarängsgatan 3 | Mölndal | 1999 1970 | 1,225 | – | 7,533 | – | – | – | 8,758 | 9,394 | 21,352 HAR | |||
| 145 Tulpanen 1 | Bergfotsgatan 5 | Mölndal | 1999 1961 | 1,812 | – | 2,954 | – | – | – | 4,766 | 5,577 | 14,751 HAR B | |||
| 146 Tusenskönan 2 | Flöjelbergsgatan 6 | Mölndal | 1999 1960 | 3,567 | – | 933 | – | – | – | 4,500 | 5,346 | 12,511 HAR B | |||
| 147 Tusenskönan 4 | Bergfotsgatan 3 | Mölndal | 1999 1961 | 2,038 | – | 2,424 | – | – | – | 4,462 | 5,397 | 13,278 HAR B | |||
| 148 Törnrosen 3 | Flöjelbergsgatan 10 | Mölndal | 1999 1964 | 1,791 | – | 1,791 | – | – | – | 3,582 | 4,468 | 9,509 HAR B | |||
| 149 Vallmon 2 | Flöjelbergsgatan 13 | Mölndal | <1995 1965 | 662 | – | 2,518 | – | – | – | 3,180 | 3,642 | 8,367 HAR | |||
| 150 Vallmon 3 | Flöjelbergsgatan 11 | Mölndal | <1995 1965 | 676 | – | 2,570 | – | – | – | 3,246 | 3,830 | 8,557 HAR | |||
| 151 Vallmon 6 | Flöjelbergsgatan 7 B | Mölndal | <1995 1965 | 1,629 | – | 6,685 | – | – | – | 8,314 | 9,956 | 21,484 HAR | |||
| 152 Vallmon 7 | Flöjelbergsgatan 7 A | Mölndal | 1999 1930 | 960 | – | 3,844 | – | – | – | 4,804 | 6,894 | 12,966 HAR B | |||
| 153 Ängsviolen 1 | Flöjelbergsgatan 18 | Mölndal | <1995 1960/1965 | 1,765 | 180 | – | 3,655 | – | – | 5,600 | 10,292 | 18,630 HAR B | |||
| 154 Hede 3:12 | Faktorvägen 1 | Kungsbacka | 2003 1992 | 1,971 | – | 6,929 | – | – | – | 8,900 | 32,809 | 48,576 HAR B | |||
| 155 Hede 3:131 | Tryckarevägen 8 | Kungsbacka | <1995 1991 | 170 | – | 1,347 | – | – | – | 1,517 | 7,558 | 6,132 HAR B | |||
| 156 Kungsbacka 4:47 | L:a Verkstadsg 2-6/ Verkstadsg 7 |
Kungsbacka | <1995 1978/1990 | 1,516 | – | 2,475 | – | – | – | 3,991 | 9,317 | 12,590 HAR | |||
| 157 Varla 2:388 | Energigatan 21 | Kungsbacka | <1995 1983/1995 | – | – | 2,207 | – | – | – | 2,207 | 10,003 | 8,167 HAR B | |||
| 158 Varla 2:415 | Borgås Gårdsväg 15 | Kungsbacka | 2004 2002 | 755 | – | 3,676 | – | – | – | 4,431 | 8,852 | 18,022 HAR | |||
| 159 Varla 3:22 | Hallabäcksvägen 1 | Kungsbacka | 2006 1979 | 3,500 | – | 18,500 | – | – | – | 22,000 | 71,644 | 57,600 HAR B | |||
| 161 Hinden 2 | Sagagatan 17 | Borås | <1995 1956 | 692 | – | – | 5,748 | – | – | 6,440 | 9,833 | 8,862 HAR B | |||
| 162 Kilsund 3 | Evedalsgatan 5 | Borås | <1995 1935 | 709 | 260 | – | 9,847 | – | – | 10,816 | 16,660 | 15,658 HAR B | |||
| 163 Lagern 8 | Hållingsgatan 15 | Borås | <1995 1948/1961 | 239 | – | – | 8,753 | – | – | 8,992 | 5,700 | 10,661 HAR B | |||
| 164 Silverpoppeln 31 | Ålandsgatan 6 | Borås | 2006 1961/1970 | 835 | – | – | 2,165 | – | – | 3,000 | 6,143 | 5,550 HAR | |||
| 165 Snödroppen 8 | Elinsdalsg 9,13 & 15/ Södra Korsg 11 |
Borås | 2005 1980/1980 | 1,543 | – | – | 5,881 | – | – | 7,424 | 14,546 | 15,915 HAR B |
| Greater Gothenburg | Tax Mgmt. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | Square metres per type of premises | assessment Sub | |||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | ||||
| 166 Trucken 4 | Viaredsvägen 14 | Borås | 2001 2001 | 700 | – | 4,800 | – | – | – | 5,500 | 20,000 | 21,083 HAR B | |
| 167 Bulten 6 | Bultgatan 1 | Alingsås | 2007 1985/1990 | 760 | – | 2,600 | – | – | – | 3,360 | 19,559 | 11,909 HAR B | |
| 168 Gjutaren 26 | Metallgatan 2-4 | Alingsås | <1995 1933/1989 | 1,383 | – | 9,082 | – | – | – | 10,465 | 21,080 | 18,340 HAR B | |
| 169 Konfektasken 15 | Kolav. 2-8/Sidenv. 7 | Alingsås | <1995 1929/1969 | 3,769 | – | 6,927 | – | – | – | 10,696 | 15,544 | 18,897 HAR B | |
| 170 Stallet 3 | Tomasgårdsvägen 19 | Alingsås | 2008 1990 | 1,295 | – | 2,040 | – | – | – | 3,335 | 4,700 | 9,496 HAR B | |
| 171 Hede 2:11 | Hedeforsvägen 6 | Lerum | 2006 1960/1974 | 500 | – | 2,200 | – | – | – | 2,700 | 9,973 | 10,611 HAR | |
| 172 Lerum Berg 1:76 | Åkerivägen 7 | Lerum | 2006 2007 | 1,500 | – | 8,400 | – | – | – | 9,900 | 30,000 | 44,247 HAR B | |
| 173 Fogden 4 | Laholmsvägen 84 | Halmstad | 2007 1960/1990 | 278 | 1,946 | 8,609 | 118 | – 1,028 | 11,979 | 25,800 | 23,232 HAR B | ||
| 195 Fyllinge 20:409 | Sadelvägen 5 | Halmstad | 2011 1992 | 166 | – | – | 4,223 | – | – | 4,389 | 22,276 | 14,670 HAR B | |
| 174 Hönekulla 1:571 | Åvägen 1 | Härryda | 2006 1986/2002 | 1,762 | – | – | 2,345 | – | 187 | 4,294 | 6,596 | 16,719 HAR | |
| 175 Kåbäcken 11:7 | G:a Alingsåsvägen 29 | Partille | <1995 1961/1964 | – | – | 2,227 | – | – | – | 2,227 | 5,477 | 4,656 HAR | |
Total warehouse/industrial 94,669 11,787 404,470 146,273 0 2,536 659,735 1,445,680 2,216,735
| Greater Gothenburg | Tax Mgmt. | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | Square metres per type of premises | assessment Sub | |||||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | ||||||
| DEVELOPMENT PROJECTS | |||||||||||||||
| 5 Inom Vallgraven 4:1 | Östra Larmgatan 18 | Gothenburg | <1995 1856/1988 | 2,597 | – | – | – | – | – | 2,597 | 671 | 28,600 EKL | |||
| 27 Kärra 28:18 | Transportgatan 37 | Gothenburg | 1996 | – | – | – | – | – | – | – | – | 20,287 | 5,200 EKL B | ||
| 179 Lindholmen 28:3 | Theres Svensson g | Gothenburg | 2011 | – | – | – | – | – | – | – | – | 3,000 | – EKL | ||
| Total development projects | 2,597 | 0 | 0 | 0 | 0 | 0 | 2,597 | 23,958 | 33,800 | ||||||
| UNDEVELOPED LAND | |||||||||||||||
| 176 Annedal 21:9 | Haraldsgatan 3 | Gothenburg | 1999 | – | – | – | – | – | – | – | – | 2,088 | – EKL B | ||
| 177 Högsbo 33:1 | Gruvgatan 29 | Gothenburg | <1995 | – | – | – | – | – | – | – | – | 5,483 | 3,015 HAR B | ||
| 178 Högsbo 39:3 | Ingela Gathenheilms gata 8Gothenburg | <1995 | – | – | – | – | – | – | – | – | 1,720 | 946 HAR B | |||
| 180 Kobbegården 6:7 | Ekonomivägen 11 | Gothenburg | 1999 | – | – | – | – | – | – | – | – | 3,187 | 1,752 HAR B | ||
| 181 Kobbegården 152:1 | Industrivägen 4-6 | Gothenburg | <1995 | – | – | – | – | – | – | – | – | 25,158 | 13,800 HAR B | ||
| 184 Heliumgasen 4 | Neongatan 4B | Mölndal | <1995 | – | – | – | – | – | – | – | – | 4,794 | 2,570 HAR B | ||
| 188 Skällared 3:49 | Lysekulevägen | Kungsbacka | <1995 | – | – | – | – | – | – | – | – | 29,297 | 1,640 EKL B | ||
| 196 Varla 3:34 | Hallabäcksvägen 1 | Kungsbacka | 2006 | – | – | – | – | – | – | – | – | 14,356 | – HAR B | ||
| 186 Kyllared 1:112 | Tvinnaregatan 27 | Borås | <1995 | – | – | – | – | – | – | – | – | 5,118 | 450 HAR B | ||
| 187 Solsten 1:108 | Företagsparken | Härryda | <1995 | – | – | – | – | – | – | – | – | 16,551 | 6,000 EKL B | ||
| Total undeveloped land | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 107,752 | 30,173 |
Total Greater Gothenburg 392,728 58,795 448,831 165,323 8,246 11,133 1,085,056 2,105,131 5,982,871
Office/retail Warehouse/industrial Development projects and land
Castellum´s Real Estate Portfolio in Greater Gothenburg 31-12-2011
| Net | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Area | Rental | Rental | Ecomomic | Rental | Property | Property | operating | ||
| No. of | thous. | value | value | occupancy | income | costs | costs | income | |
| properties | sq.m | SEKm | SEK/sq.m | rate | SEKm | SEKm | SEK/sq.m | SEKm | |
| Offi ce/retail | |||||||||
| Central Gothenburg | 20 | 88 | 179 | 2,039 | 95.8% | 171 | 42 | 475 | 129 |
| Eastern Gothenburg | 4 | 60 | 61 | 1,016 | 94.0% | 57 | 16 | 277 | 41 |
| Mölndal | 8 | 43 | 46 | 1,084 | 90.8% | 42 | 9 | 213 | 33 |
| Hisingen | 14 | 72 | 86 | 1,194 | 95.2% | 82 | 23 | 323 | 59 |
| Borås | 7 | 51 | 52 | 1,023 | 91.2% | 48 | 16 | 297 | 32 |
| Rest of Greater Gothenburg | 25 | 109 | 116 | 1,058 | 94.1% | 109 | 24 | 218 | 85 |
| Total offi ce/retail | 78 | 423 | 540 | 1,277 | 94.3% | 509 | 130 | 307 | 379 |
| Warehouse/industrial | |||||||||
| Hisingen | 34 | 254 | 175 | 691 | 103.1% | 180 | 35 | 141 | 145 |
| Mölndal | 22 | 126 | 99 | 791 | 93.8% | 93 | 21 | 167 | 72 |
| Högsbo/Sisjön | 19 | 73 | 60 | 824 | 99.3% | 60 | 12 | 156 | 48 |
| Kungsbacka | 6 | 43 | 31 | 728 | 79.7% | 25 | 4 | 100 | 21 |
| Borås | 6 | 42 | 23 | 531 | 91.5% | 21 | 6 | 128 | 15 |
| Rest of Greater Gothenburg | 15 | 122 | 94 | 767 | 92.9% | 87 | 26 | 216 | 61 |
| Total warehouse/industrial | 102 | 660 | 482 | 731 | 96.7% | 466 | 104 | 158 | 362 |
| Total | 180 | 1,083 | 1,022 | 944 | 95.4% | 975 | 234 | 216 | 741 |
| Leasing and property administration | 44 | 41 | – 44 | ||||||
| Total after leasing and property administration | 278 | 257 | 697 | ||||||
| Development projects | 3 | 2 | 4 | – | – | 2 | 1 | – | 1 |
| Undeveloped land | 10 | – | – | – | – | – | – | – | – |
| Total | 193 | 1,085 | 1,026 | – | – | 977 | 279 | – | 698 |
Property value by property type Property value by municipality
| Greater | Mölndal 15% |
|---|---|
| Gothenburg 64% | Borås 7% |
| Kungsbacka 5% | |
| Alingsås 3% Halmstad 2% |
|
| Remaining Greater Gothenburg 4% |
Property related key ratios
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Rental value, SEK/sq.m. | 944 | 935 | 919 | 885 | 856 | 834 | 839 | 834 | 798 | 768 |
| Economic occupancy rate | 95.4% | 94.1% | 94.0% | 92.6% | 90.8% | 89.4% | 90.7% | 92.2% | 93.0% | 93.5% |
| Property costs, SEK/sq.m. | 257 | 264 | 262 | 228 | 227 | 224 | 230 | 228 | 217 | 217 |
| Net operating income, SEK/sq.m. | 644 | 616 | 602 | 591 | 551 | 521 | 531 | 540 | 525 | 501 |
| Number of properties | 193 | 188 | 190 | 187 | 182 | 176 | 172 | 178 | 188 | 195 |
| Lettable area, thousand sq.m. | 1,085 | 1,046 | 1,028 | 1,017 | 1,000 | 914 | 859 | 794 | 765 | 736 |
| Öresund Region | Acquis Build/ | Square metres per type of premises | assessment Sub | Tax Mgmt. | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | ||||||
| OFFICE/RETAIL | |||||||||||||||
| 101 Armringen 2 | Agnesfridsvägen. 190 | Malmö | 2011 1975 | 2,919 | – | 1,948 | – | – | – | 4,867 | 14,925 | 14,505 BRI | T | ||
| 1 Betongen 11 | Krangatan 4 | Malmö | <1995 1991 | 4,892 | – | 17 | – | – | – | 4,909 | 6,168 | 28,517 BRI | T/B | ||
| 2 Björnen 6 | Davidhallsgatan 20 | Malmö | <1995 1920/1988 | 1,672 | 429 | 71 | – | – | – | 2,172 | 1,188 | 35,400 BRI | |||
| 3 Brandnävan 1&2 | Stenbärsgatan 1 | Malmö | 1999 1989 | 2,822 | – | – | – | – | – | 2,822 | 9,670 | 16,886 BRI | T/B | ||
| 4 Bältespännet 13 | Hornyxegatan 12 | Malmö | 2006 1972/2002 | 145 | 1,190 | – | 485 | – | – | 1,820 | 4,402 | 4,695 BRI | |||
| 5 Flygledaren 3 | Höjdrodergatan 18 | Malmö | 2004 1991 | 1,610 | – | – | – | – | – | 1,610 | 3,620 | 6,325 BRI | T | ||
| 6 Flygvärdinnan 4 | Höjdrodergatan 30-34 Malmö | <1995 1935/2001 | 5,589 | – | 3,883 | – | – | 45 | 9,517 | 17,848 | 59,817 BRI | T | |||
| 94 Gustav Adolf 13 | Gustav Adolfs torg 4 | Malmö | 2003 1968 | 10,690 | – | – | – | – | – | 10,690 | 2,224 | 200,000 BRI | |||
| 8 Hälsingland 19 | Fosievägen 9-19 | Malmö | <1995 1950/2003 | 8,245 | 6,558 | 55 | – | – | – | 14,858 | 25,474 | 77,000 BRI | B | ||
| 9 Höjdrodret 3 | Kabingatan 11 | Malmö | 2007 1990 | 1,182 | 0 | 162 | – | – | – | 1,344 | 1,600 | 5,488 BRI | |||
| 10 Lybeck 10 | Stora Nygatan | Malmö | 1999 1964/1992 | 6,323 | 9,445 | 48 | – 5,032 9,838 | 30,686 | 6,199 | 338,800 BRI | |||||
| 11 Malte 23 | Fredriksbergsgatan 16 Malmö | 1999 1965 | 5,377 | 1,171 | 505 | 443 | – | – | 7,496 | 2,597 | 52,200 BRI | ||||
| 12 Murman 8 | Krusegatan 27 | Malmö | <1995 1960/1989 | 5,724 | – | 1,401 | – | – | – | 7,125 | 7,200 | 21,416 BRI | |||
| 102 Nejlikebuketten 6 | Derbyvägen 7 | Malmö | 2011 1987 | 1,765 | – | – | – | – | – | 1,765 | 10,000 | 9,585 BRI | |||
| 13 Norsen 12 | Föreningsgatan 7 | Malmö | <1995 1930/1990 | 2,446 | – | 96 | 54 | 140 | 463 | 3,199 | 1,296 | – BRI | |||
| 14 Sadelknappen 4 | Ridspögatan 10 | Malmö | 1999 1985 | 1,010 | – | – | – | – | 495 | 1,505 | 5,463 | 4,823 BRI | |||
| 15 Skevrodret 1 | Kabingatan 9 | Malmö | 2007 1978/1997 | 1,898 | – | 260 | – | – | – | 2,158 | 3,000 | 7,764 BRI | |||
| 72 Skjutsstallslyckan 3 | Lundavägen 62 | Malmö | <1995 1946 | – | 1,391 | – | 1,705 | – | – | 3,096 | 3,690 | 5,745 BRI | |||
| 16 Spännbucklan 16 | Agnesfridsvägen 178 | Malmö | <1995 1972/2002 | – | 4,762 | – | – | – | – | 4,762 | 15,561 | 30,000 BRI | |||
| 17 Stadt Hamburg 14 | St Hamburgsgatan 1 | Malmö | <1995 1900/2004 | 4,995 | 4,067 | – | – | 373 | 125 | 9,560 | 3,671 | 179,637 BRI | |||
| 18 Stenyxan 21 | Stenyxegatan 14 | Malmö | 2007 1992/1999 | 513 | – | 582 | – | – | – | 1,095 | 2,301 | 4,046 BRI | |||
| 19 Stillman 40 | Krusegatan 34 | Malmö | 2005 1975/1986 | 1,835 | – | – | – | – | – | 1,835 | 3,550 | 5,479 BRI | |||
| 20 Svedjenävan 3 | Stenbärsgatan 4-6 | Malmö | <1995 1991 | 4,728 | – | – | – | – | – | 4,728 | 4,493 | 31,505 BRI | |||
| 103 Torshammaren 11 | Hornyxegatan 6 | Malmö | 2011 1984 | 647 | – | – | – | – | – | 647 | 5,034 | 4,284 BRI | |||
| 21 Tuborg 1 | Tuborgsgatan 2 | Malmö | <1995 1945/1980 | 6,858 | – | 296 | 403 | – | 132 | 7,689 | 4,377 | – BRI | |||
| 22 Vårbuketten 3 | Husievägen 21 | Malmö | 2001 1987/2002 | 2,710 | – | – | – | – | – | 2,710 | 7,421 | 17,326 BRI | |||
| 23 Forskaren 2 | Emdalavägen 4-18 | Lund | 1999 2001 | 18,617 | – | 320 | – | – 1,500 | 20,437 | 18,274 | 325,000 BRI | ||||
| 24 Forskaren 2:2 | Scheelevägen | Lund | 1999 2008 | 7,400 | – | 1,600 | – | – | – | 9,000 | 9,136 | 106,000 BRI | |||
| 25 Jöns Petter Borg 9 | Landerigränden 21 | Lund | 1999 1990 | 3,796 | – | 6,917 | – | – | – | 10,713 | 22,584 | 65,762 BRI | B | ||
| 26 Kvartsen 2 | Skiffervägen 15 | Lund | <1995 1991 | 695 | – | 943 | – | – | – | 1,638 | 9,543 | 11,411 BRI | B | ||
| 27 Reuterdahl 11 | Scheelevägen 16 | Lund | 1997 1990 | 2,927 | – | – | – | – | 175 | 3,102 | 4,478 | 43,400 BRI | |||
| 28 Reuterdahl 12 | Scheelevägen 18 | Lund | 2006 1990 | 5,645 | – | – | – | – | – | 5,645 | 12,077 | 69,800 BRI | |||
| 29 Rudebok 2 | Rudeboksvägen 3 | Lund | 2004 1985/2004 | 4,697 | – | – | – | – | – | 4,697 | 14,781 | 39,800 BRI | |||
| 30 Smörkärnan 1 | Kaprifolievägen 1 | Lund | 1996 1968/1995 | 6,331 | – | 136 | – | – 1,340 | 7,807 | 15,000 | 76,200 BRI | ||||
| 31 St Botulf 11 | Botulfsg 5/Skomakareg 4 Lund | <1995 1931/1990 | – | 1,359 | – | – 3,139 | 380 | 4,878 | 1,988 | 84,600 BRI | |||||
| 32 St Clemens 22 | Stortorget 6-8 | Lund | <1995 1832/1981 | 1,160 | 1,551 | – | – | 574 | – | 3,285 | 2,769 | 52,172 BRI | B | ||
| 33 St Clemens 27 | Stortorget 4 | Lund | <1995 1846/1999 | 255 | 1,439 | – | – | – | – | 1,694 | 1,114 | 35,400 BRI | |||
| 34 Stockholmsledet 8 | Scheelevägen 30-32 | Lund | <1995 1991 | 10,919 | – | 1,121 | – | – | 30 | 12,070 | 11,084 | 146,000 BRI | |||
| 35 Traktorn 2 | Traktorvägen 11 | Lund | 2004 1990/1995 | 9,481 | – | 883 | – | – | 700 | 11,064 | 16,573 | 100,800 BRI | |||
| 36 Trumlan 1 | Traktorvägen 19 | Lund | <1995 1990 | – | 1,183 | 1,334 | – | – | – | 2,517 | 9,066 | 12,012 BRI | |||
| 37 Erik Dahlberg 2 | Kullagatan 21 | Helsingborg | 1996 1890/1987 | 400 | 442 | – | – | – | – | 842 | 350 | 12,628 BRI | |||
| 38 Kavalleristen 9 | Berga Allé 1-3 | Helsingborg | 1997 1920/1993 | 11,458 | – | 155 | – | – | 760 | 12,373 | 27,223 | 86,533 BRI | B | ||
| 39 Kroksabeln 18 | Florettgatan 12 | Helsingborg | 2004 1988 | 3,123 | – | 309 | – | – | 104 | 3,536 | 4,809 | 18,772 BRI | |||
| 40 Kulan 1 | Garnisonsgatan 5 | Helsingborg | 2002 1996/2005 | 2,130 | – | 10,600 | – | – | – | 12,730 | 18,567 | 36,412 BRI | B | ||
| 41 Musköten 5 | Bergavägen 8 | Helsingborg | <1995 1970/1985 | 1,619 | 725 | 719 | – | – | 816 | 3,879 | 4,000 | 10,104 BRI |
Note: T=Ground rent A=Lease B=Unutilized building permission
| Öresundsområdet | Tax Mgmt. | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | Square metres per type of premises | assessment Sub | ||||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | |||||
| 42 Pilbågen 6 | Garnisonsgatan 6 | Helsingborg | 2000 1977 | 0 | 4,525 | 814 | – | – | – | 5,339 | 11,400 | 36,123 BRI | B | |
| 43 Pilbågen 9 | Garnisonsgatan 10 | Helsingborg | 2004 1980 | 5,744 | 4,395 | 1,541 | – | – | – | 11,680 | 16,000 | – BRI | ||
| 44 Rustningen 1 | Rundgången 26-32 | Helsingborg | <1995 1989 | 6,595 | 1,813 | 1,876 | – | – | 200 | 10,484 | 15,000 | 63,389 BRI | ||
| 45 Snårskogen 1 | Kanongatan 155-159 | Helsingborg | <1995 1991 | 1,885 | 4,202 | 2,397 | 144 | – | – | 8,628 | 27,824 | 37,040 BRI | B | |
| 46 Spjutet 2 | Garnisonsgatan 14 | Helsingborg | 2008 1970/2003 | 1,412 | 3,177 | 1,992 | – | – | 162 | 6,743 | 15,287 | 33,600 BRI | B | |
| 47 Studsaren 4 | Bergavägen 21 | Helsingborg | <1995 2006 | 1,294 | – | 738 | – | – | – | 2,032 | 7,200 | 7,028 BRI | ||
| 48 Vikingen 4 | L Strandgatan 5 | Helsingborg | <1995 1900/1983 | – | – | – | – | – | 800 | 800 | 257 | 9,434 BRI | ||
| 49 Vikingen 6 | Mariagatan 10 | Helsingborg | <1995 1878/1984 | 535 | 159 | – | – | – | – | 694 | 274 | 8,640 BRI | ||
| 50 Vikingen 12 | L Strandgatan 7 | Helsingborg | <1995 1912/1988 | 610 | – | – | – | – | 600 | 1,210 | 414 | 15,940 BRI | ||
| 51 Motorblocket 1 | Ringvägen 170 | Landskrona | <1995 1972/1992 | 130 | 8,638 | 100 | – | – | 46 | 8,914 | 22,005 | 32,200 BRI | T | |
| – Abildager 26 | Abildager 26 | Brøndby | 2011 1995 | 1,800 | – | 1,670 | – | – | – | 3,470 | 14,012 | 24,686 BRI | ||
| – Hovedvejen 1-7 | Hovedvejen 1-7 | Glostrup | 2011 2007 | 3,822 | 303 | – | – | – 2,828 | 6,953 | 3,796 | 98,750 BRI | |||
| – Roskildevej 22 | Roskildevej 22 | Albertslund | 2011 1970/1994 | 3,800 | – | 2,600 | – | – 2,090 | 8,490 | 26,396 | 47,270 BRI | |||
| – Vibeholms Allé 15 | Vibeholms Allé 15 | Brøndby | 2011 1961/2007 | 2,399 | 325 | 157 | – | – | 278 | 3,159 | 3,695 | 43,339 BRI | ||
| Total offi ce/retail | 207,274 | 63,249 | 48,246 | 3,234 9,258 23,907 | 355,168 | 539,948 2,951,488 |
Office/retail Warehouse/industrial Development projects and land
| Öresund Region | Tax Mgmt. | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | Square metres per type of premises | assessment Sub | ||||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | |||||
| WAREHOUSE/INDUSTRIAL | ||||||||||||||
| 52 Benkammen 6 | Skogholmsgatan 5 | Malmö | 2005 1994 | 802 | – | 11,120 | – | – 1,075 | 12,997 | 30,100 | 44,055 BRI | B | ||
| 53 Bjurö 12 | Flintrännegatan 21 | Malmö | <1995 1960/1974 | 1,270 | – | 14,132 | 8,033 | – | 330 | 23,765 | 35,500 | 67,563 BRI | T | |
| 54 Bjälken 2 | Skruvgatan 4 | Malmö | <1995 1962/1990 | 525 | – | 1,951 | – | – 1,040 | 3,516 | 5,623 | 7,552 BRI | T | ||
| 55 Bjälken 3 | Skruvgatan 6-8 | Malmö | 1998 1962 | 420 | – | 2,161 | – | – | 50 | 2,631 | 2,618 | 5,478 BRI | ||
| 56 Dubbelknappen 17 | Risyxegatan 6 | Malmö | 1998 1989 | – | – | 2,380 | – | – | – | 2,380 | 8,472 | 7,506 BRI | B | |
| 57 Finngrundet 1 | Bjurögatan 29 | Malmö | 1998 1966 | – | – | 7,490 | – | – | – | 7,490 | 10,000 | 15,304 BRI | T | |
| 58 Flygfyren 1 | Flygfältsvägen 1 | Malmö | 2000 1950/2002 | – | 1,905 | 10,035 | – | – | – | 11,940 | 38,706 | 40,691 BRI | B | |
| 59 Gulsippan 1 | Källvattengatan 5 | Malmö | 2001 1988 | 1,954 | – | 11,548 | – | – | 491 | 13,993 | 38,450 | 57,721 BRI | B | |
| 60 Haken 3 | Vinkelgatan 5 | Malmö | 2008 1993 | 400 | – | 3,188 | – | – | – | 3,588 | 4,871 | 8,398 BRI | T | |
| 61 Hamnen 22:27 | Jörgen Kockgatan 11 | Malmö | <1995 1952/1976 | 266 | – | 954 | – | – | – | 1,220 | 545 | 1,324 BRI | T | |
| 62 Holkyxan 5 | Bronsyxegatan 11 | Malmö | <1995 1977/2000 | – | – | 6,510 | – | – | – | 6,510 | 13,035 | 16,716 BRI | T | |
| 63 Kalkgrundet 5 | Borrgatan 15 | Malmö | <1995 1935/1985 | 669 | – | 6,741 | – | – | – | 7,410 | 14,274 | 19,450 BRI | T | |
| 64 Kampen 25 | Lantmannagatan 22-26 Malmö | <1995 1940/1990 | 4,365 | – | 23,015 | 1,825 | – 11,562 | 40,767 | 49,281 | 76,681 BRI | ||||
| 65 Lillgrund 5 | Borrgatan 31 | Malmö | 2002 1952/1998 | – | – | 4,430 | – | – | – | 4,430 | 4,685 | 15,350 BRI | ||
| 66 Långdansen 1 | Sångleksgatan 9 | Malmö | <1995 1980 | – | – | 1,200 | – | – | – | 1,200 | 10,042 | 5,381 BRI | ||
| 67 Murman 7 | Murmansgatan 124 | Malmö | <1995 1959/1987 | 1,020 | – | 5,260 | 162 | – | – | 6,442 | 10,400 | 14,685 BRI | T | |
| 68 Murman 11 | Krusegatan 21 | Malmö | 1998 1960 | 1,687 | – | 6,631 | – | – | 77 | 8,395 | 6,475 | 20,364 BRI | T | |
| 69 Revolversvarven 9 | Jägershillgatan 16 | Malmö | 1997 1985 | – | – | 3,900 | – | – | – | 3,900 | 10,932 | 15,889 BRI | T | |
| 70 Ringspännet 1 | Kantyxegatan 5 | Malmö | 2002 2002 | – | – | 6,700 | – | – | – | 6,700 | 15,730 | 20,138 BRI | ||
| 71 Sadelknappen 1 | Sadelgatan 9 | Malmö | 1999 1979 | – | – | 2,000 | – | – | – | 2,000 | 5,284 | 5,863 BRI | ||
| 73 Stångbettet 1 | Travbanegatan 1 | Malmö | 2000 1989 | – | – | 1,743 | – | – | – | 1,743 | 4,051 | 6,082 BRI | ||
| 74 Tistlarna 9 | Styrsögatan 4 | Malmö | 2000 1991 | 1,109 | – | 14,452 | – | – | – | 15,561 | 31,020 | 41,665 BRI | T/B | |
| 75 Tågarp 16:22 | Företagsvägen 14 | Malmö | <1995 1968/1993 | 2,830 | – | 7,107 | – | – | – | 9,937 | 19,069 | 26,213 BRI | ||
| 76 Tågarp 16:72 | Företagsvägen 25 | Malmö | <1995 1973/1988 | 240 | – | 1,263 | 798 | – | – | 2,301 | 12,656 | 9,651 BRI | ||
| 77 Akvamarinen 1 | Diabasgatan 1 | Helsingborg | 2000 2007 | – | – | 4,713 | – | – | – | 4,713 | 10,000 | 19,530 BRI | ||
| 78 Bergakungen 1 | Måndagsgatan 6 | Helsingborg | <1995 1990 | 618 | – | 2,325 | – | – | – | 2,943 | 6,799 | 10,495 BRI | ||
| 79 Dolken 4 | Mörsaregatan 16 | Helsingborg | 2004 1970/1985 | 410 | – | 1,930 | 656 | – | – | 2,996 | 4,000 | 6,960 BRI | ||
| 80 Grusbacken 2 | Makadamgatan 15 | Helsingborg | 2005 2005 | 1,600 | – | 11,700 | – | – | – | 13,300 | 27,645 | 50,271 BRI | ||
| 81 Grusbädden 2 | Mogatan 2-6 | Helsingborg | <1995 1989 | 1,550 | – | 7,824 | – | – | 30 | 9,404 | 35,657 | 32,918 BRI | ||
| 82 Grusbädden 3 | Mogatan 2-6 | Helsingborg | 2007 2007/2010 | 1,721 | – | 8,892 | 3,092 | – | – | 13,705 | 29,700 | 46,000 BRI | ||
| 83 Grusplanen 3 | Makadamgatan 19 | Helsingborg | 2005 1990 | – | – | 2,735 | – | – | – | 2,735 | 7,292 | 8,809 BRI | ||
| 84 Hyveljärnet 3 | Lastgatan 9 | Helsingborg | <1995 1990 | – | – | 2,276 | – | – | – | 2,276 | 6,014 | 7,731 BRI | ||
| 85 Mimer 12 | S Tvärgången 3 | Helsingborg | <1995 1960 | – | – | 34 | – | – 3,080 | 3,114 | 9,378 | – BRI | B | ||
| 86 Nide 2 | Rundgången 10 | Helsingborg | <1995 1955/1985 | 1,639 | – | 3,679 | 1,134 | – | 124 | 6,576 | 23,599 | 17,170 BRI | ||
| 87 Topasen 1 | Andesitgatan 8 | Helsingborg | 2003 1989 | – | – | 0 | 8,558 | – | – | 8,558 | 33,786 | 37,270 BRI | B | |
| 88 Värjan 3 | Garnisonsgatan 9 | Helsingborg | 2002 1969 | 1,112 | 985 | 2,735 | – | – | 50 | 4,882 | 7,522 | 14,732 BRI | B | |
| 89 Annedal 9 | Annedalsvägen 2 | Lund | <1995 1990 | 560 | – | 736 | – | – | – | 1,296 | 4,527 | 5,594 BRI | ||
| 90 Råbyholm 5 | Landerigränden 2-4 | Lund | 1999 1984 | 2,501 | – | 7,908 | – | – | – | 10,409 | 21,376 | 53,149 BRI | ||
| 91 Välten 4 | Traktorvägen 8 | Lund | 2003 2003 | – | – | 3,100 | – | – | – | 3,100 | 8,003 | 16,792 BRI | ||
| 92 Välten 5 | Traktorvägen 10 | Lund | 2003 1974/1995 | – | – | 3,645 | – | – | – | 3,645 | 16,384 | 10,073 BRI | ||
| 93 Årdret 12 | Höstbruksvägen 14 | Lund | <1995 1990 | – | – | 2,049 | – | – | – | 2,049 | 6,223 | 7,041 BRI | ||
| Total warehouse/industrial | 29,268 | 2,890 222,192 | 24,258 | 0 17,909 | 296,517 | 639,724 | 894,255 |
| Öresund Region | Acquis Build/ | Square metres per type of premises | Tax Mgmt. assessment Sub |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | |||||
| DEVELOPMENT PROJECTS | ||||||||||||||
| 24 Forskaren 2:3 | Emdalavägen 8 | Lund | 1999 2008 | 7,400 | – | 884 | – | – | 716 | 9,000 | 9,136 | – BRI | ||
| 100 Fullriggaren 4 | Riggaregatan 51-57 | Malmö | 2010 – | 5,400 | – | – | – | – | – | 5,400 | 1,857 | – BRI | ||
| 7 Sändaren 1 | Agnesfridsvägen 111 | Malmö | 2010 – | 7,047 | – | 4,178 | – | – | 326 | 11,551 | 40,239 | 23,959 BRI | T | |
| Total development projects | 19,847 | 0 | 5,062 | 0 | 0 1,042 | 25,951 | 51,232 | 23,959 |
| Öresund Region | Tax Mgmt. | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | Square metres per type of premises | assessment Sub | |||||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | ||||||
| UNDEVELOPED LAND | |||||||||||||||
| 95 Intäkten 5 | Lantmannag 20/ Ystadsg 49 |
Malmö | 2000 | – | – | – | – | – | – | – | – | 2,625 | 2,045 BRI | B | |
| 96 Moränen 1 & 2 | Borrgatan 1 | Malmö | <1995 | – | – | – | – | – | – | – | – | 11,281 | 2,822 BRI | B | |
| 97 Ringspännet 5 | Kantyxegatan 1 | Malmö | 2006 | – | – | – | – | – | – | – | – | 10,000 | 1,845 BRI | B | |
| 98 Svedjenävan 4 | Stenbärsgatan 2 | Malmö | 2006 | – | – | – | – | – | – | – | – | 3,398 | 934 BRI | T/B | |
| 99 Höjdpunkten 2 | Lund | Lund | 2001 | – | – | – | – | – | – | – | – | 15,079 | 3,023 BRI | B | |
| 104 Kulan 2 | Garnisionsgatan 5 | Helsingborg | 2010 | – | – | – | – | – | – | – | – | 35,500 | 4,400 BRI | ||
| Total undeveloped land | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 77,883 | 15,069 | ||||||
| Total Öresund Region | 256,389 | 66,139 275,500 | 27,492 9,258 42,858 | 677,636 | 1,308,787 3,884,771 |
Office/retail Warehouse/industrial Development projects and land
Castellum´s Real Estate Portfolio in Öresund Region 31-12-2011
| Net | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Area | Rental | Rental | Ecomomic | Rental | Property | Property | operating | ||
| No. of | thous. | value | value | occupancy | income | costs | costs | income | |
| properties | sq.m | SEKm | SEK/sq.m | rate | SEKm | SEKm | SEK/sq.m | SEKm | |
| Offi ce/retail | |||||||||
| Malmö | 26 | 145 | 226 | 1,565 | 88.8% | 201 | 60 | 413 | 141 |
| Lund | 14 | 98 | 150 | 1,517 | 84.5% | 126 | 29 | 295 | 97 |
| Helsingborg | 14 | 81 | 78 | 961 | 80.2% | 63 | 20 | 234 | 43 |
| Landskrona | 1 | 9 | 5 | 596 | 40.1% | 2 | 2 | 343 | 0 |
| Copenhagen | 4 | 22 | 26 | 1,190 | 100.0% | 26 | 2 | 101 | 24 |
| Total offi ce/retail | 59 | 355 | 485 | 1,366 | 86.2% | 418 | 113 | 318 | 305 |
| Warehouse/industrial | |||||||||
| Malmö | 24 | 201 | 136 | 676 | 80.8% | 110 | 35 | 173 | 75 |
| Helsingborg | 12 | 75 | 54 | 717 | 89.5% | 48 | 9 | 130 | 39 |
| Lund | 5 | 21 | 19 | 919 | 78.2% | 15 | 3 | 131 | 12 |
| Total warehouse/industrial | 41 | 297 | 209 | 703 | 82.8% | 173 | 47 | 159 | 126 |
| Total | 100 | 652 | 694 | 1,065 | 85.2% | 591 | 160 | 246 | 431 |
| Leasing and property administration | 38 | 58 | – 38 | ||||||
| Total after leasing and property administration | 198 | 304 | 393 | ||||||
| Development projects | 3 | 26 | 9 | – | – | 1 | 6 | – | – 5 |
| Undeveloped land | 6 | – | – | – | – | – | – | – | – |
| Total | 109 | 678 | 703 | – | – | 592 | 204 | – | 388 |
Property related key ratios
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Rental value, SEK/sq.m. | 1,065 | 1,060 | 1,063 | 989 | 971 | 932 | 915 | 931 | 892 | 830 |
| Economic occupancy rate | 85.2% | 86.6% | 86.5% | 88.1% | 87.7% | 86.8% | 88.1% | 91.2% | 90.4% | 92.4% |
| Property costs, SEK/sq.m. | 304 | 315 | 320 | 278 | 271 | 256 | 244 | 262 | 258 | 240 |
| Net operating income, SEK/sq.m. | 603 | 604 | 601 | 593 | 581 | 553 | 563 | 587 | 549 | 527 |
| Number of properties | 109 | 101 | 100 | 100 | 97 | 92 | 90 | 93 | 97 | 101 |
| Lettable area, thousand sq.m. | 678 | 646 | 620 | 621 | 602 | 587 | 600 | 571 | 566 | 559 |
| Greater Stockholm | Acquis Build/ | Square metres per type of premises | assessment Sub | Tax Mgmt. | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | ||||
| OFFICE/RETAIL | |||||||||||||
| 2 Archimedes 1 | Gårdsfogdevägen 2-6 Stockholm | 1996 1979 | 13,108 | 2,144 | 2,645 | 310 | – | – | 18,207 | 13,663 | 106,171 BRO | ||
| 3 Betongblandaren 3 | Gårdsfogdevägen 16 | Stockholm | 2001 1971 | 2,963 | 3,242 | 175 | – | – | – | 6,380 | 2,722 | 39,800 BRO | |
| 82 Betongblandaren 10 | Archimedesv 1-3/ Gårdsfogdev 8-10 |
Stockholm | 2005 1975/1996 | 1,675 | 10,437 | 2,142 | – | – | 30 | 14,284 | 15,170 | 124,600 BRO | |
| 4 Betongblandaren 12 | Gårdsfogdevägen 18 B Stockholm | 1998 1972 | 7,263 | – | 135 | – | – | – | 7,398 | 3,679 | 63,400 BRO | ||
| 5 Betongblandaren 13 | Adolfbergsvägen 15, 25-31Stockholm | <1995 1989 | 7,628 | 1,370 | 1,833 | – | – | – | 10,831 | 7,690 | 77,300 BRO | ||
| 6 Fredsfors 14 | Karlsbodavägen 39-41 Stockholm | <1995 1960 | 11,208 | – | 6,782 | – | – 1,443 | 19,433 | 7,073 | 95,800 BRO | |||
| 23 Lisenen 2 | Hässelby Torg 1 | Stockholm | 2011 1982/1995 | 2,299 | – | – | – | – | – | 2,299 | 1,104 | – BRO T | |
| 8 Vallonsmidet 8 | Gårdsfogdevägen 1-7 Stockholm | <1995 1963/1992 | 13,127 | 3,039 | 6,742 | – | – | 10 | 22,918 | 29,425 | 166,700 BRO B | ||
| 9 Ekenäs 1 | Finlandsgatan 24-48 | Stockholm | <1995 2003 | 18,762 | 540 | – | – | – | 8 | 19,310 | 9,631 | 288,200 BRO T | |
| 10 Ekenäs 2 | Finlandsgatan 12-14 | Stockholm | <1995 1989 | 4,602 | – | 65 | – | – | – | 4,667 | 1,987 | 50,200 BRO T | |
| 11 Ekenäs 3 | Finlandsgatan 10 | Stockholm | <1995 1989 | 3,580 | – | 740 | – | – | – | 4,320 | 4,792 | 46,716 BRO T | |
| 12 Ekenäs 4 | Finlandsgatan 16-18 | Stockholm | <1995 1991 | 7,531 | 100 | 444 | – | – | – | 8,075 | 2,255 | 86,800 BRO T | |
| 13 Karis 3 | Finlandsgatan 62 | Stockholm | 2001 1989 | 2,881 | – | 425 | – | – | 90 | 3,396 | 2,248 | 34,800 BRO T | |
| 14 Karis 4 | Finlandsgatan 50-60 | Stockholm | 2000 1985 | 4,630 | 516 | 104 | – | – | 10 | 5,260 | 3,920 | 57,000 BRO T | |
| 15 Sätesdalen 2 | Norgegatan 2 | Stockholm | 2006 1990/2001 | 10,194 | 500 | 845 | – | – | 212 | 11,751 | 10,812 | 91,000 BRO T | |
| 16 Getholmen 2 | Måsholmstorget 1-13 | Stockholm | <1995 1990 | 5,340 | – | 381 | – | – | – | 5,721 | 3,195 | 55,600 BRO T | |
| 17 Hästholmen 2 | Ekholmsvägen 23 | Stockholm | <1995 1985 | 1,215 | – | – | – | – | – | 1,215 | 1,839 | 9,841 BRO T | |
| 18 Renseriet 25 | Bolidenv 12, 16/ Tjurhornsgr 3 |
Stockholm | <1995 1910 | 1,160 | – | 212 | 80 | – | – | 1,452 | 4,384 | 7,365 BRO B | |
| 19 Renseriet 26 | Bolidenv 14-16/ Tjurhornsgr 3 |
Stockholm | <1995 1965 | 1,500 | 436 | 534 | 167 | – | – | 2,637 | 3,594 | 19,337 BRO | |
| 20 Tjurhornet 15 | Huddingevägen 103-109Stockholm | <1995 1986 | 19,477 | 575 | 3,180 | – | – | 6 | 23,238 | 13,314 | 169,176 BRO | ||
| 21 Mandelblomman 15 | Avestag 29/ Kronofogdev 56 |
Stockholm | <1995 1950/1990 | 3,487 | – | 134 | – | – | – | 3,621 | 4,364 | 23,978 BRO | |
| 22 Drevern 1 & Dvärgsp. 1 Gråhundsvägen 82-84 Stockholm | <1995 1970/1995 | 1,215 | 2,745 | – | – | – | – | 3,960 | 5,729 | 32,000 BRO | |||
| 55 Getholmen 1 | Ekholmsvägen 32-36 | Stockholm | 1998 1982 | 5,860 | – | 2,232 | – | – | – | 8,092 | 4,717 | 55,628 BRO T | |
| 98 Landningsbanan 3 | Flygfältsgatan 18, 20 | Stockholm | 2010 1984 | – | – | 1,000 | – | – | – | 1,000 | 2,208 | 6,161 BRO T | |
| 53 Domnarvet 39 | Gunnebogatan 24-26 | Stockholm | <1995 1989 | 1,267 | – | 1,386 | – | – | – | 2,653 | 1,940 | 17,893 BRO T | |
| 24 Gräslöken 1 | Anderstorpsvägen 20-26Solna | 2006 1976 | 6,166 | 621 | 233 | – | – | – | 7,020 | 1,288 | 65,600 BRO | ||
| 26 Råsten 4 | Råstensg 1/Stureg 10 | Sundbyberg | 2007 1929/2001 | 2,700 | – | – | – | – | – | 2,700 | 1,111 | 35,000 BRO | |
| 27 Yrket 4 | Smidesvägen 10-12 | Solna | 2006 1982/1984 | 9,485 | – | 860 | – | – | 404 | 10,749 | 8,774 | 112,200 BRO B | |
| 28 Ekplantan 4 | Djupdalsvägen 1-7 | Sollentuna | 1996 1990 | 8,354 | 1,251 | 137 | – | – | 400 | 10,142 | 8,595 | 80,725 BRO | |
| 29 Ekstubben 21&23 | Djupdalsvägen 10-18, 30-32, 20-22 |
Sollentuna | 1999 1989 | 6,150 | – | 107 | – | – | 110 | 6,367 | 3,069 | 58,882 BRO | |
| 99 Ekstubben 25 | Djupdalsvägen 24-26 | Sollentuna | 2011 1987,1988 | 1,050 | – | – | – | – | – | 1,050 | 534 | 8,144 BRO | |
| 30 Ringpärmen 3 | Bergskällavägen 30 | Sollentuna | 2005 1986 | 895 | – | 2,091 | 953 | – | 240 | 4,179 | 7,918 | 19,736 BRO | |
| 31 Ringpärmen 4 | Bergskällavägen 32 | Sollentuna | 1996 1987 | 10,665 | 600 | 1,348 | – | – | – | 12,613 | 12,206 | 93,000 BRO | |
| 32 Sjöstugan 1 | Sidensvansvägen 8-10 Sollentuna | 1996 1990 | 4,452 | – | 1,846 | – | – | – | 6,298 | 9,156 | 50,200 BRO | ||
| 33 Altartorpet 22 | Jägerhorns väg 6 | Huddinge | 1996 1986 | 818 | 1,267 | 630 | – | – | – | 2,715 | 5,767 | 34,800 BRO T | |
| 34 Altartorpet 23 | Jägerhorns väg 8 | Huddinge | 1996 1987 | 1,315 | 2,906 | – | – | – | – | 4,221 | 5,756 | 57,700 BRO T | |
| 35 Arrendatorn 15 | Jägerhorns väg 3-5 | Huddinge | 2001 1987 | 509 | 650 | 210 | – | – | – | 1,369 | 2,422 | 8,843 BRO | |
| 36 Arrendatorn 16 | Jägerhorns väg 1 | Huddinge | <1995 1987 | 628 | 877 | – | – | – | – | 1,505 | 2,803 | 9,362 BRO | |
| 37 Ellipsen 3 | Ellipsvägen 11 | Huddinge | 2001 1993 | 2,160 | – | 1,298 | – | – | – | 3,458 | 3,904 | 16,910 BRO | |
| 86 Varpen 8 | Smista Allé 36 | Huddinge | 1997 2009 | – | – | – | 11,290 | – | – | 11,290 | 6,900 | 47,411 BRO B | |
| 25 Varpen 8 C | Smista Allé 32 | Huddinge | 1997 2010 | – | – | – | 1,390 | – | – | 1,390 | 3,100 | – BRO |
Note: T=Ground rent A=Lease B=Unutilized building permission
| Greater Stockholm | Tax Mgmt. | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | Square metres per type of premises | assessment Sub | ||||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | |||||
| 81 Visiret 2 A | Smista Allé 44 | Huddinge | 2004 2004 | – | – | – | 2,690 | – | – | 2,690 | 4,890 | 19,704 BRO | ||
| 38 Visiret 2 B&C | Smista Allé 42 | Huddinge | 1997 2006 | – | – | – | 7,500 | – | – | 7,500 | 13,747 | 62,000 BRO | ||
| 84 Visiret 2 F | Smista Allé 46-48 | Huddinge | 1997 2009 | – | – | – | 4,895 | – | – | 4,895 | 8,241 | 40,688 BRO | ||
| 39 Hammarby-Smedby 1:454 Johanneslundsvägen 2-6Uppl-Väsby | 2006 1991 | 8,322 | – | 132 | – | – | – | 8,454 | 10,460 | 66,600 BRO | ||||
| 40 Hammarby-Smedby 1:461 Johanneslundsvägen 3-5Uppl-Väsby | 2006 1988 | 3,656 | 676 | 232 | – | – | – | 4,564 | 6,798 | 32,400 BRO | ||||
| 41 Veddesta 2:22 | Nettovägen 7 | Järfälla | <1995 1965/1975 | 508 | – | – | – | – | – | 508 | 1,782 | 2,335 BRO | ||
| 42 Veddesta 2:23 | Nettovägen 1 | Järfälla | <1995 1971/1985 | – | 4,172 | 1,769 | – | – | – | 5,941 | 7,063 | 30,000 BRO | ||
| 43 Veddesta 2:58 | Fakturavägen 5 | Järfälla | 2007 1985/1995 | 980 | – | – | – | – | – | 980 | 2,452 | 6,574 BRO | ||
| 93 Veddesta 2:66 | Girovägen 13 | Järfälla | 2010 1989 | 3,138 | – | 250 | – | – | 8 | 3,396 | 7,422 | 22,415 BRO | ||
| 44 Sicklaön 393:4 | Vikdalsvägen 50 | Nacka | <1995 1990 | 3,584 | – | 421 | – | – | – | 4,005 | 10,819 | 42,400 BRO | ||
| 45 Sicklaön 394:5 | Vikdalsgränd 10 | Nacka | 1996 1991 | 1,654 | – | 151 | – | – | – | 1,805 | 4,125 | 16,269 BRO | ||
| Total offi ce/retail | 229,161 | 38,664 | 43,851 | 29,275 | 0 2,971 | 343,922 | 322,557 2,765,364 | |||||||
| WAREHOUSE/INDUSTRIAL | ||||||||||||||
| 46 Charkuteristen 5 | Hallvägen 21 | Stockholm | 2001 1955 | 1,520 | – | 5,447 | – | – | – | 6,967 | 4,213 | 19,740 BRO T | ||
| 47 Charkuteristen 6 | Slakthusgatan 20 | Stockholm | 2001 1955 | – | 1,066 | 1,139 | 186 | – | – | 2,391 | 1,665 | 6,726 BRO T | ||
| 48 Charkuteristen 8 | Slakthusgatan 22 | Stockholm | 2001 1968 | 548 | – | 4,717 | – | – | – | 5,265 | 2,582 | 15,533 BRO T | ||
| 49 Linde Torp 8 | Bolidenvägen 8-10 | Stockholm | <1995 1929 | 574 | 67 | 1,141 | – | – | – | 1,782 | 7,350 | 14,486 BRO B | ||
| 50 Sandhagen 6 | Slakthusgatan 9 | Stockholm | 2001 1967 | 1,531 | – | 2,659 | – | – | – | 4,190 | 1,728 | 14,184 BRO T | ||
| 51 Domnarvet 4 | Domnarvsgatan 27-29 Stockholm | <1995 1987 | 1,882 | – | 5,422 | – | – | 447 | 7,751 | 8,605 | 34,332 BRO T | |||
| 52 Domnarvet 27 | Fagerstagatan 19 B | Stockholm | <1995 1982 | – | – | – | 1,950 | – | – | 1,950 | 4,337 | 8,962 BRO T | ||
| 91 Domnarvet 28 | Fagerstagatan 19 C | Stockholm | 2010 1986 | – | – | – | 3,720 | – | – | 3,720 | 7,272 | 13,887 BRO T | ||
| 54 Mandelblomman 16 | Kronofogdevägen 62 | Stockholm | 2007 1974 | 1,011 | – | 1,938 | 940 | – | – | 3,889 | 4,125 | 12,993 BRO | ||
| 56 Stensätra 7 | Strömsätravägen 16 | Stockholm | 1999 1974 | – | – | 5,288 | – | – | – | 5,288 | 10,212 | 19,200 BRO T | ||
| 57 Dagskiftet 4 | Elektravägen 10 | Stockholm | 2007 1945 | 358 | – | 1,352 | – | – | – | 1,710 | 1,892 | 4,930 BRO T | ||
| 58 Elektra 3 | Västbergavägen 25 | Stockholm | <1995 1946 | 1,167 | 235 | 6,045 | – | – | – | 7,447 | 10,106 | 20,781 BRO | ||
| 59 Godståget 1 | Transportvägen 7-9 | Stockholm | <1995 1985 | 1,818 | – | 10,830 | 400 | – | – | 13,048 | 31,392 | 77,503 BRO | ||
| 92 Furudal 4 | Fagerstagatan 10 | Stockholm | 2010 2008 | – | – | – | 1,237 | – | – | 1,237 | 2,051 | 5,807 BRO T | ||
| 60 Lagerhallen 2 | Brunnbyvägen 2-4/ Partihandelsvägen 27-45 |
Stockholm | 2004 1975 | 2,194 | – | 7,560 | – | – 3,609 | 13,363 | 9,512 | 47,466 BRO T | |||
| 61 Torngluggen 1-3 | Bällstavägen 159/ Tornväktargränd 1-9 |
Stockholm | <1995 1963/1983 | – | – | 1,900 | – | – | – | 1,900 | 3,898 | 6,541 BRO T | ||
| 62 Tornluckan 1 | Tornväktargränd 6 | Stockholm | <1995 1960 | – | – | 810 | – | – | – | 810 | 927 | 3,466 BRO T | ||
| 83 Vagnhallen 19 | Jämtlandsgatan 131 | Stockholm | 2006 1963/1974 | 1,347 | – | – | 4,197 | – | – | 5,544 | 5,177 | 15,961 BRO T | ||
| 25 Instrumentet 1 | Fabriksvägen 9 | Solna | 2006 1955/2005 | – | – | – | 3,673 | – | – | 3,673 | 2,065 | 17,282 BRO | ||
| 63 Elementet 4 | Bäckvägen 18 | Sollentuna | <1995 1960 | 1,059 | 190 | 6,392 | – | – | – | 7,641 | 18,469 | 29,896 BRO | ||
| 100 Revisorn 4 | Bergkällavägen 33 | Sollentuna | 2011 1988 | – | – | – | 2,635 | – | – | 2,635 | 6,915 | 15,827 BRO B | ||
| 64 Tidskriften 2 | Kuskvägen 2 | Sollentuna | 1997 1976 | 1,323 | 2,802 | 5,673 | – | – | – | 9,798 | 18,203 | 70,322 BRO | ||
| 65 Rosersberg 2:21-22 | Rosersbergsvägen 43-45 Sigtuna | 1996 1990 | – | – | 2,126 | – | – | – | 2,126 | 5,240 | 7,799 BRO | |||
| 66 Rosersberg 11:12 | Tallbacksgatan 6-12 | Sigtuna | 1996 1988 | 464 | – | 17,438 | – | – | 66 | 17,968 | 53,376 | 59,219 BRO | ||
| 67 Rosersberg 11:34 | Tallbacksgatan 14 | Sigtuna | 1996 1987/1989 | – | – | 6,400 | – | – | – | 6,400 | 18,259 | 22,014 BRO | ||
| 68 Rosersberg 11:35 | Tallbacksgatan 18 | Sigtuna | 1996 1990 | – | – | 8,200 | – | – | – | 8,200 | 20,664 | 31,183 BRO | ||
| 95 Bredgården 1:7 | Jättevägen 4 | Järfälla | 2010 1978 | 111 | 294 | – | 3,039 | – | 260 | 3,704 | 9,213 | 17,200 BRO | ||
| 70 Veddesta 2:17 | Nettovägen 9 | Järfälla | 2006 1968 | – | – | 1,338 | – | – | – | 1,338 | 5,350 | 5,452 BRO | ||
| 71 Veddesta 2:19 | Girovägen 9 | Järfälla | <1995 1964 | – | – | 2,556 | – | – | – | 2,556 | 10,000 | 14,464 BRO | ||
| 72 Veddesta 2:21 | Nettovägen 5 | Järfälla | <1995 1965/1988 | 163 | – | 1,742 | – | – | – | 1,905 | 5,000 | 8,407 BRO | ||
| 73 Veddesta 2:26 | Nettovägen 11 | Järfälla | <1995 1968 | 775 | 190 | 1,978 | – | – | – | 2,943 | 7,000 | 12,726 BRO | ||
| 94 Veddesta 2:49 | Girov 11 | Järfälla | 2010 1981 | – | – | 1,263 | 2,370 | – | – | 3,633 | 9,250 | 20,799 BRO T | ||
| 74 Veddesta 2:50 | Kontov 7/Veddestav 23-25 Järfälla | <1995 1964 | 909 | – | 2,884 | 857 | – | – | 4,650 | 21,889 | 24,741 BRO B | |||
| 75 Veddesta 2:60 | Fakturavägen 4 | Järfälla | 2007 1987 | 480 | – | 155 | 324 | – | 63 | 1,022 | 1,099 | 5,872 BRO T | ||
| 76 Veddesta 2:77 | Fakturavägen 1-3 | Järfälla | 2007 1994/1997 | 1,000 | – | 4,215 | – | – | – | 5,215 | 14,857 | 36,529 BRO | ||
| 96 Skälby 2:9 | Instrumentvägen 2 | Uppl-väsby | 2010 1984 | 697 | – | – | 2,486 | – | – | 3,183 | 7,720 | 17,661 BRO T | ||
| 77 Hantverkaren 2 | Hantverkarvägen 9 | Botkyrka | <1995 1976/1979 | – | – | – | 5,790 | – | – | 5,790 | 11,672 | 20,628 BRO | ||
| 78 Kumla Hage 3 | Kumla Gårdsväg 24 A-BBotkyrka | <1995 1985 | – | – | 1,889 | – | – | – | 1,889 | 3,959 | 6,965 BRO | |||
| 79 Kumla Hage 13 | Kumla Gårdsväg 24 C | Botkyrka | <1995 1990 | – | – | 1,630 | – | – | – | 1,630 | 3,258 | 7,066 BRO | ||
| 80 Mästaren 1 | Kumla Gårdsväg 21 | Botkyrka | 1996 1983/1986 | – | – | 17,937 | 3,103 | – | – | 21,040 | 35,957 | 82,702 BRO | ||
| 90 Saltmossen 3 | Kumla Gårdsväg 21 | Botkyrka | <1995 2011 | – | – | 5,496 | – | – | – | 5,496 | 21,257 | 4,250 BRO | ||
| 97 Skarpnäs 5:10 | Skarpövägen 14 | Nacka | 2010 2008 | 2,294 | – | 2,097 | 1,269 | – | – | 5,660 | 7,491 | 22,492 BRO | ||
| Total warehouse/industrial | 23,225 | 4,844 147,657 | 38,176 | 0 4,445 | 218,347 | 435,207 | 903,994 |
| Greater Stockholm | Tax Mgmt. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | Square metres per type of premises | assessment Sub | |||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | ||||
| DEVELOPMENT PROJECTS | |||||||||||||
| 1 Alphyddan 11 | Bällstavägen 28-36 | Stockholm | 1997 1964 | 4,363 | – | – | – | – | – | 4,363 | 4,126 | 16,615 BRO | |
| 7 Linaberg 15 | Alpvägen 17 | Stockholm | 1999 1973 | 2,349 | – | 1,990 | – | – | – | 4,339 | 5,448 | 18,413 BRO T | |
| 69 Veddesta 1:9 | Fakturavägen 2 | Järfälla | 2007 1965 | – | – | – | 2,274 | – | – | 2,274 | 3,731 | 4,954 BRO | |
| Total development projects | 6,712 | 0 | 1,990 | 2,274 | 0 | 0 | 10,976 | 13,305 | 39,982 | ||||
| UNDEVELOPED LAND | |||||||||||||
| 88 Rankan 3-4 | Sollentunaholmsvägen 1-7Sollentuna | 1996 – | – | – | – | – | – | – | – | 88,355 | 57,000 BRO B | ||
| 89 Smista Park | Smista Allé | Huddinge | 1997 – | – | – | – | – | – | – | – | 53,799 | 26,808 BRO B | |
| 98 Åby 1:223 | Cementvägen 7 | Haninge | 2011 – | – | – | – | – | – | – | – | 10,209 | 1,965 BRO B | |
| Total undeveloped land | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 152,363 | 85,773 | ||||
| Total Greater Stockholm | 259,098 | 43,508 193,498 | 69,725 | 0 7,416 | 573,245 | 923,432 3,795,113 |
Castellum´s Real Estate Portfolio in Greater Stockholm 31-12-2011
| Net | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Area | Rental | Rental | Ecomomic | Rental | Property | Property | operating | ||
| No. of | thous. | value | value | occupancy | income | costs | costs | income | |
| properties | sq.m | SEKm | SEK/sq.m | rate | SEKm | SEKm | SEK/sq.m | SEKm | |
| Offi ce/retail | |||||||||
| North | 21 | 128 | 169 | 1,324 | 77.4% | 131 | 53 | 410 | 78 |
| West | 11 | 122 | 159 | 1,304 | 67.3% | 107 | 36 | 296 | 71 |
| South | 20 | 94 | 134 | 1,419 | 91.9% | 123 | 27 | 290 | 96 |
| Total offi ce/retail | 52 | 344 | 462 | 1,343 | 78.1% | 361 | 116 | 337 | 245 |
| Warehouse/industrial | |||||||||
| North | 22 | 103 | 93 | 897 | 90.7% | 84 | 23 | 227 | 61 |
| West | 4 | 12 | 12 | 1,026 | 77.7% | 10 | 3 | 185 | 7 |
| South | 16 | 103 | 97 | 945 | 93.9% | 91 | 27 | 261 | 64 |
| Total warehouse/industrial | 42 | 218 | 202 | 926 | 91.4% | 185 | 53 | 241 | 132 |
| Total | 94 | 562 | 664 | 1,181 | 82.2% | 546 | 169 | 300 | 377 |
| Leasing and property administration | 34 | 62 | – 34 | ||||||
| Total after leasing and property administration | 203 | 362 | 343 | ||||||
| Development projects | 3 | 11 | 11 | – | – | 7 | 3 | – | 4 |
| Undeveloped land | 3 | – | – | – | – | – | – | – | – |
| Total | 100 | 573 | 675 | – | – | 553 | 206 | – | 347 |
Property value by property type Property value by municipality
Property related key ratios
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Rental value, SEK/sq.m. | 1,181 | 1,154 | 1,175 | 1,144 | 1,090 | 1,038 | 999 | 1,031 | 1,044 | 1,032 |
| Economic occupancy rate | 82.2% | 82.8% | 84.8% | 84.0% | 81.2% | 81.3% | 83.1% | 84.5% | 87.0% | 89.1% |
| Property costs, SEK/sq.m. | 362 | 345 | 347 | 343 | 325 | 338 | 315 | 339 | 332 | 326 |
| Net operating income, SEK/sq.m. | 609 | 611 | 650 | 618 | 560 | 506 | 515 | 532 | 576 | 594 |
| Number of properties | 100 | 97 | 90 | 90 | 87 | 80 | 73 | 70 | 70 | 70 |
| Lettable area, thousand sq.m. | 573 | 569 | 534 | 535 | 517 | 501 | 442 | 422 | 403 | 404 |
| Mälardalen | Tax Mgmt. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name of property | Address | Municipality | Acquis Build/ year Recon. year |
Office | Square metres per type of premises Retail Warehouse |
Industrial Residential Oth. | Totalt | Site sq.m. | assessment Sub | value sidiary Note | |||
| OFFICE/RETAIL | |||||||||||||
| 118 Boländerna 5:12 | Fålhagsleden 51 | Uppsala | 2010 1983/1996 | 5,799 | – | 251 | – | – | – | 6,050 | 15,251 | 38,454 ASP B | |
| 1 Boländerna 8:6 | Knivstagatan 6 | Uppsala | 2008 1990 | 2,729 | – | – | – | – | – | 2,729 | 3,806 | 17,342 ASP | |
| 101 Boländerna 8:11 | Bergsbrunnagatan 15 | Uppsala | 2008 1975 | 1,024 | 485 | 3,376 | – | – 1,930 | 6,815 | 11,535 | 19,187 ASP | ||
| 2 Boländerna 9:1 | Märstagatan 2 | Uppsala | 2008 1946/2005 | 1,737 | – | 537 | – | – | – | 2,274 | 2,890 | – ASP | |
| 124 Boländerna 11:5 | Märstagatan 7 | Uppsala | 2011 1975 | 2,407 | – | – | – | – | – | 2,407 | 4,346 | – ASP B | |
| 111 Boländerna 30:2 | Verkstadsgatan 9 | Uppsala | 2000 1971 | 242 | 23,145 | 2,309 | – | – | – | 25,696 | 61,524 | 214,600 ASP B | |
| 3 Boländerna 30:2 B | Verkstadsgatan 11 | Uppsala | 2003 2002 | 2,124 | – | – | – | – | – | 2,124 | 4,500 | 24,000 ASP | |
| 4 Boländerna 30:2 D | Verkstadsgatan 9 | Uppsala | 2003 1987 | – | – | 4,100 | – | – | – | 4,100 | 10,981 | 35,624 ASP B | |
| 5 Boländerna 35:1 | Bolandsgatan 18 | Uppsala | 2006 1975 | – | 5,555 | – | 4,258 | – | 150 | 9,963 | 26,193 | 41,847 ASP B | |
| 6 Boländerna 35:2 | Bolandsgatan 20 | Uppsala | <1995 1981 | – | 4,118 | – | – | – | – | 4,118 | 9,600 | 42,800 ASP | |
| 123 Boländerna 36:2 | Danmarksgatan 20 | Uppsala | 2011 1982 | – | 2,400 | – | – | – | – | 2,400 | 3,204 | 13,867 ASP | |
| 7 Dragarbrunn 16:2 | Dragarbrunsngatan | Uppsala | 2004 1963 | 4,616 | 1,694 | 73 | – | – | 147 | 6,530 | 2,209 | 106,200 ASP | |
| 113 Dragarbrunn 20:2 | Kungsg/St Persg | Uppsala | 1999 1963 | 2,462 | 767 | 46 | – | – | – | 3,275 | 921 | – ASP | |
| 119 Dragarbrunn 20:4 | Dragarbrunnsgatan 34 Uppsala | 2010 1982 | 5,589 | 3,015 | 114 | – 1,305 | – | 10,023 | 4,472 | 111,900 ASP | |||
| 8 Kungsängen 24:3 | Kungsgatan 95 | Uppsala | <1995 1998 | 729 | 5,750 | – | – | – | – | 6,479 | 15,284 | 45,800 ASP | |
| 9 Kungsängen 29:1 | Kungsgatan 70 | Uppsala | 1997 1985 | 2,274 | 1,813 | 342 | – | – | – | 4,429 | 8,966 | 24,800 ASP | |
| 10 Kungsängen 35:3 | Kungsgatan 76 | Uppsala | 1998 2001 | 3,060 | – | – | – | – | – | 3,060 | 4,547 | 21,500 ASP | |
| 11 Kvarngärdet 64:3 | Sportfältsvägen 3 | Uppsala | 1996 1991 | 1,965 | – | – | – | – | – | 1,965 | 2,955 | 12,825 ASP | |
| 103 Årsta 36:2 | Möllersvärdsgatan 12 | Uppsala | <1995 1978/1989 | 1,346 | – | 1,457 | – | – | – | 2,803 | 5,143 | 11,595 ASP | |
| 12 Årsta 36:7 | Hanselligatan 6 | Uppsala | 2007 1986 | 388 | – | 1,873 | – | – | – | 2,261 | 3,358 | 9,416 ASP | |
| 13 Årsta 67:1 | Stålgatan 8-12 | Uppsala | <1995 1988 | 151 | 10,268 | 666 | – | – | – | 11,085 | 31,608 | 52,848 ASP | |
| 14 Årsta 72:3 | Svederusgatan 1-4 | Uppsala | 1997 1990 | 2,195 | 1,792 | 4,177 | – | – | 28 | 8,192 | 10,792 | 33,561 ASP | |
| 15 Årsta 74:1 | Fyrislundsgatan 68 | Uppsala | 1999 1985 | – | 6,820 | – | – | – | – | 6,820 | 15,268 | 37,200 ASP | |
| 16 Årsta 74:3 | Axel Johanssons gata 4-6 Uppsala | <1995 1990 | 13,175 | 238 | 161 | – | – | 490 | 14,064 | 17,212 | 81,600 ASP | ||
| 121 Årsta 78:1 | Fyrislundsgatan 73 | Uppsala | 2011 2000 | 2,838 | – | – | – | – | – | 2,838 | 4,156 | 15,865 ASP | |
| 17 Basen 10 | Fridhemsgatan 2-4 | Örebro | <1995 1900/1990 | 6,164 | – | 100 | – | – | – | 6,264 | 4,997 | 41,400 ASP | |
| 18 Borgaren 1 | Fabriksgatan 1 A | Örebro | 2008 1969/2001 | 6,539 | – | 1,100 | – | – | 847 | 8,486 | 3,375 | 64,604 ASP | |
| 115 Inköparen 1 | Södra Infarten | Örebro | 2007 2008 | 864 | 4,331 | – | – | – | – | 5,195 | 22,500 | 33,399 ASP | |
| 19 Järnmalmen 1 | Osmundgatan 10 | Örebro | 2006 1967/1995 | 2,695 | – | 7,835 | – | – | – | 10,530 | 47,714 | 24,530 ASP B | |
| 20 Konstruktören 11 | Söderleden 14 | Örebro | <1995 1987 | 1,715 | – | – | – | – | – | 1,715 | 7,876 | 6,883 ASP | |
| 21 Kontrollanten 9 | Åbyvägen 3 | Örebro | 2007 1992 | 3,713 | – | 1,106 | – | – | – | 4,819 | 11,974 | 13,268 ASP | |
| 22 Lagerchefen 3 | Aspholmsvägen 3 | Örebro | 1996 1957/1985 | – | 1,900 | – | – | – | – | 1,900 | 9,213 | 9,519 ASP B | |
| 23 Lantmannen 7 | Boställsvägen 10 | Örebro | <1995 1985 | 310 | 2,050 | 215 | – | – | – | 2,575 | 8,573 | 9,705 ASP | |
| 24 Motormannen 1 | Radiatorvägen 1 | Örebro | <1995 1966 | 208 | 3,474 | 495 | – | – | – | 4,177 | 10,501 | 15,385 ASP | |
| 25 Röda rummet | Radiatorvägen 17 | Örebro | 1996 2000 | 3,405 | – | – | – | – | – | 3,405 | 7,710 | 22,270 ASP | |
| 26 Rörläggaren 1 | Aspholmsvägen 4 | Örebro | <1995 1963/1992 | – | – | – | 5,180 | – | – | 5,180 | 15,881 | 15,177 ASP B | |
| 99 Rörmokaren 1 | Elementvägen 13-15 | Örebro | <1995 1963/1986 | 110 | – | – | 3,735 | – | – | 3,845 | 10,432 | 11,568 ASP | |
| 27 Rörmokaren 5 | Elementvägen 1 | Örebro | <1995 1984 | 1,270 | 1,023 | 110 | – | – | – | 2,403 | 6,656 | 9,861 ASP | |
| 28 Signalen 6 | Propellervägen 1 | Örebro | 2006 1991 | 1,776 | – | – | – | – | – | 1,776 | 4,151 | 9,957 ASP | |
| 29 Stinsen 18 | Fabriksgatan 18-22 | Örebro | 2008 1983/2003 | 12,072 | – | 78 | – | – | 102 | 12,252 | 5,008 | 104,600 ASP B | |
| 30 Svetsaren 4 | Elementvägen 12 | Örebro | <1995 1976/1984 | – | 1,695 | 2,590 | – | – | – | 4,285 | 9,644 | 12,268 ASP | |
| 31 Svetsaren 5 | Elementvägen 14 | Örebro | <1995 1977/1988 | 2,885 | – | 169 | – | – | – | 3,054 | 7,355 | 10,548 ASP | |
| 32 Svetsaren 6 | Radiatorvägen 14 | Örebro | 2000 1962 | 5,625 | – | – | – | – | – | 5,625 | 7,956 | 45,581 ASP | |
| 33 Svetsaren 7 | Elementvägen 16 | Örebro | <1995 1960/1983 | 675 | – | 180 | – | – | – | 855 | 2,658 | 2,802 ASP | |
| 34 Svetsaren 8 | Elementvägen 4 | Örebro | <1995 1977 | 570 | 3,060 | 220 | – | – | – | 3,850 | 8,074 | 11,693 ASP T |
Note: T=Ground rent A=Lease B=Unutilized building permission
| Mälardalen | Tax Mgmt. | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | Square metres per type of premises | assessment Sub | ||||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | |||||
| 120 Svänghjulet 1 | Stubbengatan 2 | Örebro | 2010 2004 | 4,624 | 1,660 | 2,660 | – | – | 250 | 9,194 | 24,143 | 35,253 ASP B | ||
| 35 Telemontören 1 | Nastagatan 2 | Örebro | 2007 1993 | 3,677 | – | 2,822 | – | – | – | 6,499 | 30,750 | 17,603 ASP B | ||
| 36 Tryckeriet 2 | Stortorget 8 | Örebro | 2008 1984/1999 | 1,400 | 847 | – | – | – | 387 | 2,634 | 1,350 | 29,200 ASP | ||
| 38 Tågmästaren 25 | Fabriksgatan 54 | Örebro | 2008 1986 | 6,200 | 130 | 1,089 | – | – | 6 | 7,425 | 8,110 | 31,600 ASP B | ||
| 39 Vindrutan 1 | Västhagagatan 3 | Örebro | 1996 1992 | – | 1,230 | 85 | – | – | – | 1,315 | 10,062 | 8,283 ASP | ||
| 40 Virkeshandlaren 7 | Radiatorvägen 11 | Örebro | <1995 1970/1987 | 5,431 | 330 | 427 | – | – | – | 6,188 | 15,377 | 24,674 ASP | ||
| 41 Virkeshandlaren 10 | Radiatorvägen 13-15 | Örebro | 1996 1979 | 2,804 | 3,565 | 960 | – | – | – | 7,329 | 20,242 | 27,694 ASP | ||
| 42 Ånsta 20:117 | Aspholmsvägen 9 | Örebro | 1996 1990 | 743 | – | – | – | – | – | 743 | 1,907 | 3,017 ASP | ||
| 43 Ölstånkan 11 | Järntorgsgatan 1 | Örebro | 2008 1939/2003 | 3,940 | – | 580 | – | – | – | 4,520 | 937 | 28,800 ASP | ||
| 44 Ölstånkan 14 | Olaigatan 2 | Örebro | 2008 1929 | 2,165 | – | – | – | – | – | 2,165 | 852 | 16,500 ASP | ||
| 45 Ölstånkan 15 | Olaigatan 4 | Örebro | 2008 1975/2003 | 3,101 | – | – | – | – | – | 3,101 | 1,517 | 22,000 ASP | ||
| 46 Blästerugnen 2 | Kokillgatan 7 | Västerås | 1997 1991 | – | 1,894 | – | – | – | – | 1,894 | 11,045 | 8,314 ASP T | ||
| 47 Dagsländan 11 | Jonasborgsvägen 26 | Västerås | 1996 1990 | 1,106 | – | – | – | – | – | 1,106 | 3,651 | 6,061 ASP T | ||
| 48 Degeln 1 | Kokillgatan 1-3 | Västerås | 1996 1984 | 4,490 | 1,050 | 700 | 181 | – | – | 6,421 | 26,917 | 26,355 ASP T | ||
| 49 Elenergin 1 | Elledningsgatan 2 | Västerås | 2008 1976 | – | 1,787 | – | 3,413 | – | – | 5,200 | 26,290 | 13,820 ASP B | ||
| 50 Elledningen 4 | Tunbytorpsgatan 31 | Västerås | <1995 1991 | 3,590 | – | – | – | – | – | 3,590 | 10,256 | 16,279 ASP | ||
Office/retail Warehouse/industrial Development projects and land
| Mälardalen | Tax Mgmt. | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | Square metres per type of premises | assessment Sub | ||||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | |||||
| 51 Fallhammaren 1 | Fallhammargatan 3 | Västerås | <1995 1989 | 2,433 | – | 1,655 | 407 | – | – | 4,495 | 10,700 | 16,911 ASP | ||
| 52 Friledningen 13 | Tunbytorpsgatan 10 | Västerås | 1999 1978 | 390 | 1,440 | 390 | – | – | – | 2,220 | 7,000 | 7,195 ASP T/B | ||
| 53 Gjutjärnet 7 | Gjutjärnsgatan 5 | Västerås | <1995 1989 | – | 2,005 | 151 | 260 | – | 135 | 2,551 | 10,517 | 8,525 ASP | ||
| 54 Hjulsmeden 1 | Gjutjärnsgatan 8 | Västerås | <1995 1990 | – | 1,112 | 871 | – | – | – | 1,983 | 5,625 | 6,894 ASP | ||
| 76 Jordlinan 2 | Stenbygatan 6 | Västerås | <1995 1991 | 179 | 2,050 | 6,155 | 480 | – | – | 8,864 | 21,467 | 19,603 ASP B | ||
| 55 Kokillen 1 | Kokillgatan 2 | Västerås | 1996 1988 | 545 | 1,165 | 1,295 | – | – | – | 3,005 | 11,975 | 11,146 ASP T | ||
| 56 Kopparlunden | Kopparlunden | Västerås | 2001 1890/2000 | 20,135 | – | – | – | – | – | 20,135 | 10,256 | 114,701 ASP | ||
| 57 Kraftfältet 5 | Omformargatan 2 | Västerås | 2005 1991 | 715 | 836 | 1,640 | 729 | – | – | 3,920 | 11,221 | 12,655 ASP | ||
| 59 Köpmannen 1 | Kranbyggargatan 1 | Västerås | <1995 1984 | – | 320 | – | 1,095 | – | – | 1,415 | 5,804 | 4,536 ASP | ||
| 60 Köpmannen 3 | Kranbyggargatan 3 | Västerås | <1995 1982 | – | – | – | 2,370 | – | – | 2,370 | 10,073 | 9,160 ASP T | ||
| 61 Ringborren 8&16 | Tallmätargatan 1 | Västerås | <1995 1956/1988 | 1,444 | 355 | 927 | 926 | – | – | 3,652 | 9,019 | 11,897 ASP | ||
| 62 Tunbytorp 1 | Strömledningsgatan 1 Västerås | 2005 1965 | 410 | 3,797 | 524 | 1,278 | – | – | 6,009 | 27,584 | 22,232 ASP T | |||
| 63 Tunbytorp 7 | Strömledningsgatan 3 Västerås | 2005 1965 | – | 360 | 1,901 | 5,714 | – | – | 7,975 | 31,990 | 24,020 ASP T | |||
| 64 Tunbytorp 19 | Tunbytorpsgatan 2 A | Västerås | 2005 1990 | 1,982 | – | – | – | – | – | 1,982 | 11,782 | 7,183 ASP | ||
| 114 Verkstaden 14 | Kopparlunden | Västerås | 2001 1890 | 8,417 | – | – | – | – | – | 8,417 | 40,900 | 31,728 ASP B | ||
| 65 Vikingatiden 9 | Brandthovdagatan 17 A Västerås | 2007 2004 | 173 | – | 438 | 173 | – | – | 784 | 3,477 | 3,002 ASP | |||
| 66 Märsta 1:219 | Raisogatan 1-27 | Sigtuna | <1995 1993 | 2,784 | – | – | – | 883 | – | 3,667 | 4,053 | 36,387 ASP B | ||
| 67 Märsta 16:3 | Maskingatan 3 | Sigtuna | <1995 1992 | 2,921 | – | – | – | – | – | 2,921 | 3,000 | 16,050 ASP | ||
| Total offi ce/retail | 193,245 111,326 | 58,950 | 30,199 2,188 4,472 | 400,380 | 922,818 2,167,127 | |||||||||
| WAREHOUSE/INDUSTRIAL | ||||||||||||||
| 68 Barkborren 3 | Barkborregatan 3 | Västerås | <1995 1970/1989 | – | – | – | 2,950 | – | – | 2,950 | 10,000 | 6,607 ASP T | ||
| 69 Elkraften 4 | Tunbytorpsgatan 16 | Västerås | 2005 1976 | – | – | 946 | – | – | – | 946 | 5,673 | 3,044 ASP T | ||
| 69 Elkraften 4 | Tunbytorpsgatan 16 | Västerås | 2005 1976 | – | – | 946 | – | – | – | 946 | 5,673 | 3,044 ASP T | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 70 Elkraften 6 | Elledningsgatan 4 | Västerås | 2008 1981 | – | – | 1,150 | – | – | – | 1,150 | 8,025 | 3,383 ASP T | |
| 71 Elkraften 7 | Energigatan 3 A | Västerås | 2005 1976 | 250 | – | – | 1,070 | – | – | 1,320 | 5,073 | 3,325 ASP T | |
| 72 Elledningen 1 | Tunbytorpsgatan 29 | Västerås | 1999 1982 | – | 1,200 | 710 | – | – | – | 1,910 | 8,300 | 5,394 ASP T | |
| 73 Friledningen 8 | Tunbytorpsgatan 6 | Västerås | 2005 1971 | 235 | – | 599 | 1,534 | – | – | 2,368 | 11,243 | 6,026 ASP T | |
| 74 Friledningen 9 | Tunbytorpsgatan 8 | Västerås | 2005 1968 | 647 | 990 | 2,115 | 1,400 | – | – | 5,152 | 9,995 | 15,316 ASP | |
| 75 Fältmätaren 29 | Fältmätargatan 9 | Västerås | 2007 1960 | 536 | – | – | 2,571 | – | 25 | 3,132 | 10,173 | 8,279 ASP T | |
| 77 Järnåldern 6 | Brandthovdagatan 11 | Västerås | 2008 1982 | 234 | – | 262 | 1,277 | – | 45 | 1,818 | 5,967 | 5,743 ASP T | |
| 78 Krista 1 | Saltängsvägen 59 | Västerås | 2004 2005 | – | – | – | 2,980 | – | – | 2,980 | 11,500 | 13,078 ASP | |
| 79 Köpmannen 8 | Lundby Gårdsgata 4 | Västerås | 2004 1988 | – | – | 880 | 1,805 | – | – | 2,685 | 9,957 | 8,208 ASP | |
| 80 Ledningstråden 1 | Tunbytorpsgatan 1, 3 | Västerås | 2005 1967 | 520 | 1,011 | 4,541 | – | – | – | 6,072 | 27,410 | 15,736 ASP T | |
| 81 Ledningstråden 6 | Tunbytorpsgatan 23 | Västerås | 2005 1970 | – | – | – | 620 | – | – | 620 | 8,000 | 2,412 ASP T/B | |
| 82 Lufthammaren 1 | Ånghammargatan 2-4 | Västerås | 1996 1977 | 3,894 | – | 1,803 | 1,646 | – | – | 7,343 | 17,055 | 22,000 ASP T | |
| 83 Tunbytorp 2 | Tunbytorpsgatan 4 | Västerås | 2005 1970 | – | – | 1,548 | 1,825 | – | 647 | 4,020 | 19,191 | 9,117 ASP | |
| 84 Tunbytorp 8 | Friledningsgatan 3 A | Västerås | 2005 1970 | – | – | 830 | – | – | – | 830 | 5,825 | 2,669 ASP | |
| 85 Tunbytorp 10 | Tunbytorpsgatan 4 A | Västerås | 2005 1978 | 623 | – | 6,682 | – | – | 211 | 7,516 | 24,663 | 15,439 ASP | |
| 86 Voltmätaren 3 | Lågspänningsgatan 7 | Västerås | 2006 1990 | – | – | – | 760 | – | – | 760 | 2,254 | 2,080 ASP | |
| 87 Ånghammaren 2 | Ånghammargatan 1-9 | Västerås | 1996 1972/1994 | 1,181 | 520 | 4,739 | 6,996 | – | 135 | 13,571 | 35,738 | 25,119 ASP T | |
| 88 Bleckslagaren 6 | Handelsgatan 1 | Örebro | 2008 1982 | – | – | – | 4,326 | – | – | 4,326 | 22,243 | 12,635 ASP B | |
| 89 Bleckslagaren 8 | Vattenverksgatan 8 | Örebro | 2006 1978/2001 | – | – | – | 4,750 | – | – | 4,750 | 24,878 | 15,968 ASP B | |
| 90 Chauffören 2 | Stuvargatan 3 | Örebro | 1997 1991 | 500 | – | 6,600 | – | – | – | 7,100 | 16,974 | 20,147 ASP | |
| 91 Chauffören 3 | Pikullagatan 9 | Örebro | 2006 1991 | – | – | – | 1,577 | – | – | 1,577 | 5,442 | 4,613 ASP | |
| 92 Däcket 1 | Dialoggatan 14 | Örebro | 2008 1991 | – | – | 750 | 1,128 | – | – | 1,878 | 7,184 | 5,550 ASP | |
| 93 Grosshandlaren 2 | Nastagatan 6-8 | Örebro | 2001 1977 | 2,008 | 1,955 | 19,170 | – | – | – | 23,133 | 61,695 | 58,811 ASP B |
| Tax Mgmt. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | ||||||||||||
| Address | Municipality | year Recon. year | Office | Totalt | Site sq.m. | value sidiary Note | ||||||
| Gällerstavägen | Örebro | <1995 1969 | – | – | – | 11,625 | – | – | 11,625 | 42,143 | 20,247 ASP | |
| Söderleden 10 | Örebro | 1996 1987 | – | – | 1,260 | – | – | – | 1,260 | 3,573 | 4,212 ASP | |
| Söderleden 12 | Örebro | <1995 1987 | – | – | – | 3,665 | – | – | 3,665 | 10,649 | 11,886 ASP | |
| Aspholmsvägen 6 | Örebro | 2004 1984 | – | – | 2,955 | – | – | – | 2,955 | 4,960 | 10,098 ASP | |
| Berglunda 208 | Örebro | 2007 1971/1999 | – | – | 4,205 | – | – | – | 4,205 | 44,237 | 17,148 ASP B | |
| Danmarksgatan 24 | Uppsala | 2011 1979 | 4,601 | – | 1,892 | – | – | – | 6,493 | 14,136 | 17,720 ASP B | |
| 2008 1972/1988 | – | 218 | 747 | 5,755 | – | – | 6,720 | 14,543 | 23,217 ASP | |||
| Möllersvärdsgatan 5 | Uppsala | <1995 1979 | – | – | – | 2,960 | – | – | 2,960 | 8,572 | 10,140 ASP B | |
| Östra Bangatan 6 | Sigtuna | 2007 1990 | 302 | – | 2,430 | – | – | – | 2,732 | 21,344 | 12,318 ASP B | |
| Mälardalen | Gamla Börjevägen 2-16 Uppsala | Retail Warehouse | Square metres per type of premises | Industrial Residential Oth. | assessment Sub |
Office/retail Warehouse/industrial Development projects and land
| Mälardalen | Tax Mgmt. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | Square metres per type of premises | assessment Sub | |||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | ||||
| 106 Broby 11:8 | Östra Bangatan 14 | Sigtuna | <1995 1989 | 248 | – | 583 | – | – | – | 831 | 1,859 | 2,764 ASP | |
| 107 Märsta 16:2 | Maskingatan 5-7 | Sigtuna | 1997 1989 | 600 | – | 1,013 | – | – | – | 1,613 | 3,500 | 5,507 ASP | |
| 108 Märsta 17:6 | Maskingatan 8 | Sigtuna | <1995 1970/1988 | 751 | – | – | 1,907 | – | – | 2,658 | 5,318 | 7,972 ASP | |
| 109 Märsta 21:54 | Elkraftsgatan 11-13 | Sigtuna | <1995 1990 | – | – | – | 2,200 | – | – | 2,200 | 6,517 | 9,043 ASP | |
| Total warehouse/industrial | 17,130 | 5,894 | 68,410 | 67,327 | 0 1,063 | 159,824 | 555,809 | 442,971 | |||||
| UNDEVELOPED LAND | |||||||||||||
| 116 Försäljaren 3 | Nastagatan 7 | Örebro | 2007 – | – | – | – | – | – | – | – | 3,167 | 712 ASP B | |
| 117 Högspänningen 1 | Lågspänningsgatan 8 | Västerås | 2007 – | – | – | – | – | – | – | – | 22,500 | 3,901 ASP B | |
| 110 Boländerna 28:3 | Verkstadsgatan 9 | Uppsala | 2004 – | – | – | – | – | – | – | – | 3,347 | 1,171 ASP | |
| Total undeveloped land | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29,014 | 5,784 | ||||
Office/retail Warehouse/industrial Development projects and land
Castellum´s Real Estate Portfolio in Mälardalen 31-12-2011
| Net | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Area | Rental | Rental | Ecomomic | Rental | Property | Property | operating | ||
| No. of | thous. | value | value | occupancy | income | costs | costs | income | |
| properties | sq.m | SEKm | SEK/sq.m | rate | SEKm | SEKm | SEK/sq.m | SEKm | |
| Offi ce/retail | |||||||||
| Uppsala | 25 | 152 | 190 | 1,241 | 89.2% | 169 | 53 | 346 | 116 |
| Örebro | 31 | 143 | 146 | 1,020 | 97.7% | 143 | 45 | 314 | 98 |
| Västerås | 21 | 98 | 93 | 949 | 89.7% | 83 | 28 | 287 | 55 |
| Sigtuna | 2 | 7 | 7 | 1,077 | 95.7% | 7 | 3 | 531 | 4 |
| Total offi ce/retail | 79 | 400 | 436 | 1,088 | 92.3% | 402 | 129 | 323 | 273 |
| Warehouse/industrial | |||||||||
| Västerås | 19 | 67 | 45 | 675 | 88.9% | 40 | 13 | 202 | 27 |
| Örebro | 11 | 67 | 44 | 660 | 98.8% | 43 | 7 | 111 | 36 |
| Uppsala | 3 | 16 | 18 | 1,092 | 94.1% | 17 | 5 | 246 | 12 |
| Sigtuna | 5 | 10 | 7 | 742 | 92.4% | 7 | 3 | 289 | 4 |
| Total warehouse/industrial | 38 | 160 | 114 | 715 | 93.7% | 107 | 28 | 174 | 79 |
| Total | 117 | 560 | 550 | 982 | 92.6% | 509 | 157 | 281 | 352 |
| Leasing and property administration | 33 | 59 | – 33 | ||||||
| Total after leasing and property administration | 190 | 340 | 319 | ||||||
| Development projects | – | – | – | – | – | – | – | – | – |
| Undeveloped land | 3 | – | 0 | – | – | 0 | 0 | – | 0 |
| Total | 120 | 560 | 550 | – | – | 509 | 190 | – | 319 |
Property value by property type Property value by municipality
Property related key ratios
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Rental value, SEK/sq.m. | 982 | 934 | 928 | 859 | 807 | 778 | 766 | 794 | 762 | 737 |
| Economic occupancy rate | 92.6% | 90.6% | 92.4% | 93.0% | 89.3% | 88.4% | 87.5% | 87.8% | 91.0% | 90.3% |
| Property costs, SEK/sq.m. | 340 | 325 | 329 | 268 | 247 | 258 | 244 | 262 | 241 | 231 |
| Net operating income, SEK/sq.m. | 570 | 521 | 528 | 531 | 474 | 429 | 427 | 435 | 453 | 435 |
| Number of properties | 120 | 116 | 115 | 117 | 101 | 91 | 86 | 75 | 71 | 71 |
| Lettable area, thousand sq.m. | 560 | 545 | 516 | 519 | 432 | 410 | 384 | 338 | 333 | 335 |
| Eastern Götaland | Acquis Build/ Square metres per type of premises |
assessment Sub | Tax Mgmt. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | value sidiary Note | ||||||
| OFFICE/RETAIL | |||||||||||||||
| 1 Droskan 12 | Slottsgatan 14 | Jönköping | 1998 1990 | 9,370 | – | – | – | – | – | 9,370 | 4,951 | 81,000 COR | |||
| 2 Elektronen 1 | Datorgatan 6 | Jönköping | 2008 2000 | 524 | – | 1,168 | – | – | – | 1,692 | 4,237 | 5,284 COR B | |||
| 3 Hotellet 8 | V Storgatan 9-13 | Jönköping | <1995 1963/1999 | 2,986 | 15,715 | 262 | – | – | – | 18,963 | 5,121 | 178,000 COR | |||
| 4 Vagnmakaren 7 | Hästhovsvägen 2 | Jönköping | <1995 1983/2001 | – | 9,531 | – | – | – | 14 | 9,545 | 19,226 | 61,600 COR | |||
| 5 Valutan 11 | Kompanigatan 1-2 | Jönköping | <1995 1992/2001 | 3,116 | 2,091 | 256 | – | – | 5 | 5,468 | 7,763 | 66,000 COR | |||
| 94 Varuhuset 1 | Batterigatan 2 | Jönköping | 2009 2009 | – | 11,041 | – | – | – | – | 11,041 | 42,500 | 77,000 COR | |||
| 6 Vattenpasset 6 | Kungsängsvägen 7 | Jönköping | <1995 1971/1990 | 1,517 | – | 632 | – | – | – | 2,149 | 4,894 | 6,270 COR | |||
| 7 Vilan 7 | Huskvarnavägen 58-64 Jönköping | 2000 1955/1999 | 9,564 | 565 | 4,584 | – | – | – | 14,713 | 25,577 | 70,650 COR | ||||
| 85 Visionen 3 | Bataljonsgatan 10,12 | Jönköping | 2004 2010 | 7,342 | – | 363 | – | – | – | 7,705 | 12,269 | 80,600 COR | |||
| 8 Visionen 3 fd 1 | Bataljonsgatan 10 | Jönköping | 2004 1996/1995 | 9,341 | – | 423 | – | – | 236 | 10,000 | 27,568 | 31,470 COR | |||
| 9 Vågskålen 3 | Huskvarnavägen 40 | Jönköping | 2003 1983 | 6,583 | 387 | 8,693 | – | – | – | 15,663 | 42,536 | 30,529 COR B | |||
| 10 Vägporten 5 | Vasavägen 4 | Jönköping | 2003 1955/2004 | 251 | 2,076 | – | – | – | – | 2,327 | 8,458 | 10,945 COR | |||
| 11 Ögongloben 5 | Gräshagsgatan 11 | Jönköping | 2006 1961 | 3,512 | – | – | – | – | – | 3,512 | 7,346 | 5,094 COR | |||
| 12 Örontofsen 5 | Granitvägen 7, 9 | Jönköping | 2006 1976 | 996 | 900 | 3,698 | – | – | – | 5,594 | 15,061 | 22,200 COR | |||
| 13 Almen 9 | Malmövägen 12-14 | Värnamo | 1997 1957/1989 | 1,075 | 11,329 | – | – | – | 78 | 12,482 | 23,702 | 41,447 COR | |||
| 14 Bodarna 2 | Myntgatan 8, 10 | Värnamo | <1995 1934/1991 | 1,433 | 373 | – | – | – | – | 1,806 | 1,186 | 11,455 COR | |||
| 15 Bokbindaren 20 | Västbovägen 56 | Värnamo | <1995 1975/1991 | 2,167 | – | 394 | – | – | – | 2,561 | 11,386 | 6,183 COR | |||
| 16 Drabanten 1 | Nydalavägen 16 | Värnamo | 1997 1940/1986 | 230 | 1,028 | – | – | – | – | 1,258 | 2,972 | 2,963 COR | |||
| 17 Gamla Gåsen 4 | Boagatan 1 | Värnamo | <1995 1907 | – | – | – | – | – | 200 | 200 | 1,903 | 1,298 COR B | |||
| 18 Gillet 1 | Flanaden 3-5 | Värnamo | 1996 1974 | 2,410 | 925 | 103 | – 1,704 | – | 5,142 | 3,475 | 31,018 COR | ||||
| 19 Golvläggaren 2 | Silkesvägen 30 | Värnamo | 2000 1991 | 734 | – | – | – | – | – | 734 | 5,190 | 2,066 COR | |||
| 20 Golvläggaren 3 | Silkesvägen 30 | Värnamo | 2000 2008 | – | 8,800 | 1,620 | – | – | – | 10,420 | 37,879 | 38,478 COR | |||
| 21 Jungfrun 11 | Köpmansg 3-7/ Luddög 1 |
Värnamo | <1995 2001/1982 | 315 | 3,878 | 158 | – | 601 | – | 4,952 | 5,849 | 27,610 COR | |||
| 22 Karpen 3 | Jönköpingsvägen 105-107Värnamo | 1997 1956/1990 | 545 | 835 | 405 | 888 | – | – | 2,673 | 7,930 | 5,053 COR | ||||
| 23 Knekten 15 | Jönköpingsvägen 21 | Värnamo | 1997 1971/1989 | 424 | 559 | 31 | 240 | – | 6 | 1,260 | 4,323 | 4,482 COR | |||
| 24 Lejonet 11 | Lasarettsg 1-5/ Storgatsb 23 |
Värnamo | 2000 1987/1987 | 4,089 | 948 | 160 | – | 51 | – | 5,248 | 2,433 | 32,512 COR | |||
| 25 Linden 3 | Växjövägen 24-26 | Värnamo | <1995 1960/1989 | 2,350 | 560 | 2,264 | – | – | – | 5,174 | 9,286 | 13,784 COR | |||
| 26 Ljuset 8 | Nydalavägen 1-9 | Värnamo | <1995 2003 | – | 2,590 | – | – | – | – | 2,590 | 9,674 | 12,109 COR | |||
| 27 Mon 13 | Karlsdalsgatan 2 | Värnamo | 1997 1983 | 1,986 | – | – | – | – | – | 1,986 | 2,294 | 8,652 COR | |||
| 28 Plattläggaren 1 | Silkesvägen 18 | Värnamo | 2008 1989 | 1,180 | – | – | – | – | – | 1,180 | 5,994 | 2,884 COR | |||
| 29 Rågen 1 | Expovägen 6 | Värnamo | <1995 1965/1990 | 2,361 | – | 2,836 | – | – | – | 5,197 | 8,919 | 10,479 COR | |||
| 30 Vindruvan 4 | Storgatsb 14-20/Myntg 13 m fl |
Värnamo | <1995 1982 | 1,163 | 11,047 | 30 | – 2,163 | 5 | 14,408 | 10,855 | 77,842 COR | ||||
| 31 Vindruvan 15 | Storgatsbacken 12 | Värnamo | 1997 1989 | 904 | 1,110 | – | – | – | – | 2,014 | 695 | 10,774 COR | |||
| 32 Värnamo 14:11 | Jönköpingsvägen 41-43 Värnamo | <1995 1917/1982 | 2,209 | – | 1,972 | – | – | – | 4,181 | 5,686 | 12,365 COR | ||||
| 33 Bagaren 10 | Ljungadalsg 2/Hejareg 10Växjö | 2007 1987 | 25,923 | – | 3,835 | – | – 1,170 | 30,928 | 85,022 | 152,669 COR B | |||||
| 34 Båken 1 | Systratorpsvägen 16 | Växjö | 2006 1983 | 1,410 | – | 25 | – | – | – | 1,435 | 5,125 | 4,243 COR | |||
| 35 Garvaren 4 | Hjalmar Petris väg 32 | Växjö | 1999 1981 | 2,526 | – | 44 | – | – | – | 2,570 | 6,901 | 8,634 COR B | |||
| 36 Glasmästaren 1 | Arabygatan 80 | Växjö | 1999 1988 | 6,202 | 886 | 187 | – | – | 549 | 7,824 | 11,297 | 39,200 COR | |||
| 37 Nordstjärnan 1 | Kronobergsgatan 18-20 Växjö | 2002 1971/2000 | 5,098 | 994 | 15 | – | – | 23 | 6,130 | 2,381 | 47,400 COR |
Note: T=Ground rent A=Lease B=Unutilized building permission
Droskan 12, Jönköping
Hotellet 8, Jönköping otellet
| Eastern Götaland | Tax Mgmt. Square metres per type of premises |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | assessment Sub value sidiary Note |
|||||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse | Industrial Residential Oth. | Totalt | Site sq.m. | ||||||
| 38 Plåtslagaren 4 | Verkstadsgatan 5 | Växjö | 2002 1967/1988 | 2,243 | 780 | 636 | 1,893 | – | 50 | 5,602 | 10,000 | 13,389 COR | ||
| 39 Rimfrosten 1 | Solängsvägen 4 | Växjö | 2000 1972 | 42 | 6,686 | 1,922 | – | – | – | 8,650 | 58,671 | 26,200 COR B | ||
| 40 Segerstad 4 | Segerstadsvägen 7 | Växjö | 1998 1990 | 910 | – | – | – | – | – | 910 | 3,911 | – COR | ||
| 41 Sotaren 4 | Arabygatan 82 | Växjö | 2002 1992 | 2,318 | 457 | 204 | – | – | – | 2,979 | 4,007 | 19,062 COR | ||
| 42 Svea 8 43 Unaman 8 |
Lineborgsplan 3 Klosterg 6/Kungsg 3/ |
Växjö Växjö |
1998 1982 2006 1969 |
2,061 1,180 |
– 3,707 |
– 300 |
– – |
– 422 |
– – |
2,061 5,609 |
3,938 2,185 |
14,140 COR 29,286 COR |
||
| Sandgärdsg 6-8 | ||||||||||||||
| 44 Ödman 15 | Storgatan 29 | Växjö | 2001 1972 | 2,380 | 1,941 | – | – | – | – | 4,321 | 2,661 | 39,200 COR | ||
| 45 Idémannen 1 | Teknikringen 16 | Linköping | 2007 1990 | 580 | – | – | – | – | – | 580 | 4,212 | 5,279 COR | ||
| 46 Idémannen 2, Collegium Teknikringen 7 | Linköping | 2007 1989 | 13,578 | 4,136 | – | – | – | 298 | 18,012 | 26,823 | 124,000 COR | |||
| 47 Idémannen 2, DatalinjenDatalinjen 1 | Linköping | 2007 1989/1994 | 1,591 | – | – | – | – | – | 1,591 | 11,306 | 11,083 COR | |||
| 48 Idémannen 2, Teknikringen Teknikringen 1 A-F | Linköping | 2007 1984/1996 | 6,653 | – | – | – | – | 54 | 6,707 | 19,720 | 52,546 COR | |||
| 49 Idémannen 2, Vita Huset Universitetsvägen 14 | Linköping | 2007 2002 | 8,210 | – | – | – | – | – | 8,210 | 29,597 | 83,600 COR B | |||
| 96 Magnetjärnet 6 | Finnögatan 5 C | Linköping | 2010 1996 | 2,388 | – | – | – | – | – | 2,388 | 8,328 | 8,644 COR B | ||
| Total offi ce/retail | 165,970 105,875 | 37,220 | 3,021 4,941 2,682 | 319,715 | 685,223 1,758,671 | |||||||||
| WAREHOUSE/INDUSTRIAL | ||||||||||||||
| 50 Elefanten 3 | Rådjursvägen 6 | Växjö | <1995 1988 | – | – | 1,384 | 934 | – | – | 2,318 | 8,940 | 5,863 COR | ||
| 51 Illern 5 | Isbjörnsvägen 11-13 | Växjö | <1995 1987 | 885 | – | 406 | 855 | – | – | 2,146 | 5,276 | 7,460 COR | ||
| 52 Isbjörnen 4 | Isbjörnsvägen 6 | Växjö | <1995 1993 | – | – | – | 10,933 | – | – | 10,933 | 30,505 | 31,067 COR | ||
| 53 Sjömärket 3 | Annavägen 3 | Växjö | 1998 1989 | 1,828 | 341 | 763 | 6,523 | – | – | 9,455 | 26,853 | 30,703 COR B | ||
| 54 Snickaren 12 | Smedjegatan 10, 20 | Växjö | 1998 1976/1989 | 3,705 | 5,218 | 15,027 | – | – | 143 | 24,093 | 45,018 | 64,598 COR B | ||
| 55 Draken 1 | Ingelundsvägen 1 | Värnamo | <1995 1968/1988 | – | – | 1,750 | – | – | – | 1,750 | 21,396 | 3,393 COR B | ||
| 56 Flundran 4 | Runemovägen 1 | Värnamo | <1995 1963/1992 | – | – | 4,109 | 7,497 | – | – | 11,606 | 34,524 | 18,170 COR | ||
| 58 Mattläggaren 1 | Silkesvägen 24 | Värnamo | 2008 1997 | – | – | – | 2,700 | – | – | 2,700 | 8,655 | 6,703 COR B | ||
| 59 Mattläggaren 2 | Silkesvägen 24 | Värnamo | 2000 1997 | – | – | 3,100 | – | – | – | 3,100 | 8,542 | 7,006 COR | ||
| 60 Posten 4 | Postgatan 3-5 | Värnamo | <1995 1929 | 455 | 733 | 321 | 2,516 | 159 | – | 4,184 | 2,991 | 10,942 COR | ||
| 61 Rödspättan 1 | Runemovägen 10 | Värnamo | 2004 1973 | 645 | – | 4,060 | – | – | – | 4,705 | 12,975 | 7,786 COR | ||
| 62 Rödspättan 4 | Runemovägen 4 | Värnamo | <1995 1980 | – | – | 2,960 | – | – | – | 2,960 | 7,122 | 4,516 COR | ||
| 63 Sandskäddan 4 | Margretelundsvägen 7 Värnamo | <1995 1982 | – | – | 2,780 | – | – | – | 2,780 | 8,005 | 4,424 COR | |||
| 64 Sjötungan 3 | Margretelundsvägen 6 Värnamo | 1999 1989 | – | – | 2,570 | – | – | – | 2,570 | 14,524 | 4,907 COR B | |||
| 65 Takläggaren 4 | Rörläggarev 8/Silkesv 39Värnamo | <1995 1991 | – | – | 9,067 | – | – | – | 9,067 | 39,349 | 17,573 COR B | |||
| 66 Takläggaren 8 | Silkesvägen 43 | Värnamo | 2008 1999 | – | – | – | 6,995 | – | – | 6,995 | 17,833 | 21,519 COR B | ||
| 67 Värnamo 14:2 | Myntgatan 2 | Värnamo | <1995 1982 | – | – | – | – | – | – | 0 | 1,000 | – COR A | ||
| 68 Yxan 4 | Fabriksgatan 10, 12 | Värnamo | 2005 1975 | – | – | 5,595 | – | – | – | 5,595 | 10,017 | 11,749 COR | ||
| 69 Yxan 6 | Fabriksgatan 4 | Värnamo | <1995 1978/1990 | – | – | 1,477 | – | – | – | 1,477 | 11,699 | 3,134 COR B | ||
| 70 Flahult 21:3 | Momarken 42 | Jönköping | 2001 1980 | – | – | 3,824 | – | – | 170 | 3,994 | 24,177 | 12,284 COR B | ||
| 71 Flahult 78:2 | Momarken 12 | Jönköping | <1995 1986/1990 | – | – | 2,136 | 1,531 | – | – | 3,667 | 16,143 | 11,394 COR B | ||
| 72 Vargön 4 | Vasavägen 5 | Jönköping | 2003 1989 | – | – | – | 4,070 | – | – | 4,070 | 6,694 | 8,803 COR | ||
| 73 Vattenpasset 2 | Ekhagsringen 17 | Jönköping | <1995 1980 | 428 | – | 2,552 | 1,073 | – | – | 4,053 | 17,885 | – COR | ||
| 74 Vingen 4 | Linnegatan 1 | Jönköping | <1995 1970 | 520 | 530 | – | 2,815 | – | – | 3,865 | 17,281 | 11,264 COR B | ||
| 75 Ögongloben 6 | Kindgrensgatan 4 | Jönköping | 2008 1997 | – | – | 3,108 | – | – | – | 3,108 | 7,500 | 4,452 COR B | ||
| 76 Österbotten 4 | Skeppsbrogatan 6 | Jönköping | <1995 1930/1991 | 385 | – | 72 | 2,369 | – | 118 | 2,944 | 6,972 | 6,305 COR | ||
| 77 Överlappen 13 | Kalkstensgatan 6-8 | Jönköping | 2004 1977/1995 | 2,105 | – | 275 | 3,376 | – | – | 5,756 | 22,576 | 21,582 COR | ||
| 78 Överstycket 25 | Kindgrensgatan 3 | Jönköping | 2008 1981 | – | – | 6,356 | 1,182 | – | – | 7,538 | 16,342 | 10,217 COR B | ||
| 79 Marås 1:12 | Maråsliden 7 | Gnosjö | <1995 1960 | – | – | – | 1,140 | – | – | 1,140 | 3,335 | 402 COR |
| Eastern Götaland | Tax Mgmt. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | Square metres per type of premises | assessment Sub | |||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse Industrial Residential Oth. Totalt |
Site sq.m. | value sidiary Note | ||||||
| 80 Töllstorp 1:561 | Mobäcksvägen 2 | Gnosjö | <1995 1946 | – | – | – | 4,290 | – | – | 4,290 | 7,995 | 5,632 COR | |
| 81 Törestorp 2:51 | Kulltorpsvägen 25 | Gnosjö | <1995 1946 | – | – | – | 14,310 | – | – | 14,310 | 55,273 | 15,912 COR B | |
| 82 Källemo 1 | Källemogatan 12 | Vaggeryd | <1995 1956/1988 | – | – | 7,552 | – | – | – | 7,552 | 48,347 | 9,056 COR B | |
| 83 Yggen 1 | Krokvägen 1 | Vaggeryd | <1995 1985/1989 | – | – | – | 6,303 | – | – | 6,303 | 18,598 | 8,422 COR | |
| 84 Pagoden 1 | Ottargatan 10 | Linköping | 2008 1972/2002 | – | – | 1,668 | 1,732 | – | – | 3,400 | 9,000 | 6,634 COR B | |
| Total warehouse/industrial | 10,956 | 6,822 | 82,912 | 83,144 | 159 | 431 | 184,424 | 593,342 | 393,872 |
61 63 64 62 56 68 69 60 67 55 59 58 65 66 13 89 90 22 32 23 16 26 25 14 30 31 24 21 18 17 27 15 28 19 20 Alandsryd Norregård Västra Norregårds industriområde Östra Norregårds industriområde Margretelunds västra industriområde Margretelunds östra industriområde Margretelund Västhorja Ljusseveka Trälleborg Gröndal Hornaryd Hornaryds industriområde Sörsjö industri-Apladalen Centrum Vråen Amerika Nylund Prostsjön Laga Lagan Lagan VÄRNAMO E4 E4 27 127 151 151 151
Office/retail Warehouse/industrial Development projects and land
86
| Eastern Götaland | Tax Mgmt. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis Build/ | Square metres per type of premises Retail Warehouse Industrial Residential Oth. |
assessment Sub | |||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Totalt | Site sq.m. | value sidiary Note | ||||||
| DEVELOPMENT PROJECTS | |||||||||||||
| 57 Atollen | V Storgatan 9-13 | Jönköping | 2011 – | – | – | – | – | – | – | – | 870 | – COR | |
| 95 Gården 15 | Gillbergagatan | Linköping | 2009 – | 9,855 | – | – | – | – | – | 9,855 | 37,372 | 7,400 COR | |
| 89 Linden 1 | Malmövägen 3 | Värnamo | 2001 – | – | 1,140 | – | – | – | – | 1,140 | 3,728 | 80 COR | |
| Total development projects | 9,855 | 1,140 | 0 | 0 | 0 | 0 | 10,995 | 41,970 | 7,480 | ||||
| UNDEVELOPED LAND | |||||||||||||
| 86 Bleckslagaren 1 | Repslagarevägen 5 | Värnamo | 2004 – | – | – | – | – | – | – | – | 5,587 | 558 COR B | |
| 87 Bredasten 1 | Värnamo | Värnamo | 2008 – | – | – | – | – | – | – | – | 19,915 | – COR | |
| 88 Bredasten 2 | Värnamo | Värnamo | 2008 – | – | – | – | – | – | – | – | 10,030 | – COR | |
| 90 Värnamo 14:86 | Myntgatan 6 | Värnamo | <1995 – | – | – | – | – | – | – | – | 2,641 | – COR B | |
| 92 Bagaren 11 | Ljungadalsg 2/Hejareg 10Växjö | 2007 – | – | – | – | – | – | – | – | 8,160 | – COR | ||
| 93 Postiljonen 2 | Växjö | Växjö | 2009 – | – | – | – | – | – | – | – | 19,597 | 1,959 COR B | |
| Total undeveloped land | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65,930 | 2,517 | ||||
| Total Eastern Götaland | 186,781 113,837 120,132 | 86,165 5,100 3,119 | 515,134 | 1,386,465 2,162,540 |
Office/retail Warehouse/industrial Development projects and land
Castellum´s Real Estate Portfolio in Eastern Götaland 31-12-2011
| Net | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Area | Rental | Rental | Ecomomic | Rental | Property | Property | operating | ||
| No. of | thous. | value | value | occupancy | income | costs | costs | income | |
| properties | sq.m | SEKm | SEK/sq.m | rate | SEKm | SEKm | SEK/sq.m | SEKm | |
| Offi ce/retail | |||||||||
| Jönköping | 14 | 118 | 137 | 1,165 | 91.4% | 125 | 36 | 314 | 89 |
| Värnamo | 20 | 85 | 72 | 844 | 90.7% | 66 | 26 | 295 | 40 |
| Växjö | 12 | 79 | 66 | 841 | 87.9% | 58 | 21 | 267 | 37 |
| Linköping | 6 | 38 | 44 | 1,161 | 86.0% | 37 | 17 | 458 | 20 |
| Total offi ce/retail | 52 | 320 | 319 | 999 | 89.8% | 286 | 100 | 314 | 186 |
| Warehouse/industrial | |||||||||
| Växjö | 5 | 49 | 32 | 652 | 87.6% | 28 | 7 | 142 | 21 |
| Värnamo | 14 | 59 | 28 | 479 | 82.6% | 24 | 5 | 78 | 19 |
| Jönköping | 9 | 39 | 21 | 526 | 77.1% | 16 | 7 | 187 | 9 |
| Rest of Eastern Götaland | 6 | 37 | 12 | 328 | 86.0% | 10 | 4 | 114 | 6 |
| Total warehouse/industrial | 34 | 184 | 93 | 504 | 83.6% | 78 | 23 | 125 | 55 |
| Total | 86 | 504 | 412 | 818 | 88.4% | 364 | 123 | 245 | 241 |
| Leasing and property administration | 14 | 27 | – 14 | ||||||
| Total after leasing and property administration | 137 | 272 | 227 | ||||||
| Development projects | 3 | 11 | – | – | – | – | 0 | – | 0 |
| Undeveloped land | 6 | – | – | – | – | – | – | – | – |
| Total | 95 | 515 | 412 | – | – | 364 | 137 | – | 227 |
Property value by property type Property value by municipality
Property related key ratios
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Rental value, SEK/sq.m. | 818 | 795 | 775 | 745 | 748 | 688 | 675 | 659 | 617 | 598 |
| Economic occupancy rate | 88.4% | 88.0% | 90.0% | 90.8% | 90.4% | 90.6% | 90.0% | 89.8% | 91.3% | 90.0% |
| Property costs, SEK/sq.m. | 272 | 268 | 275 | 261 | 269 | 239 | 213 | 198 | 193 | 173 |
| Net operating income, SEK/sq.m. | 451 | 432 | 422 | 416 | 407 | 384 | 395 | 393 | 370 | 365 |
| Number of properties | 95 | 96 | 95 | 93 | 82 | 76 | 73 | 76 | 74 | 71 |
| Lettable area, thousand sq.m. | 515 | 505 | 501 | 480 | 452 | 375 | 366 | 380 | 370 | 347 |
Castellum's Real Estate Schedule 2011, Summary
| Square metres per type of premises | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Offi ce | Retail | Warehouse | Industrial | Residential | Other | Total | Site sq.m. | ment value | ||||||
| Greater Gothenburg | 392,728 | 58,795 | 448,831 | 165,323 | 8,246 | 11,133 | 1,085,056 | 2,105,131 | 5,982,871 | |||||
| Öresund Region | 256,389 | 66,139 | 275,500 | 27,492 | 9,258 | 42,858 | 677,636 | 1,308,787 | 3,884,771 | |||||
| Greater Stockholm | 259,098 | 43,508 | 193,498 | 69,725 | – | 7,416 | 573,245 | 923,432 | 3,795,113 | |||||
| Mälardalen | 210,375 | 117,220 | 127,360 | 97,526 | 2,188 | 5,536 | 560,205 | 1,507,641 | 2,615,882 | |||||
| Eastern Götaland | 186,781 | 113,837 | 120,132 | 86,165 | 5,100 | 3,113 | 515,134 | 1,386,465 | 2,162,540 | |||||
| Total Castellum | 1,305,371 | 399,499 | 1,165,321 | 446,231 | 24,792 | 70,056 | 3,411,276 | 7,231,456 | 18,441,177 |
Distribution by region and sq.m. Distribution by type of premises and sq.m.
Properties sold in 2011
| Tax Mgmt. | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Acquis. Build/ | Square metres per type of premises | assessment Sub | ||||||||||||
| Name of property | Address | Municipality | year Recon. year | Office | Retail Warehouse Industrial Residential Other. | Totalt Site sq.m. | value sidiary Note | |||||||
| GREATER GOTHENBURG | ||||||||||||||
| Kallebäck 2:5 | Grafi ska vägen 2-4 | Gothenburg | <1995 – | – | – | – | – | – | – | – | 17,330 | 54,000 EKL | B | |
| Total Greater Gothenburg | – | – | – | – | – | – | – | 17,330 | 54,000 | |||||
| GREATER STOCKHOLM | ||||||||||||||
| Haifa 1 | Tegeluddsvägen 97 Stockholm | 1996 1962 | 3,749 | – | – | – | – | – | 3,749 | 2,733 | 0 BRO | |||
| Total Greater Stockholm | 3,749 | – | – | – | – | – | 3,749 | 2,733 | 0 | |||||
| EASTERN GÖTALAND | ||||||||||||||
| Krukmakaren 6 | Silkesvägen 2 | Värnamo | <1995 1961 | – | 140 | 748 | 950 | – | – | 1,838 | 4,209 | 2,744, COR | ||
| Värnamo Torp 1:11 | Skogsmark | Värnamo | <1995 – | – | – | – | – | – | – | – | 760,703 | 1,868 COR | ||
| Total Eastern Götaland | – | 140 | 748 | 950 | – | – | 1,838 764,912 | 4,612 | ||||||
| Total Castellum | 3,749 | 140 | 748 | 950 | – | – | 5,537 784,975 | 58,612 |
Defi nitions
Actual net asset value (EPRA NNNAV)
Reported equity according to the balance sheet, adjusted for 5% deferred tax instead of nominal deferred tax.
Counterparty risk/Credit risk
The risk that a counterparty does not complete delivery or payment.
Currency risk
The risk that changes in the exchange rate will effect income and cash flow.
Data per share
In calculating income and cash flow per share the average number of shares has been used, whereas in calculating assets, shareholders' equity and net asset value per share the number of outstanding shares has been used.
Dividend pay out ratio
Dividend as a percentage of income from property management after a nominal tax deduction.
Dividend yield
Proposed dividend as a percentage of the share price at the year end.
Economic occupancy rate
Rental income accounted for during the period as a percentage of rental value for properties owned at the end of the period. Properties acquired/completed during the period have been restated as if they had been owned or completed during the whole year, while properties disposed of have been excluded entirely. Development projects and undeveloped land have been excluded.
EPRA EPS (Earnings Per Share)
Income from property management adjusted for nominal tax attributable to income from property management, divided with the average number of shares. With taxable income from property management means income from property management with a deduction for tax purposes of depreciation and reconstruction.
Equity/assets ratio
Disclosed equity as a percentage of total assets at the end of the period.
Funding risk
The risk that no funding is available or very unfavourable at a given point in time.
Income from property management
Net income for the period/year after reversal of changes in value and tax.
Interest coverage ratio
Income from property management after reversal of net financial items as a percentage of net financial items.
Interest rate risk
The risk that changes in the market interest rate will effect income and cash flow.
Liquidity risk
The risk of not having access to liquidity or unutilized credit facilities in order to settle payments due.
Loan to value ratio
Interest-bearing liabilities as a percentage of of the properties' fair value with deduction for acquired properties not taken in possession, and with addition for properties disposed of, still in possession, at the year-end.
Long term net asset value (EPRA NAV)
Reported equity according to the balance sheet, adjusted for interest rate derivatives and deferred tax.
Net operating income margin
Net operating income as a percentage of rental income.
Number of shares Registered number of shares - the number of shares registered at a given point in time.
Outstanding number of shares - the number of shares registered with a deduction for the company's own repurchased shares at a given point in time.
Average number of shares - the weighted average number of outstanding shares during a given period.
Operating expenses, maintenance, etc.
This item includes both direct property costs, such as operating expenses, maintenance, ground rent and real estate tax, as well as indirect costs for leasing and property administration.
Operational risk
The risk of incurring losses due to insufficient procedures and/or improper actions.
Property type
The property's primary rental value with regard to the type of premises. Premises for purposes other than the primary use may therefore be found within a property type.
Rental income
Rents debited plus supplements such as reimbursement of heating costs and real estate tax.
Rental value
Rental income plus estimated market rent for vacant premises.
Return on actual net asset value
Income after tax as a percentage of average ((opening balance+ closing balance-income after tax)/2) actual net asset value, but with 5% deferred tax instead of nominal tax. In the interim accounts the return has been recalculated on an annual basis, disregarding seasonal variations normally occurring in operations.
Return on total capital
Income before tax with reversed net financial items and changes in value on derivatives as a percentage of average ((opening balance+closing balance-changes in value on properties)/2) total capital. In the interim accounts the return has been recalculated on an annual basis, disregarding seasonal variations normally occurring in operations.
SEK per square metre
Property-related key ratios, expressed in terms of SEK per square metre, are based on properties owned at the end of the period. Properties acquired/completed during the year have been restated as if they had been owned or completed for the whole year, while properties disposed of have been excluded entirely. Development projects and undeveloped land have been excluded. In the interim accounts key ratios have been recalculated on an annual basis, disregarding seasonal variations normally occurring in operations.
Total yield per share
Share price development with addition of the dividends during the period which was reinvested in shares that day shares traded ex-dividend.
Castellum AB (publ)
(Corporate identity no. 556475-5550) Box 2269, 403 14 Gothenburg, Sweden Visiting address: Kaserntorget 5 Phone: +46(0)31-60 74 00. Fax: +46(0)31-13 17 55 [email protected] www.castellum.se
Aspholmen Fastigheter AB
(Corporate identity no. 556121-9089) Elementvägen 14, 702 27 Örebro, Sweden Phone: +46(0)19-27 65 00. Fax: +46(0)19-17 80 89 [email protected] www.aspholmenfastigheter.se
Fastighets AB Briggen
(Corporate identity no.556476-7688) Box 3158, 200 22 Malmö, Sweden Visiting address: Fredriksbergsgatan 1 Phone: +46(0)40-38 37 20. Fax: +46(0)40-38 37 37 [email protected] www.briggen.se
Fastighets AB Brostaden
(Corporate identity no. 556002-8952) Box 5013, 121 05 Johanneshov, Sweden Visiting address: Bolidenvägen 14 Phone: +46(0)8-602 33 00. Fax: +46(0)8-602 33 30 [email protected] www.brostaden.se
Fastighets AB Corallen
(Corporate identity no. 556226-6527) Box 148, 331 21 Värnamo, Sweden Visiting address: Lasarettsgatan 3 Phone: +46(0)370-69 49 00. Fax: +46(0)370-475 90 [email protected] www.corallen.se
Eklandia Fastighets AB
(Corporate identity no. 556122-3768) Box 8725, 402 75 Gothenburg, Sweden Visiting address: Theres Svenssons gata 9 Phone: +46(0)31-744 09 00. Fax: +46(0)31-744 09 50 [email protected] www.eklandia.se
Harry Sjögren AB
(Corporate identity no. 556051-0561) Kråketorpsgatan 20, 431 53 Mölndal, Sweden Phone: +46(0)31-706 65 00. Fax: +46(0)31-706 65 29 [email protected] www.harrysjogren.se