Growth in income from property management of 7% and a proposed dividend increase for the 23rd consecutive year
- Income for 2020 totalled MSEK 6,004 (5,821 for the year-earlier period).
- Income from property management amounted to MSEK 3,380 (3,146), corresponding to SEK 12.35 (11.52) per share, an increase of 7%.
- Changes in value on properties amounted to MSEK 3,863 (3,918) and on derivatives to MSEK -120 (-111).
- Net income for the year after tax amounted to MSEK 5,615 (5,650), corresponding to SEK 20.52 (20.68) per share.
- Long-term net reinstatement value (EPRA NRV) amounted to SEK 214 per share (195), an increase of 10%.
- Net lettings for the period amounted to MSEK 239 (-24).
- Net investments amounted to MSEK 4,267 (1,974) of which MSEK 2,646 (3,350) pertained to acquisitions, MSEK 2,512 (2,762) to new construction, extensions and reconstructions, and MSEK 891 (4,138) to sales.
- For the 23rd consecutive year, the Board proposes a raised dividend of SEK 6.90 (6.50) per share, corresponding to an increase of 6%, to be distributed on two occasions and in equal amounts of SEK 3.45 each.
“In 2020, we proved that we can continue to grow under difficult circumstances, with strong growth in income from property management as well as net asset value. At the end of the year, Castellum had ongoing projects of SEK 4.7 billion, of which SEK 3.7 billion was started in 2020, with a remaining investment volume of SEK 3.1 billion. In addition, Castellum has a large project portfolio of approx. SEK 20 billion in future projects. The strategic transactions we have carried out—the major investment in the Brunna logistics hub outside Stockholm, for example, and the sale of a mature, stabilised asset portfolio to Blackstone—will modernise our logistics portfolio through further investments in new production. Castellum has a very strong base for even faster growth over the next few years when our major ongoing and fully leased projects start to generate a return,” says Henrik Saxborn, CEO of Castellum AB.
“Castellum has submitted an offer to Entra’s shareholders inviting them to join forces to create a leading Nordic commercial property company. If the offer is successful, it will be Castellum’s largest transaction ever and of tremendous interest for Castellum’s owners, since Entra and Castellum together will create such a dominant force in the Nordic region. It would be a natural choice for international investors looking for exposure to “Nordic Prime” in the property sector. The union of these two companies would also create synergy gains and conditions for more rapid growth in value per share. Regardless of whether or not the deal with Entra is successful, all these alternatives for action will make Castellum stronger and better equipped to create future value,” Henrik Saxborn concludes.
Annex: Year-end report 2020
The release date for the 2020 Annual Report has been pushed back from 8 February 2021 to 15 February 2021 as a result of the work on the ongoing public takeover offer submitted for the Norwegian property company Entra ASA.
For further information, please contact:
Henrik Saxborn, CEO Castellum AB, phone: +46 706 947450
Ulrika Danielsson, CFO Castellum AB, phone: +46 706 471261
This information is information that Castellum is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above at 08.00 CET on 22 January 2021.
Castellum is one of the Nordic region’s largest listed property companies with a property value of SEK 103 billion. We are active in 17 Swedish growth regions as well as Copenhagen and Helsinki. Every day, 250,000 people go to work in our premises. We develop flexible workplaces and logistics solutions with a lettable area of 4.4 million square metres. One of our sustainability goals is to be entirely climate neutral by 2030. Castellum is the only Nordic property and construction company elected to the Dow Jones Sustainability Index (DJSI). The Castellum share is listed on Nasdaq Stockholm Large Cap.