Swedish property group Castellum's new Chief Executive Pål Ahlsén is implementing a "back to basics" strategy to combat a challenging market, as the company reported a drop in nine-month earnings.
Ahlsén, who took the helm in late August following a board overhaul led by top shareholder Akelius Residential Property, is focusing on leasing and cost-cutting amid rising vacancies.
"It’s a tough market, especially in the big cities, and we must adapt," Ahlsén said in a statement on Thursday.
"For Castellum, it’s now ‘Back to Basics.’ Leasing, cutting costs both in property management and at headquarters."
The company said its vacancy rate has increased by almost four percentage points since 2020.
For the first nine months of 2025, income from property management fell 7% to 3.47 billion Swedish kronor, according to the company.
Net leasing, the difference between new leases and terminations, was negative 166 million kronor for the period, despite turning positive in the third quarter.
The Nordic commercial property company's net income after tax for the nine months rose to 1.05 billion kronor from 368 million kronor a year earlier.
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