Castellum pushes growth plan despite boardroom chaos

Swedish property company Castellum AB said Tuesday it has agreed to acquire five properties from Corem for 1.74 billion Swedish kronor, pressing ahead with its expansion strategy amid significant boardroom turmoil.

The deal for the office and hotel properties in Uppsala, Örebro, and Linköping comes just weeks after its largest shareholder, Akelius Apartments Ltd, forced an extraordinary general meeting to overhaul the board.

The move led to the resignation of Castellum's chair and another board member, and a pause in the company's search for a new chief executive.

Despite the leadership uncertainty, the company is moving forward with the acquisition.

"Our stable business and financial strength mean that we are ideally positioned to leverage emerging business opportunities," said CEO Joacim Sjöberg.

The properties have a 92% occupancy rate, with tenants including government authorities, Scandic hotels, and Swedbank, the company said.

The transaction is conditional on regulatory approval, which is expected by the end of June.