Thank you very much. Yes, welcome, everyone. Today we're going to have this half-year report. We can start with taking the next slide, please. This first half-year in short, I would like to comment a few things before we go through it in detail. First of all, we now have created a Nordic platform with all our assets in Sweden, Finland, Denmark, and also including our interest in ownership in Entra that is now over 18%. In direct or/and indirect, it gives us a portfolio of approximately SEK 114 billion in property. Including the transactions done after closing and the 18% of the Entra assets. We can also conclude that we have done the strongest half-year report ever with SEK 5.5 billion in results. We have shown the strength in the balance sheet, both in realized and in unrealized value uplifts, and that together with the cash flow and despite the dividend, gave us this result for SEK 5.5 billion. Then it comes to the markets, the rental market. It is a strong rental market. We can there conclude that both the market office and logistics in the Nordics has been very resistant, and I should say it's now waking up. It is proven in both rent levels, negotiations, and net leasing. Lastly, the fourth one. We have seen an active and very attractive real estate market. The transactions volume is high, over SEK 220 billion in transaction the first half-year in the Nordics, excluding Norway. The value creation is there through new record low yields. That we can see in several cases. Strong markets is simply the word you can use for this first half-year. If we take the next slide, please. On the next coming slides, I will show how we see the rental market on offices, and then I will comment on the logistic market as well. I can honestly still conclude that office market in the Castellum country or land is strong. We can see that in the market generally, there are no changes in market prices or vacancies. We can see that the market is getting more and more active and that we have stable market levels in all office markets. The negotiation for us gave us an uplift of 12%. The vacancies, yes, they are stable in our accounts. The new developments only creates 1% of new offices into the market. I will come back to that because the Swedish government, for example, simply have a GDP prognosis of 4.7%, the Danish 5%, and so on. The conclusion for me is that the office market is waking up and that we will see growth in the office market that we will benefit from. Talking about this discussion about changes. It will come changes in the office market. When we done our investigation, we know that 90% of the staff would like to be back to office and are expecting to do so from August and forward, if we're talking especially about Sweden. We can see that it's not only one solution for the customers or the companies that we rent out to. It's flexible solutions, it goes from flexible solutions for office where the staff not going to be there 100% and staff simply demanding back for the companies. We are already now building more social areas. If we're talking about the contracts, discuss everything with the companies who like more or less 100% service for their employees to companies that don't want any changes at all. The conclusion is that every real estate owner need to take decisions on what they should do, including their office into the market. Lastly, on this subject, area reductions. It's a lot of discussion over the area reductions. We can see that more and more people are working from home. My conclusion is anyway, there will be no more any reductions of space, at least in limited volume. That's built up with the fact that we need to see the companies to give them more social areas. We need to rebuild space for other services if they want to be an attractive employer. The flexibility and possibility is extremely important for the office owners to be attractive for the clients. My view is that the market is going to pick up and grow with the knowledge we have now, with the GDP growth and with the production volume of office that is still very limited. We can't see any drama in changes on vacancies. Lastly, the positive negotiations. As I mentionedWe have a positive uplift on the like-for-like portfolio 1%, that is partly built up in negotiations that was 12% in our portfolio. We have a even stronger market in office side than we expected. If we take the next slide, please. Here is the net leasing. Not a surprise, of course, the net leasing on the next slide. Here we can conclude that ongoing portfolio has a very strong half-year. We can also see that a normal year, it is a normal year if you look at the development like that. To sum that up, we had a gross net leasing of SEK 266 million in annual rental value and net leasing of SEK 66 million. It's very strong. The comparison here is done by extremely last years, that was including two larger developments. That's unusual. A strong half first year. We are in office markets that are changing a little bit. The market is waking up. We will see stable to strong rental developments in general in our town. I think there will be a lack of good office space shortly. If you take the next slide, please. Logistics market. We can simply divide the market into two categories, the large distribution centers and the last-mile ones. If you go into Sweden, here we can see on the distribution centers, there is a lot of new construction, efficient ones and to a lower cost for tenant. The locations is not that critical and are built up normally in North Stockholm, Eskilstuna, Gothenburg, and in Skåne, for some examples. The increase of land prices are not reflected in the rent because of the lower values that are in this market right now. If we focus on the last mile, the locations are critical and driven by service and quality and time to customers. Here the rents are still increasing, we can note rents up to amazing SEK 2,000 a sq m a year in the Stockholm area, and over SEK 1,000 if you're talking about Malmo. If we look outside Sweden, the Helsingfors area are interesting, we can note that there are prime market rents up to EUR 13 a sq m a month. In this picture, you see Halvorsäng, this is the first drawings on the joint venture we have now together with the Port of Gothenburg. We will invest approximately SEK 1 billion each in these facilities, located extremely near the Port of Gothenburg or actually in the Port of Gothenburg. With that about the markets, I leave over to you, Ulrika. To the next slide, please. A short conclusion for the first six-month year in Castellum, a change in income from property management of -5%. However, the underlying business together with just management shows black figures, meaning that the negative developments on the first quarter have changed. Not surprisingly, the contribution to the negative development is, of course, Castellum being a net seller until the end of June of -SEK 9 billion. ESSA Energy is growing into our good result bottom line. I will come back to that. The rental market is positive with net lettings of SEK 66 million, of which SEK 26 million the second quarter. Renegotiation is back and is on the positive side, an uplift of 12% on average. COVID-19 is almost not showing in our numbers. Rents are being paid and liquidity helps are being reduced. Finally, the financial risks are low with an LTV of 38% and an ICR of 532. Worth mentioning is that we have changed the definition of LTV. Earlier, we put the net interest bearing debt in relation to property. But since we now have a big holding in Entra, and we see it as a long-term holding, we put the net interest bearing debt in relation to total assets. If you go to the next slide, please, and look at a lot of figures. Let us start with the last slide. A result of SEK 5.5 billion or almost SEK 5.6 billion is, as Henrik said, the biggest figure number any first half year in Castellum history. That is driven mainly by changes in property values due to low yields in the market, both on offices and logistics, but also creative project gains. As you know, we have sold a big portfolio earlier this year, which confirmed the yield movement in logistic warehouses and created a realized change the first quarter in Castellum. Of course, selling this big portfolio has a negative impact on income from property management. It explains that development is half of the portfolio we closed, signed, and delivered in the beginning of February and half of it in the beginning of May. However, this gives Castellum a really strong balance sheet, which we have used by buying more Entra shares during the second quarter and in the beginning of July, doing big acquisitions in Stockholm and Finland. What's new this quarter in the P&L is two lines, a dividend of SEK 46 million from our holdings in Entra the second quarter, a write-down of goodwill of SEK 53 million, which is a consequence of selling in Denmark an asset that we bought buying Norrporten. All in, a really good bottom line, stable underlying earnings with a positive trend, an accelerated trend, dividend and the big changes in value create this bottom-line result. If we go to the next slide and look into the underlying property management. The growth in like-for-like is getting better versus the first quarter, that is due to high rental levels, better development of vacancies, and lesser incentives. The cold first quarter compared to last year still hits us with a cost increase the first six months. Looking into different segments, we can see that the trend from the end of last year and the first quarter is still here. Good like-for-like growth in logistics and public sector, modest like-for-like growth in offices, but it's better than earlier. A really good growth in retail, mainly due to lesser incentives compared to last year. Like industry, it's such a few assets, and the negative number is due to high vacancies. Regarding COVID-19 on the rental side, no bigger incentives this year. The rent for Q2 is on the bank, and the payment for Q2 looks really good. Liquidity relief has from the start of COVID-19 last year until today been in total SEK 145 million, SEK 146 million. Of that, SEK 20 million is active at the end of June, compared to SEK 45 million at the end of March. The liquidity help is decreasing, and it's a signal of a good rental market. On to the next slide, Henrik. Yes. Shortly to just summarize the last transactions that Ulrika shortly mentioned. We have the last quarter being very active on the investment market, as said, and succeeding in creating actually a real Nordic platform, mainly due to the acquisition in Finland, and also, of course, by increasing our ownership in Entra. We have also been very successful in signing a joint venture with the Port of Gothenburg, which means that we will invest this SEK 1 billion in the logistics asset on 50/50 basis. Lastly, we bought two assets, approximately SEK 1 billion each, in Solna and the larger area of Stockholm. With this transaction, we have changed the portfolio and created a high-performing office and logistics portfolio with a very good tenant base and more footprint in the capital. This is something we strongly believe is going to create a good growth and value going forward. In Finland, the yields on the transactions was 5.5%, and we sold another part with a little bit higher, approximately 1.7%-1.75% yield. When we bought in Stockholm, we did the acquisitions on 4.25% and 4.7%. Some figures to calculate on. All this is done, and we have closed all these deals. Then back to you, Ulrika. Yes, on the next slide, we have the balance sheet. Stronger than ever and up to be of 38%. The Entra holding was, at the end of June, SEK 6.6 billion in our balance sheet. It's on the line "Financial assets." That is roughly 18.4% or 0.5%. The ambition is to grow so we can consolidate it into our income from property management. That amounts at least an ownership of 20%. We are on track. Since Entra owns a property portfolio of roughly, before today, SEK 58 billion, maybe a little bit more now, our exposure to Norway is almost at SEK 11 billion or SEK 12 billion. We think that is a good position to have. If we go to the next slide, please. Shortly about the property market. A good transaction volume of roughly SEK 150 billion compared to SEK 81 billion last year and SEK 44 billion the first quarter. The volume and number of transactions has increased, and the appetite for investing in real estate is really good. A big interest in combination with a lot of capital supports lower yields and increased property prices or values. That is shown in our portfolio with an increase of SEK 2.6 billion in unrealized property gains, of which SEK 2 billion is from yield movements and the rest is project gains. The yield movements is both in office and logistics, but of course, much more in the latter one. On top of that, we have sold assets, mainly logistics and warehouses, early this year, which created a realized change in value of roughly SEK 500 million. Both realized and unrealized summarized to 3.3% the first half year, and the unrealized gains is 1.6% the second quarter isolated. It's better momentum than the first quarter. To the next slide, Henrik. Yes. This is a slide we all love, of course, because this is growing and getting larger and larger. This is a development. We have now created a large development pipeline. It's approximately SEK 20 billion in investments volume more to be started. We have an ongoing development portfolio approximately of SEK 7.4 billion, in which SEK 2.8 billion is already invested. This is the largest ongoing development pipeline that Castellum ever have had, and I think the largest in Sweden in a real estate company. As you can see, it's well spread over the country, and the average economic occupancy is 67% in this one. If we include the large and very newly started development in Stockholm, then it's up to 84%, 85%. We calculate this project will make a profit in gains of approximately SEK 1.8 billion that are not in the books yet. We can look at some. If you take the next slide, please. Infinity, we can start with the one on the right-hand downside first. This is the new block in Hagastaden, where we will, the next coming years, build a new block consisting of approximately 20,000 sq m. It's a very attractive location, and the building will consist of office space with services and co-working. According to plan, it will be completed in the third quarter 2025. Investment is approximately SEK 1.7 billion, and yield is approximately 5.2%. The next one is SEEL. The SEEL is our research and development site on the Säve Airport, Gothenburg, with a government-sponsored tenant with a long lease of 50 years, 100% leased out. This is also start of a permanent research and development site for sustainable transportation. We are 100% certain this will attract other investments and interest in tenants in the future. It's a first and a small start with a good yield of over 6%. Lastly, the new one is Budbee. This is last example of the last mile distribution centers, where we are building outside Malmö and are very pleased to support Budbee in this, and the yield is approximately 5.5%. If you take the next slide, we can see what will come. Castellum holds a large volume of building rights, approximately 1.5 million sq m of lettable area. We believe it will be possible to start approximately 900,000 sq m of this for the next coming four years. That will require the investment volume of approximately SEK 20 billion. Out of this, approximately 550,000 sq m are logistic and the rest primarily office. Some examples. What we call Node of Nordstan is the one on the right-hand side, upper right-hand side. It's a new one. It's actually absolutely best located in Gothenburg, where we have a building right on the zoning plan for approximately 30,000 sq m. This is located in extremely good position. It will have a subway station under it for trains and next door to the Opera of Gothenburg. We think this production can start as soon as the infrastructure is in place, and that will be 2023 or 2024. On lower right-hand side, you have Berget in Jönköping. When we bought Norrporten, it was a large number of government buildings, and one of those was in absolutely central Jönköping. We have now gotten the possibility to rebuild this 20,000 sq m building during next coming years into a high-quality office building, and the first contract is already signed, standing for approximately 16% of the space. In addition to this, we have also more building rights in this area that we will start in next coming years. This will be more or less building a new part of the city center of Jönköping. The last one on this slide is Brunna. It is North Stockholm. We have a capacity of building approximately 45,000 sq m of logistics. Of course, we have much more capacity of logistics assets in the portfolio. For example, the airport in Gothenburg, with a capacity approximately of another 800,000 sq m. Then, of course, some assets around Malmö in south. I let over to you, Ulrika. Yes. On the next slide, a short summarized of our funding activities. The debt market has been stable favorable during the first six months this year. At the end of June, Castellum had roughly SEK 61 billion in credit facilities available, of which SEK 42 billion was used. Of the used loan, SEK 29 billion was outstanding bonds, SEK 7 billion CPs, and SEK 6 billion debts. During this first six months, we have refinanced a smaller bank loan. We have taken up new RCFs and terminated term loans. In the bond market, we have been active in the local one, issuing almost the same volume, SEK 2.5 billion, that has been terminated. The MTN program, the Swedish domestic bond program, is now at SEK 25 billion, and total outstanding, as I said earlier, is SEK 19 billion. Regarding the CP, we have a program of SEK 10 billion and have been active. It's still a good arbitrage to be in that market. At the end of the period, SEK 7 billion was outstanding. Of course, part of this liquidity has been used in the beginning of July to buying assets in Finland and Stockholm. Then over to you, Henrik. Okay, the last slide, looking a little bit to the future. The office market, I touched very much on it from the beginning. What we can see in the office market is that it will continue to grow. The GDP prognosis for Nordics is good. Sweden is around 5%, and the new production volume is one. The export industry, for one example, is looking better and better. This altogether means that office market will continue to grow. The logistic market will also continue to grow and change, meaning it will continue to create opportunities for companies like Castellum with both knowledge and capacity. From my standpoint, I see the position in the leasing market that Castellum holds as good, with a solid tenant base and a lot of opportunities. Castellum. I should say that the company is prepared for the future and has capacity to adapt. We have one of the strongest development pipelines, that our SEK 20 billion is already seven under production that we know will create profit to the company and with good occupancy rate. The strong balance sheet, even though we've done a lot of investments, the LTV level will be below 45%. Strong Nordic exposure, we have a growing exposure into the capitals, we have prepared the balance sheet and the capacity to grow and build also next year. The company largely holds one of the strongest positions when it comes to sustainability and will continue to be an attractive partner as well as an employer to our tenants. Shortly. Lastly, I would like to thank everyone because this is my last report. I will be leaving the company on the latest in the beginning of October. It's definitely my last report. The last eight years, we created a total return of approximately 17.5% per annum on average, and lowered the risk and made it into one of the most sustainable real estate companies in the world. I would like, therefore, to take the opportunity to thank all colleagues that I worked with together all these years and made this journey so interesting. I would also like to thank all customers and the 88,000 shareholders and all other contributors who made this company what it is today. Thank you much. We open for questions. Thank you. If you wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw that question, you do so by pressing zero two. We'll be moving forward while questions are being registered. Our first question comes from Stefan Billup from DNB. Go ahead, your line is now open. Thank you. Good morning. I have a couple of questions, starting off with the Finnish acquisition. You acquired Kielo in Finland, and you mentioned that net yield is 5.5%. I think this appears as a high yield, and I wonder is this a consequence of falling price levels in Finland or rather a consequence of this specific portfolio with perhaps quite high vacancies? I can conclude that this is under competition we've done this deal. The yield is, I think, combined that we have the capacity to work with the vacancies. Billup made it scare a little bit of the market off. I think the main reason is that we started this negotiation when it was more uncertainty around the pandemic as well as the office market in Finland. We actually used the opportunity to do the acquisitions during a good time. As you know, the acquisitions like this take time. This is something we started very early in this year. Okay. I see. Thank you. Regarding the Solna acquisitions, I would just like to confirm that you say there was a net yield of 4.25 for K11? That is correct. Yeah. Apoteket, that was 4.7, right? Correct. Yeah. Okay, good. Regarding projects, do you think it will be easier to start new office projects in the coming 12 months given the increased activity in the letting market that we see? I can conclude that you have to divide the market into larger and smaller companies that we see on the tenant base that are different. You can also have to divide the market into small and larger cities. What we're seeing right now is, if we talk Sweden, that the vacancy rate is rather low still. I can read in reports that they are estimating higher vacancies, but we can see that the companies don't have so much opportunities normally. Therefore, I think with just the increase of new developments of 1% of the stock, it will not be enough. That means that over time, I see actually we will, in some attractive locations, have a lack of office space. Yes, it will give the opportunity to start new developments again. I see very little risk, especially in the smaller cities. It will take a little bit more time than you have normal vacancy rates in Gothenburg and Stockholm again. It will go quickly, simply. 1.5 years, something like that, I could see in some places actually will be lack of office space, to be honest. Okay. Thank you. That was my questions. Finally, congratulations for delivering a strong final report from your side here. Thank you. Thank you. As another reminder, if you do wish to ask a question, please press zero one on your telephone keypad. Our next question comes from Erik Granström from Carnegie. Please go ahead. Your line is now open. Thank you very much. Good morning. Starting off by thanking you, Henrik, for patiently answering all our questions throughout the years. I will take this opportunity to ask a few more before you leave. Perhaps if I could start a little bit about the vacancy rates. You mentioned that it's a very stable office market out there, but in the report, you do mention that you see some increased vacancy in CBD areas in Sweden. Could you talk a little bit about the difference here of the overall office market versus what you're seeing in CBD areas specifically? Yeah. I think it all has to do with new developments. We know that we have some colleagues that are a little bit stressed about their new developments that are not rented out. That will calm down. It's very attractive locations. We can also see that we have tenants that are surprised they can't find good alternatives in the market. We can then also see that we have negotiation power like our colleagues, and we ended up in 12%. I think we have to divide the negotiation between large and small customers. The large ones will rebuild their offices, and they will have the most of the staff in parts of the day or of the week if you are in Stockholm. Some companies is already demanding the staff in now in August or September because they want to have the production up simply, or efficiency up. That's the large one. The smaller companies are looking for flexibility. Here, I think co-working will have a strong position and flexible agreements, and that's mid-size to small companies. The third thing that's happened right now is that some of the companies would like simply us or someone else to take over more responsibility for the employees and the services around it. All in all, I think you will have more people working from home in larger cities, especially Stockholm, that you will have an occupancy in the office of 80%-90% in two to three days a week. In Örebro, Jönköping, you will almost not see a difference. In Helsinki, we don't think it's going to be so big difference, not in Copenhagen either. That's my view on the office market right now. Okay, thank you. Do you think that CapEx will have to increase in order to defend your rental incomes in renegotiations as tenants demand perhaps more social areas in the office? Is this something that tenants will have to pay for as with any other tenant changes or CapEx? It's a very good question. What we see is that you're going to invest more in the office space, especially for larger companies. We haven't got any demand from their side that they want us to take the hit for, so to say. My view is that this is something that the companies are prepared to take because they see it as a responsibility to the employees. That's more a normal standpoint that we met in the market. The CapEx will increase, but they will be also taken by the tenants. Far, then that's my view. Okay. You invested SEK 1.7 billion so far the first half of this year in your own portfolio. You're also saying that there is some sort of acceleration. Should we expect this figure to increase for the second half of the year, or is this pace pretty much what you think that you can perform? I think you should calculate that more or less the same going forward. The largest one we just put into the notes, so to say, is SEK 1.7 billion Stockholm, but that's under a very special case because they're investing over this tunnel, starting the construction work. I should say use the same investment volume approximately going forward. Thank you. Then I have two more questions and I’ll bundle them up. Yeah. One is, it seems to me that you're quite adamant in the fact that you will increase your holdings in Entra to above 20% in order to consolidate that position. Just to clarify, you don't expect to go over the 33%, which will then trigger a mandatory bid? That I have to leave to the next CEO, of course, but I think your estimation should be correct. Okay. Finally, you've continued to buy back shares so far this year. I was just wondering, your balance sheet remains very strong. You hinted at that as well. Is there a reason why you would stop the buyback program at this point, or do you think that it's most likely that you will continue? It's all about our view on our into NAV versus the share price. That's a calculation the board takes each quarter in connection with the interim report. It's a moving target all the time. Finally, I would like to comment that 15 years of answering your questions has been a pleasure. Thank you very much. I appreciate that. Thank you. That's all I have. Thank you. Thank you. Our next question comes from Niklas Ödling from DNB. Thank you. Yeah, just a short question about rent discounts. I believe they were slightly up in Q2 quarter-over-quarter. Can you just give some flavor about that figure and the outlook ahead for rent discounts? We can't see an increase in market on the discounts. I don't recognize your figure there. Let's see here. In like-for-like they are down. Yeah. We make changes in the portfolio by getting new developments into the portfolio. The underlying incentives, as I think you ask about, is going on. It's SEK 25 million in rent discounts, I believe, in note two. Yeah, it was SEK 60 million last year. Yeah, in Q1 it was SEK 28 million. Yeah. Okay, it was SEK 27 million in Q2. Yeah. About flat. Yes. Rent discounts. Yeah. If you split that into two different buckets, one is ordinary management, then that is going down. We have some more incentives in new developments that have been completed that is coming into the portfolio. Okay. You're taking that. Yeah. You don't split it up over the lease term. We do, of course, but that is like new incentives in new leases that we have never had before, in spaces we have never had before. Okay. All in all, the rent discount is going in the right direction in your view? Yeah. Okay, great. Thank you. Out of a market perspective, we feel no pressure here, and I think it's extremely important to say that we see a market that is picking up, and that are also understanding that it's no discounts in the market, and we can hold the market practice. This is something we worked on for more than one year, of course, more or less weekly, seeing where we are in the offers, discounts, and everything. My view is that the market is coming back and it's coming back strong. Okay, great. Thank you very much and good luck in your future career, Henrik. Thank you very much. Thank you. Thank you. As there are no further questions, our time with the speakers for any closing remarks. We can say here that we have some questions sent to us. Henrik, the first one, can you give us a better sense of the Finnish acquisition, the geographic distribution adjusted for the disposal that was done? Yeah. From the beginning it was approximately 40% Helsinki area, and then we took out 30% of the portfolio, and that was not Helsinki. You're simply going to take away the 30%, and that's all 100% in another town. There we also are not having any staff in this transaction. That's with Entra. Then we have some more questions I think to read. Yes. In which sub-market the office leasing spread was strongest? Our strongest office market and weakest office market. Yeah. I think we should look at this as we hold extremely stable market levels during this 1.5 year on all. Going forward, I should be cautious with an overproduction in some sub-markets, that due to some large developments. Then you have, especially like I said earlier, you have some sub-markets in Gothenburg where we have an overproduction in the near- term, but we have held our market levels on the rents all time. I have no preferred and no worse. I think we are flat more or less on all the cities. Then a question maybe to myself. Where will you expect LTV and the occupancy rate by the end of this year? That's a tricky question just at the end of the year. The LTV, if we take that first, of course, that is dependent on mainly if the property market is still going strong, even more stronger, so we can get more valuation uplifts and investment pace. To give you a guidance, a comfortable zone to be in is around 42%-43%. If we are there at the year-end exactly or not, I can't tell at the moment. We have started the third quarter very actively. That is the guidance where we are comfortable in. The occupancy rate is also a tricky part, expect at the end of the year. As you can see from the Q2 report, the occupancy rate increased somewhat versus Q1. Based on positive net letting so far, the indication is at least that it shouldn't go down from where we are now. That was all the questions we have got. Okay. If there's no other questions out there? There's no other questions. Okay. We thank everyone and wish everyone a wonderful summer. Hopefully I will meet you in some other way in the future. Thank you very much.
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