Pareto Nordic Real Estate Weekly-06/26/2026

Research evidence excerpt

Pareto Nordic Real Estate Weekly-06/26/2026

Pareto Real Estate Weekly

26 JUN 2026

Pareto Nordic Real Estate Weekly

Wihlborgs acquires Castellum's southern Sweden portfolio for SEK 13.3bn

• Wihlborgs has agreed to acquire Castellum's entire southern Sweden portfolio of 95 properties totalling ~635,000 sqm across Malmö,

Lund and Helsingborg for an underlying property value of SEK 13.3bn

• The portfolio carries a rental value of ~SEK 1.13bn and NOI of ~SEK 661m (+20% to current E.C. NOI) at a ~5.0% initial yield, with the

price set ~4% below Castellum's latest book value, and closing planned for 1 October

• We view the transaction as positive for both sides, near-term for Castellum, which intends to return ~60% of proceeds (~SEK 8bn) to

shareholders, and longer-term for Wihlborgs, which can materially increase earnings and reduce vacancies in its core Öresund market,

where its track record is strong

Prisma starts discount-retail project in Næstved, Denmark

• Prisma has acquired ~21,000 sqm of land in Næstved, Denmark, and signed two 10y leases totalling ~5,200 sqm with leading discount

operators, with construction due to start in Q4 2026 and completion in Q3 2027

• We consider the project positive, with secured tenants and long leases underpinning stable cash flows, plus a remaining ~1,650 sqm

building right supporting further grocery expansion

Intea signs Police Authority lease for new Värnamo station

• Intea has signed a 12y lease with the Swedish Police Authority for a new ~8,600 sqm police station in Värnamo, with expected completion

in Q1 2029

• The lease agreement is positive in our view, adding SEK 25.3m in annual rental value (70% CPI-indexed) on a ~SEK 400m investment

and underscoring continued strong demand in the justice segment