Roger Akelius urges Castellum to sell Nordic assets amid financial crisis warning

Major shareholder Roger Akelius is predicting a financial crisis within the next one and a half to two years. Due to this outlook, he is urging the real estate company Castellum to divest its assets outside of Sweden.

Akelius recommends that Castellum exit markets in Finland and Denmark and sell its entire holding in the Norwegian real estate company Entra. The assets involved in these potential sales are estimated to be worth just under 20 billion SEK. This advice marks a significant reversal from Castellum’s recent actions; in February 2025, the company increased its stake in Entra to over one-third, triggering an obligation to make a bid for the remaining shares.

Akelius has also criticized the valuations held by both Castellum and Balder regarding Entra, labeling the practice of valuing the company above market price as ‘lurendrejeri’ (trickery). Additionally, he has questioned Castellum’s own net asset value, estimating it at approximately 145 SEK per share, which is lower than the 167 SEK per share reported by the company in its second-quarter report.