Northern European commercial property peer Kungsleden has announced the appointment of Castellum's deputy CEO and finance boss Ylva Sarby Westman as new CEO following completion of the takeover by Castellum last month.
Stockholm-listed real estate firm Castellum successfully completed its €2.6 bn takeover bid for Kungsleden in late November, securing around 96.5% of the peer’s share capital and voting rights.
The company first announced in August that it was to launch a SEK 124 per share bid for Kungsleden, with the offer reflecting a 7.5% premium on the closing price prior to the announcement. Castellum offered 70% in shares and 30% in cash. Kungsleden has been delisted following the deal.
Ylva Sarby Westman assumes the position following the resignation of Biljana Pehrsson from the role of CEO of Kungsleden and her appointment to the role of president and CEO of Castellum, effective immediately.
'It is gratifying to see the acquisition of Kungsleden now entering the next phase. Together, we are creating a player of significant size in an industry, where size in combination with sustainable and innovative service development is playing an increasingly important role. I welcome Biljana and Ylva and look forward to develop growth, sustainability and profitability together,' said Rutger Arnhult, chairman of the Board of Castellum.
'I look forward to leading the Nordic region’s largest listed commercial property company with a focus on sustainable growth. The size, financial strength and combined industry experience of our joint company provide us with a boost to our competitiveness, for the benefit of our customers, employees, shareholders and creditors,' added Biljana Pehrsson, the new CEO of Castellum.
