Castellum divests United Spaces to Ioffice

Castellum has signed an agreement to sell all its shares in United Spaces, its wholly owned subsidiary that operates coworking spaces in several Swedish cities. The new owner is Swedish flexible workspace provider Ioffice Business Group. This transaction establishes the largest coworking and serviced office group in Sweden, with a portfolio of approximately 67,500 square metres of flexible workspace nationwide.

“This marks both a consolidation and a paradigm shift in the flexible workspace industry,” says Homan Tehrani, Founder and CEO of Ioffice. “Real estate partners need to understand this shift to stay relevant. The traditional way of leasing office space is being redefined, and flexible solutions are now a fundamental part of that transformation.”

Ioffice sees the deal as a natural part of the ongoing consolidation in Sweden’s coworking and serviced office market, a trend that mirrors developments in other major European cities. The market has matured rapidly in recent years, driven by hybrid work patterns, demand for shorter lease terms, and an increased focus on user experience and service.

“Our sector is evolving from rapid expansion to sustainable profitability. That shift benefits our members, partners, and property owners alike,” says Tehrani. “We believe consolidation is a positive force creating stronger operators and better-managed environments for customers.”

United Spaces, established in 1999, was one of the pioneers of coworking in Sweden and has until now been owned by Castellum. The company operates ten locations across Stockholm, Gothenburg, Malmö, and Uppsala. With the acquisition, the combined Ioffice Group manages approximately 67,500 square meters of flexible workspace nationwide. Both brands will continue to operate independently while collaborating to strengthen profitability and long-term growth.

For Castellum, the transaction will have a positive annual earnings effect of approximately SEK 30m. The deal is structured as a share transfer and will be completed in Q4 of 2025.

“We are pleased to hand over United Spaces to new, dedicated owners and are confident that the business will continue to thrive under the management of Ioffice. Castellum remains focused on its core business as a property owner,” says Pål Ahlsén, CEO of Castellum.