The Swedish Property Company Castellum Sells its Coworking Brand United Spaces to Competitor iOffice

Oct 27, 2025 · 2 min read

The Swedish real estate giant Castellum has officially divested its coworking subsidiary, United Spaces, selling the company to Ioffice in a strategic move to sharpen its focus on core property ownership. The deal, announced on October 27, 2025, will be finalized in the fourth quarter of the year and is expected to boost Castellum’s annual earnings by approximately €2,74 million, according to a press release.

“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,” said Pål Ahlsén, CEO of Castellum, in the official statement. The decision aligns with Castellum’s ongoing strategy to concentrate on its core operations in office and logistics real estate across key Nordic cities.

United Spaces, founded in 2000, was one of Sweden’s pioneering coworking operators and became a key player in the country’s flexible workspace scene. Castellum took full control of United Spaces in 2019 as part of a strategy to explore asset-light, service-oriented models within its office portfolio. At the time, coworking was seen as a promising way to boost building utilization and add value through hospitality-driven workplace solutions.

That bet paid off in part: according to figures published in early 2025, United Spaces generated stable revenues of approximately €23 million in 2024 across its portfolio of 10 locations. Its performance helped Castellum test the waters of the coworking sector during a time of widespread transformation in office demand, accelerated by the rise of hybrid work models.

The sale of United Spaces comes as more landlords across Europe revisit their coworking strategies.

Thanks to this transaction, iOffice will double the number of its locations in Sweden.

Homan Tehrani, iOffice’s CEO, will be a speaker at the upcoming Coworking Europe 2025 conference, to take place in Berlin on November 19-20th.

Pic source: United Offices website