Locum AB is 100 per cent owned by the Stockholm County Council through the holding company Landstingshuset i Stockholm AB. The purpose of Locum is to enable healthcare providers to concentrate on their core activities while property matters are dealt with by a professional property manager.
Locum’s articles of association state that its objects are to own and manage its own properties, to manage properties belonging to the Stockholm County Council and to bodies affiliated with the County Council and to provide services related thereto.
Stockholm County Council owns a large property stock that includes premises primarily used for healthcare. The book value of these properties is SEK 11.1 billion, and they represent a significant portion of the County Council’s total assets. Locum AB has been tasked by the owner to manage this property stock. This includes responsibility for rentals, property development and other property transactions.
The County Council’s properties are carried as assets in a separate profit unit on the County Council, Landstingsfastigheter Stockholm (LFS – Stockholm County Council Real Estate), where the properties’ revenue, costs and earnings are reported. The owner’s long term return requirement for the property management operations at LFS is seven per cent on equity.
Operations
Locum offers premises to both public and private healthcare providers. County Council-owned healthcare units are not obliged to choose Locum as a landlord, even though Locum premises should be given first preference.
Locum also leases premises on the external market for the County Council’s various activities. These are mostly premises used for healthcare not tied to the large hospitals and where the County Council does not have suitable premises of its own.
A growing part of operations relates to other propertylinked services, known as facility management services. Locum contracts with its tenants to offer these services procured on the market, enabling tenants to concentrate their resources on their core business.
Market and customers
Locum operates in Stockholm County, from Norrtälje in the north to Handen in the south. The market comprises the County Council’s activities, where the customers are found among the County Council’s own healthcare units and private healthcare providers under contract with the County Council. The biggest customers are Karolinska University Hospital, operating in Solna and Huddinge, and five emergency hospitals, one of which is run privately. Other tenants include community hospitals, district health centres, clinics etc. Of 2011 rental income 84 per cent came from tenants belonging to the County Council. Remaining revenue came from external tenants, most of which have care agreements with the County Council.
The healthcare properties are nearly always located in central portions of the catchment area. University and emergency hospitals are normally situated in urban centres, community healthcare is more spread out and also governed by requirements for easy accessibility.
Locum’s market also includes the privately owned part of the local market. Premises rented from other property owners is approx. 350,000 square meters and are used by County Council-funded healthcare services.
Property stock
Managed property stock was 2.1 million square metres total floor area. Of the total rentals, 84 per cent were from activities under the direction of the County Council. The remainder was related to municipalities, organisations and private companies, primarily healthcare providers working on behalf of the County Council.
The properties are divided into strategic properties and market properties. The strategic stock consists of properties that the County Council intends to own or utilise through long-term leases. The market properties are to be sold once conditions are favourable.
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For more information visit the page Property management.