As said, you are warmly welcome. Just as Lars Åke mentioned, 2023 was a tough year for Wallenstam. That was perhaps when we bottomed out, and we had hopes that 2024 would be a better year, and I really feel that it has been in every way for Wallenstam, as slowly but surely all figures turned in the right direction. But here's how we looked at the end of the year. We had 210 properties, distributed over 1.4 million square meters. And we see that about one-third of the area is in Stockholm and two-thirds is in Gothenburg, because we have our commercial part in Gothenburg. Now we also have a commercial part in Stockholm, but it hasn't grown much yet. But we'll certainly return to that. And then we have 53 wind turbines that give us renewable energy, so we are self-sufficient in energy supply, which we are also very proud of. And our occupancy rate for our commercial properties is about 92% for the total, but 95% in Gothenburg.
When we started the year, we were a clover. We had our residences in Gothenburg and our residences in Stockholm, and we had our commercial part in Gothenburg. But then something happened during the year that we've been waiting for a long time, but we waited for the right moment, and that was when we got to buy—and we were actually alone in this fantastic deal—we made a deal in confidence and had the opportunity to buy Sergelskrapan, as we've chosen to call it. In common terms, it's Hötorgskrapan number five, but on Mäster Samuelsgatan, there are the other four, and ours. So we think the other four belong to Höorget, this one belongs to Sergel Square. So that's why we choose to call it Sergelskrapan. And it was a fantastic deal that went very fast, I must say. It was purchased for 2.8 billion. It's quite insane money for a property, but I promise we will make it a good deal over time, because it's a fantastic opportunity and indeed a unique property that we've already started working on very positively. You can imagine: we bought it including the stamp duty, so we deducted the stamp duty from the purchase difference and then we paid the stamp duty. And that gives a stamp duty of 114 million. It's a rather hefty stamp duty. We signed in October, but we took possession just now in January. And here's how it's expected to develop. It's from '62, at the same time as you in Gothenburg built Stensturegatan the same year. In '62, it was inaugurated and looked somewhat like this with a slightly copper-colored facade. But it was made of materials that aged quickly, so it became aluminum within a few years. But we intend to try to recreate this iconic skyscraper into a real diamond. And that includes the interior, so we'll modernize it while still keeping the style from '62. For example, this could be a new entrance from Serg 12, which we think has declined. It's just a tiny little entrance. But we'll make it our main entrance. And the elevators could look like this, so you see they're nice elevators in a modern style but in the '62 style. The entrance, we'll try to develop with the city planning office and Anna to lift the entrance more. And it's the same architect who drew this building as the Olenhuset just below, and they have a lift entrance in this style. So that's why we'll try, since it was allowed on that property which had the same architect in '62, to do something similar here. But what did that become? Then this three-leaf clover became a four-leaf clover. And it's exactly this piece of the pie we've missed. We've talked about it for many, many years: when the right moment comes, we must be ready. We have the financial means to do it. So we're very glad to open another business leg in commercial in the Stockholm region.
When we work, you know it's being talked about a lot in media and press and in various contexts. This with different sustainability efforts in Europe. We see that the USA is slowly but surely dismantling different sustainability goals, and then perhaps Europe has to maintain competitiveness and regulate less. That doesn't mean we work less sustainably, because we really do. Instead, it means we might not report as much in our reporting. But we are tied to the Paris Agreement, Science Based Targets, and these are the goals we work on, where we need to reduce by 50% and 55% respectively. You see these different numbers, and we've made good progress. You should know that the last goal is such that if we build nothing by 2030, then it's zero there, so we've achieved the goal. But that might not be what we should work towards, because we know our society also needs residences and buildings. So we should work climate-smart with our construction, which I think we do very well. But then it's tough in different areas, and we change cooling systems. We're really working on energy efficiency in different ways to reduce our energy consumption.
Now, when we come to our revenues, we've had tough years. I'm thinking of our commercial tenants; they've been sitting on almost 20% increases in recent years because inflation hits right into the contracts. So last year, the premises on average got 6%, and this year it's significantly lower, and that might be good so that commercial businesses also catch up. But we need it because we face large cost increases. District heating in Stockholm—Mattias mentioned it went up over 20%, so there are large cost increases for us in our operations. For residences, it works differently, as the rent increase doesn't hit all at once in the first year but is distributed more over time. So we made a two-year agreement with the tenant association where we got 4.5% last year and about the same this year.
Our financing, which you all know, we're not REITs. That's very popular among colleagues, but we're not. Instead, we've chosen a more traditional path, seeing the bank as our collaboration partner and wanting to develop together with our banks. We have 94% in bank loans, 3% in bonds, and 3% in corporate certificates. The difference between bonds and corporate certificates is that corporate certificates are shorter than a year, and bonds are thus longer than a year. So we're very happy with this picture, which means that if we increase, for example, our wind power is financed via bonds because it's heavy to finance in the bank due to collateral and so on. And we have our corporate certificates, a bit like a building credit, one could say. But we're very satisfied with how we're structured with our financing. And then we came to interest rates, which is very exciting. It goes up and down, back and forth all the time, and especially in this environment. Lars Åke mentioned that a few months ago, everyone thought the Riksbank would raise rates, and now everyone thinks they'll lower them. And when we made the budget half a year ago, we absolutely thought they'd lower. So it's hard to predict. But we have, I must say, in a very skillful way, as Lena said, managed to lock in our credits very correctly. So we've locked in 72% now at the turn of the year of our loans with fixed rates, and 28% have floating rates. So 28% of our credit portfolio follows down if the Riksbank lowers the rate. And we've seen since the turn of the year that we've gone from 2.54% average rate to 2.50%, and I think almost no one beats us on that. So we're very satisfied with the average rate we've managed.
I've also been asked here recently, how will interest rates go forward? Well, who knows that. But we felt that there's no given situation currently. When we took these hedges, it felt like it was a unique opportunity. But we know that chance will come again, so I dare not speculate on the future. But I believe the Riksbank will lower rates not just twice but three times this year because unemployment is starting to hit society hard, and I think they'll take the impact of that eventually. So floating now, but one should be prepared—if rates drop to maybe 2%, strike. So it's hard. Our equity ratio is 45%, our loan-to-value is 46%. So we feel ready to do a bit of everything we say. We invest in new production. We can do property transactions. We bought the largest property we've ever bought just a month ago. And we can also sell and repurchase shares, which we've also done, so we can be a bit flexible, so we feel we have a very strong financial side to lean on. And just when I talk about repurchases, there's a bit of an opportunity now. We see our share price since 2013 has largely been above our net asset value the whole way, and now it's below net asset value. Of course, we should take the chance to buy some shares, distribute the overvalue to you sitting here, so that we sit here and soon are above that net asset value curve again, and then we're happy. So we will continue with that. We've, as said, repurchased 5 million here at the turn of the year, but as you might have read in our report, we've repurchased another 5 million in the first quarter. And there's nothing that—if the share price takes off, but as long as there's a discount, there's nothing to hesitate about.
Besides repurchasing our shares, we invest, and we invested last year 2.1 billion in construction, which includes both new production and improving our properties, for example, when new tenants come or energy efficiency programs and so on. But talking about our new production, we moved into a total of 354 apartments last year, which is a bit less than usual. But still, I think we're quite unique on the production market in Sweden, that we still work so much with new production and so on. We completed our fourth project in Uppsala. Uppsala is part of the Stockholm region, so all our four properties are in Rosendal, which is a very popular new residential area in Uppsala. It was moved into a bit in '23, but the 185 apartments will be fully completed last year. We moved into Kallebäck. It's a very nice area. If you haven't been there, you should absolutely go and see. It's block five in Kallebäck with 182 apartments that we're moving into. It's very popular with many applicants. But when we talk about applicants, we had a record for Nacka Grace in Stockholm. It was completely incredible for the apartments we had—the 169 apartments in Nacka Grace—there were nearly 40,000 applicants for these 169 apartments. So it was a lottery if you got in. It was fantastic demand, and there you see if you build a nice product in a sought-after popular location, even if there are high rents, as there naturally are in new production, there's fantastic demand. It's just about building in the right place and right product, and we continue to do that. We've started building 577 apartments, three new projects this year. We started 400 apartments in Nårstad Berg, a stone's throw from Södermalm, right by the commuter station. A fantastic project that will be the last project to densify Årstad Berg. Right by Marievik. We're fully underway with our urban development project in Elta, where we're trying to relocate an old center that's phased out, one could say, and create new spaces, and for example, a new culture house is needed. We're building that here, and we're also building 50 new apartments here. And this is so that eventually we can demolish the center and also build residences there, so you have a new modern center outdoors that's more popular today. We've started building Over Bergsgatan in Möndal, 119 apartments right by Skandik in Möndal center. So here we have three projects, and this is the first project we've started.
When we look at our results, we had a 10% increase in management result the previous year. We have a management result of 1 billion 150 million kronor, so it's working very well. Our leasing team does a fantastic job; it's always fully leased when it's move-in ready, and management trims and works with the properties in an excellent way. And production produces such fine properties that they can be leased out and are popular. We had a value on our properties of 66 billion at the previous turn of the year, so we're growing slowly but surely. I thought I'd tell you a bit about ongoing and upcoming projects too, as it's always in demand. I talked about our urban development project in Elta, and here we have a picture showing what we're working on. We see block one, block six, and block two. They are the ones currently relevant as I talk about here. We have 1,000 apartments left here to produce, so it's a large area to densify. So it feels very fun to work on such large projects because then you can have more production starts when you feel there's a gap in production, you can run such a project. So it's a very good equalizer for our own capacity. And here we have Elta block one. A nice block that we started building in 2024, and the tenants moved in there now, and it's fully leased, naturally. Here we have the next block, block six, which we hope to start during the current year. In Larsboda—it's fun to say Larsboda because the chairman is named Larsåke—in Larsboda, we have Ädelövet in Stockholm, located beautifully right by Dreviken. On the other side, we see Stora Sjöalv where we also, in the first quarter, launched that we've bought a large land area and will develop there in Kallebäck. We continue to produce. Here it will be block one eventually, and we've started building now in the first quarter, and block six we're finishing as best we can. Block six is very special because it's the square building. You see this corner here at the bottom of the picture. It becomes like the square in Kallebäck, and then it will be a majestic property in yellow brick that rises up there in a fantastic, fantastic way. It will be very fun to see when it's done. Here we see block one as it will look when it's done. We also have on Stensturegatan—Stenstures kröningar, as we've called it—where we've rebuilt the first property facing Skandinavium. Now we've started on the second property, which will be rebuilt similarly. Here we will create 39 new apartments also in such a central environment. We'll take the third house eventually. Here on Södermalm, the heart of Södermalm, we will also production start hopefully here. It's hard to say if it will be precisely this year or next year, but we have a land assignment here that's now planned and so on. So it will be a very nice project to build right in the middle of Södermalm. We have much to look forward to for the rest of the year, I must say. We have a fantastic organization and fantastic employees who every day make a difference for us. And I want to thank the board for great engagement in the company, and I want to thank you shareholders for continued confidence as shareholders in Wallenstam. We don't just build houses; we build long-term value. Thank you so much for listening. [Applause]
