Operator

Good morning, everyone, and welcome to this presentation of Castellum's Q1 report. There will be a Q&A session in the end of the webcast [Operator Instructions]. So let's start. Please go ahead, Pal.

Pal Ahlsen
President & CEO

Good morning. As you probably all know by now, we are -- the main target in Castellum is to achieve a return on equity of 10% over the business cycle. And during the autumn, we launched a new strategy, one could say, which we call Back to Basics. And one of the main principles in Back to Basics is to increase the transaction pace. And during the quarter, we conducted 2 transactions, 1 smaller in Linköping and 1 bigger with the disposal of 9 properties to AP7 with a profit of SEK 750 million. Another principle in Back to Basics is to be very prudent with the capital that the shareholders have given us. And if we can't return it, we will -- if we can't earn it, we will return it. And during the quarter, we have repurchased almost 24 million shares.

Another principle of Back to Basics is to have a tight grip on costs. And during the autumn, we sold our co-working operation called United Spaces, we've made a reorganization and cost cuts at the headquarters. And the administrative costs, both in property management and in central administration is lower this