Swedish Property Market

Transcription

RUBRIK
A
Swedish Property Market
– Focus on Eight Cities
TH E ME: PR OP E RTY HOLDING S OF I NDUST RI AL CO M PANI E S
SP RI NG 2 0 1 4
RUBRIK
B
Welcome to
Swedish Property Market!
Swedish Property Market is targeted at those of you who are active in the
property sector, and who have business considerations as your primary
driving force. The report provides an instantaneous picture of the Swedish property market in a broad sense. Here, you will find facts on rental
levels, yields, assessed values, etc., not only in major urban areas, but
also for Sweden’s principal regional markets. It is probably the broadest
compilation that is openly presented. However, what is probably more
important is that we have chosen to link our factual descriptions to trends
and opportunities, and to present the principal players in each specific
market. In this way, we aim to contribute to the generation of new forms
of business.
By virtue of our membership in NAI Global, the world’s most extensive
network of property consultants, and also our widespread office network
in Sweden, with a presence in 17 regions, we have unique knowledge of
and a broad network in, the property market. We are now placing this at
your disposal.
ContentPage
News and trends
2
NAI Svefa Property Index
3
Macroeconomics4
Property holdings of
industrial companies
6
Stockholm12
Göteborg14
Malmö16
Uppsala18
Linköping20
Helsingborg22
Jönköping24
Umeå26
About Swedish
Property Market
28
About NAI Svefa
29
About NAI Svefa Analys
30
Contact us
31
Mikael Lundström
Group CEO NAI Svefa
This brochure, including texts, illustrations, images and other material is protected under the
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Publisher: Svefa Holding AB
Legally responsible publisher:
Mikael Lundström
Graphic design: Soformia AB
Cover photo: ABB
Printing: Sib-Tryck Holding AB
Translation: The Bugli Company AB
Focus on eight cities
Theme: Property holdings of industrial companies
A warm welcome to the spring edition of Swedish Property Market – Focus on Eight Cities. As growth is accelerating
and the Swedish general election approaches, will we see continued investment in the residential segment and public
properties in 2014? We provide our view on the market, current trends, challenges and opportunities for players in
the property market. The report contains analyses and market data from eight sub-markets in Sweden, our own NAI
Svefa Property Index and a common theme featured throughout the report. In this issue, we have decided to take
a closer look at the property holdings of large industrial companies. We analyse their property portfolios and offer
guidance on business opportunities given that property is one of these companies’ principal assets. Many industrial
companies are faced with the choice of owning or renting, and in many cases there are several attractive opportunities
for developing the properties once the machines have become obsolete.
Despite a slowdown in the economy and low growth, the Swedish
property market has largely remained resilient and properties are
continuing to attract capital. In the long term, properties in general
and residential properties in particular have also proven to be a
stable and sound investment. A comparison between the annual
average total yield in various property segments according to IPD/
Swedish Property Index and the trend on the Stockholm Stock
Exchange over the past ten years lends support to investments in
properties, particularly in residential properties, from an overall risk
and return perspective.
The range of transactions of this type that have set the tone, involving public-utility housing companies and municipalities, will probably decline since we are now in an election year. With improved
opportunities for a favourable return on alternative investment types,
risk appetites will increase with a greater interest in investments
in offices, retail, warehouses/logistics and projects. This suggests
broader demand in the Swedish property market in 2014, while the
players managing pension assets that are focused on residential
properties and public properties will likely become less dominant.
Significant investment interest in recent years has been directed
to property owners with core operations that do not involve properties, with public properties in particular being highly attractive
investments. Long-term leases are usually signed in conjunction
with sales and, with the public sector as the tenant; the investor purchases a stable and guaranteed cash flow. It will not be a
long step until the market is expanded and the properties of large
industrial companies again become the focus of market interest.
What are the drivers behind a sale and what are the advantages of
owning or leasing one’s own premises? The theme of this edition
describes the property holdings of large industrial companies and
the driving forces behind ABB’s changes in property holdings, that
influenced several of these large industrial companies. The theme
also reoccurs throughout the report with interesting opportunities
in the local markets.
The NAI Svefa Property Index has been devised to provide players
in the Swedish property market with an indicator offering a basis
for comparing the various sub-markets. Since the first survey was
conducted in 2009, Stockholm has been ranked in first place every
year and there is a large gap between Stockholm and the other
sub-markets. In the spring survey, Stockholm achieved a score of
91, compared with Göteborg which came second with a score of
63 and Uppsala third with 61. Jönköping continues to report very
strong performance and retained its fourth place, a ranking that
is higher than significantly larger sub-markets such as Linköping
and Malmö. Linköping and Västerås were the highest climbers,
each advancing two places, while Malmö and Växjö fell two places.
Accordingly, Sweden’s third urban area, Malmö is only ranked ninth
in the NAI Svefa Property Index.
We hope that you enjoy this report, and that it will inspire new and
exciting business opportunities!
Åsa Henninge
Head of Analysis
NEWS AND TRENDS
2
News and trends
MORE PROPERTY COMPANIES ON THE STOCK MARKET
The caution of banks is a probable reason for property companies’
increased interest in the stock exchange. Several property companies need to secure capital to increase their scope for action and to
enable expansion or to replace existing bank financing. The stock
exchange, combined with an IPO, is an attractive option. A stock
exchange listing has several other advantages, the most obvious
being that it is easier for existing owners to exit or increase ownership
diversity as opposed to through direct sales. Compared with the
construction and property companies listed on the stock exchange
in the 1980s, today’s listed property companies can be said to be
narrower and slightly more “sexy” with many opportunities for stable
yield and growth in value. The timing is opportune with a recession
and a high level of expectation reflected in the industrial companies’
share prices; a climate in which property companies with their underlying secure and stable cash flows appear very attractive.
CHALLENGES LIE IN BUILDING TO REMOVE THE
HOUSING SHORTAGE
According to the Swedish National Board of Housing, Building and
Planning (SNBHBP), the number of municipalities reporting shortages of housing is increasing and a full 80% of Swedish municipalities say that they have a lack of rental units. The price trend in
the private housing market has been strong in several sub-markets
since the latter half of the 1990s and, in several cases, there are
essentially no vacancies in the residential rental market in growth
areas. Demand for predominantly residential buildings is high in the
Swedish property market in general and in growth areas in particular, the value trend is positive and the average total yield over the
past ten years is 9.8% per year according to IPD. The economic
driving forces for acquiring land and producing new homes are
linked to the expected value in a completed state and, with a strong
housing market and demand that is outstripping supply, the conditions should be in place today for increased residential construction
in many municipalities.
So why is more housing not being built? In the increasingly heated
debate on the lack of housing, municipalities seem to lay the
blame on the central government and vice versa, while building
proprietors blame all of the rules that cause delays, complicate the
process and make it more expensive. Criticism from the SNBHBP
is based on the utility-value system, and it claims that this rent-setting system is leading to socioeconomic welfare losses due to
lower new construction than would have been the case without
the price-regulating mechanisms. The government is looking for
the key to success in every possible way, and it will be exciting to
see whether fiscal stimuli will be proposed to make the production
of new residential rental units more attractive and, if so, how this
will be implemented.
VERY ATTRACTIVE MARKET FOR HOMES FOR THE ELDERLY
Democratic trends clearly speak in favour of public properties in
residential care and homes for the elderly. The age structure of the
Swedish population has changed radically in the past 100 years.
The longer average life expectation and changes in age structure
will lead to a sharp increase in elderly care needs in future years.
Over the next 20 years, Statistics Sweden’s population forecast
suggests that the number of people aged 65 and above will
increase by 620,000 and the number of those over the age of 80
will rise by 350,000. The sale of public properties is a market that
has grown from 0 to 100 in 20 years. From initially having been
a closed market, public properties have now become attractive
investments and companies have been formed that focus on longterm ownership and management of public properties, such as
those that manage institutional capital for the Swedish National
Pension Funds. A clear advantage is that public properties are usually encompassed by long leases. When a sale is agreed, a lease
is signed with the user, thus providing stable and, with a county
council or municipality as a tenant, relatively secure cash flows. As
a result of long leases with payment-assured tenants, the lease/
vacancy risk is small and the investment is less dependent on the
economy and location. At the same time, increased demand is met
with a greater desire among municipalities to sell. According to a
survey carried out by Dagens Samhälle, four of ten municipalities
would consider selling part of their property portfolio.
HOT HOUSING MARKET ADDS NEW MOMENTUM
TO CO-OPERATIVE APARTMENT CONVERSIONS
In 2013, conversions of rental apartments into cooperative apartments were noted in sub-markets that have not previously had
a tradition of conversions. The population trend in the past ten
years has been positive in 149 of Sweden’s 249 municipalities.
Annual population growth in about 40 municipalities exceeds 1%.
For those municipalities that for some reason are not included in
the “hot” list for major investments in residential properties, there
is much to suggest that a conversion and sale to a tenant-owner
association could be a successful alternative. A growing population together with a small injection of new residential properties
is generating strong underlying demand, a shortage of housing
and considerable price increases in the private housing market.
Accordingly, the conditions for generating profit from a conversion
to cooperative apartments are in place in several sub-markets.
INVESTMENT NEEDS AND MAINTENANCE DEBT PROVIDING
CONDITIONS FOR PRIVATE INFRASTRUCTURE INVESTMENTS
Something that is starting to be talked about in the public sector
is the possibility of private investments in infrastructure. The maintenance debt is gigantic and several Swedish municipalities are
also facing an investment boom and greatly need to expand their
public services. In Sweden, public properties, or social infrastructure, became a hot investment segment in the 2000s, while almost
100% of investments in transport infrastructure continue to be made
using government funds. With the national system currently in place,
whereby local and regional infrastructure investments are definitely
not among the priorities, infrastructure investments are limited by the
national budget. If the public sector wants to work together with the
private sector, there is no shortage of investors that have communicated a willingness to invest in Swedish infrastructure.
NAI
NAISVEFA
SVEFAFASTIGHETSINDEX
PROPERTY INDEX
3
N A I S V E FA P R O P E RT Y I N D E X
Spring Autumn SpringAutumn SpringAutumn
Municipality201420132013 201220122011
1 Stockholml91 91 9291 8989
2 Göteborgl 63 61 6464 6463
3 Uppsalal61 59 6160 5758
4 Jönköping
l54 55 5251 4849
5 Lundl53 53 5858 5760
6 Helsingborg l51 50 5450 5150
7 Halmstad
s l48 47 4845 4543
7 Linköping
s l48 45 5047 4851
9 Malmö
t l47 48 5555 5556
9 Umeå
l47 45 5050 4750
11 Luleå
l45 44 4442 4037
12 Örebro
l43 43 4948 4342
13 Västerås
s l40 37 5046 4747
14 Karlstad
t l 39 40 4539 4341
15 Borås
s l36 34 3633 3436
16 Växjö
t l35 38 4541 3841
16 Norrköping
l35 34 3532 3230
18 Östersund
s l 34 32 3535 3232
19 Kalmar
t l31 33 3731 3534
19 Sundsvall
s l31 30 3737 3333
21 Gävle
l28 29 3431 2931
21 Falun
s l 28 27 3531 2832
23 Eskilstuna
l25 25 2523 1920
24 Trollhättan l 20 16 1415 1420
s t T
he direction of the arrows shows the change
in ranking from the previous edition of Swedish
Property Market – Focus on Eight Cities, No.
2 2013. A change can be seen in the spring
survey of the NAI Svefa Property Index with 18
of 24 sub-markets now showing an unchanged
or higher index compared with the autumn
survey. This indicates that growth is slowly
picking up, and with it also the underlying
demand in the Swedish property market.
l l l The colour of the dots shows the city’s perfor-
mance in relation to the average. A green dot
indicates a better performance than average,
a yellow dot a performance in line with average
and a red dot a performance worse than
average.
MACRO ECONOMICS
4
The Swedish economy and
development in the property market
Following more than a year of weak growth, the future outlook of the Swedish economy is brighter. Despite a slowdown
in the economy and low growth, or perhaps due to the recession, the Swedish property market has essentially remained
resistant and properties are continuing to attract capital. The strongest performance has been in urban areas, and in the
residential properties and public properties segments. Meanwhile, low growth is fuelling reluctance to invest in production
capacity, which is impacting demand and thus exacerbating the risks in the industrial segment.
Growth in the Swedish economy was weak in 2013, but future
indicators have become stronger. The labour market situation has
improved and confidence among Swedish households and companies has risen. Combined with the slightly brighter outlook for the
global economy and gradually higher global demand, conditions
are being created for growth to accelerate this year.
The improvement is clearest in the US, but it is also apparent that
the Eurozone has passed the deepest point of the recession and is
now gradually recovering. GDP is growing again, although recovery
is slow and major challenges remain. Several countries continue
to suffer in the wake of the financial and debt crisis, while national
debt, weak banks and underlying structural problems must also
still be addressed to improve competitiveness. This means that
domestic demand will remain weak in many Eurozone countries
and it will be a long time before the zone has normalised.
Rising growth in the external economic environment is contributing to
a gradual increase in demand for Swedish export goods, which is in
turn leading to industrial recovery. With rising demand, both in the
external environment and domestic markets, and an increased use
of resources, investments in the business sector will also eventually
start to accelerate. The weak investment climate is thus expected
to bottom out and start picking up again. However, capacity utilisation in the manufacturing industry is expected to remain low, which
is why a recovery is expected to take some time. This suggests that
we can expect a significantly slower recovery compared with the
upswing in 2004 – 2007 following the burst of the IT bubble.
The current upturn is largely being driven by private consumption.
The already favourable conditions for households have further
improved with the unexpectedly strong employment trend. Income
for Swedish households is continuing to trend well, while both the
stock market and housing prices have risen in the past year, which
means that household wealth is rising. An increase in household
consumption is essential for growth. Households have a high level
of savings that they are expected to reduce as their confidence in
the future builds. Combined with rising employment, lower taxes
and low interest rates, this contributes to the healthy conditions for
consumption increase and, accordingly, there are strong indications
that private consumption will continue to hold the baton regarding
growth in future years. The Riksbank believes that monetary policies
must remain expansive to support the economy and encourage
inflation to rise. The repo rate is expected to remain at its currently
low level throughout 2014. It is expected to be hiked gradually once
inflation has accelerated and recovery is on firmer ground.
In its eagerness to show voters that it is taking responsibility and
protecting national finances, several analysts believe that the
government, with its cautious fiscal policy, is missing the chance
to improve conditions for growth. Fiscal stimulus packages are
needed to boost recovery and further strengthen conditions on
the labour market. It is desirable from both a growth and property-market standpoint to have fiscal stimulus packages to make the
production of new residential rental units more attractive, which
would promote growth and strengthen the performance of the
property market. In this new economic geography, jobs move to
where people want to live, which is why the shortage of housing is
a fundamental challenge to competitiveness and growth.
SWEDEN’S DEVELOPMENT – 8 YEARS
%
%
12
10
8
6
4
2
0
-2
-4
-6
-8
12
10
8
6
4
2
0
-2
-4
-6
-8
2006
2007
2008
2009
2010
2011
2012
2013
2014
The Swedish Public Employment Service’s most recent interview
survey of more than 11,000 workplaces showed that employers
had positive expectations in a one-year scenario. They expect
demand for goods and services to gradually strengthen and
recruitment plans are positive. According to the Public Employment
Service’s forecasts, employment figures are set to rise by 61,000
and 55,000 in 2014 and 2015, respectively. Despite the creation of
many new jobs in 2013, unemployment increased marginally from
8.0% in 2012 to 8.1% in 2013 in the 16 – 64 age category, with
MACRO EKONOMICS
5
unemployed non-students accounting for 5.5 percentage points.
Unemployment is expected to fall to 7.8% and 7.4% in 2014 and
2015, respectively. The number of those out of work is expected
to decline from 400,000 in 2013 to 375,000 in 2015. The considerable growth in the labour force is offsetting any clear decline in
unemployment.
The private services sector remains the employment engine and
employment figures are rising in many of these industries. Higher
private consumption benefits such sectors as retail, hotels and
restaurants and personal services. Although industry is the sector
that has been hit hardest by the weaker global economy, optimism
about the future rose markedly in the autumn and the decline in
employment slowed.
In 2014, a stronger employment trend is expected in the urban
counties than in other parts of the country. These counties are
expected to represent about 75% of the increase in employment
in 2014, corresponding to more than 45,000 jobs. As in the past,
the trend is strongest in Stockholm County, but many new jobs
are arising in Västra Götaland and Skåne. Skåne is also benefiting
from the strengthening of the Danish economy. It is interesting that
employment is expected to rise in all counties.
Despite a slowdown in the economy and low growth, the Swedish
property market has largely remained resilient and properties are
continuing to attract capital. In the long term, properties in general
and residential properties in particular have also proven to be a
stable and relatively sound investments. From an overall risk and
return perspective, a comparison between the annual average
yield and the value trend in various property segments according
to IPD/Swedish Property Index, and the trend on the Stockholm
Stock Exchange, measured as the share price trend and dividends
according to Six Return Index over the past ten years, lends support
to investments in properties, particularly in residential properties.
The annual average shows that an investment in a rental residential
apartment building has generated a yield of 9.3% over the past ten
years, compared with the Stockholm Stock Exchange’s average of
15.6%. What speaks in favour of properties, particularly housing
investments, is that the total yield has largely been positive for the
entire period and, in fact, ever since the crisis in the 1990s, with the
exception of the slight downturn in 2008. This can be compared
with the stock market, which has experienced a significantly more
volatile return, fluctuating from +70% to – 40%.
Since we are now approaching a general election, the range of
transactions of the type that have hithertoset the tone, involving
public-utility housing companies and municipalities, will probably
decline. With improved opportunities for returns from alternative
investment types, risk appetites will increase with interest in residential properties to decline in favour of investments in offices,
retail, warehouse/logistic properties and projects. The players
managing pension assets and that focus on residential properties
will thus probably not be as dominant in the market. This suggests
broader demand in the Swedish property market in 2014.
For the rental market for commercial premises, NAI Svefa believes
that there will be strong demand for modern office premises in several sub-markets and, with the right design in the form of efficient
and compact offices, conditions are in place for realising new-build
projects in several of Sweden’s regional cities. Today, an investment
in new builds in several sub-markets can be more attractive than
acquiring from the existing portfolio. With a higher influx of modern,
efficient premises, the downside risks in the existing portfolio will
increase, particularly in the segment of buildings from the 1980s
and 1990s with relatively higher prices per square meter and often
inefficient premises.
Increasingly positive signals are also emerging from the rental
market for commercial premises. Nevertheless, the most probable
scenario is that we will see a continued dampened performance
in 2014 which will affect demand in the Swedish property market.
NAI Svefa’s opinion is that in 2014 we will mainly see unchanged
rental levels, with lower risks of vacancies in line with the increase
in recovery of the Swedish economy.
TOTAL YIELD
%
%
60
60
40
40
20
20
0
0
-20
-20
-40
-40
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Retail
Offices
Industrial
Residential
Other
SIXRX
PROPERTY HOLDINGS OF INDUSTRIAL COMPANIES
6
Property holdings
of industrial companies
The strategies of industrial companies regarding the properties in which they conduct operations differ. Some
companies choose to sell all of their property portfolios, such as Ericsson. Others opt to include the property operation
in their own business, as is the case for Volvo. A third alternative is to own certain properties in which the companies
have operations, as ABB did when it first sold its entire property portfolio and later bought back parts of it. Of the ten
largest property owners in terms of total taxed industrial area, six are commercial companies.
The largest of the industrial companies in terms of total tax assessed
area and tax assessment value is AB Volvo. The company owns
properties with a tax assessed area of about 2,000,000 square
metres, of which industrial premises account for about 80% and
offices for the remainder. The properties have a tax assessment value
of about SEK 6.85 billion. The properties are primarily situated in the
Municipality of Göteborg, with a tax assessed area totalling approximately 1,050,000 square metres. The reason why most of the
properties are situated in Göteborg is that a large amount of Volvo’s
production and head office and associated functions is located in
the municipality. AB Volvo has no directly owned properties, instead
they are owned exclusively by subsidiaries. The company also has
a separate business area, Volvo Group Real Estate, which manages
and administers the Volvo Group’s properties. The company also
leases premises to external players, such as Volvo Cars.
In general, the properties owned by the large industrial companies, in terms of tax assessed area, are not concentrated to any
single municipality but are spread throughout most of Sweden. For
instance, Lantmännen owns properties in 124 municipalities, while
Volvo Cars owns properties in six municipalities.
Owning properties in so many locations naturally involves many difficulties. In many cases, the companies have attempted to address
these challenges in the same way as Volvo and ABB by incorporat-
ing properties as a business area, support function or subsidiary.
For example, Lantmännen, which is an economic association, has
its own property company with about 20 employees, tasked with
administering property management, sales and development.
Despite these attempts to centralise control of a diverse property
portfolio, it is difficult to efficiently manage properties in a large
number of provincial locations. Accordingly, there is reason to
continuously evaluate property holdings and the value inherent in
owning property, compared with the capital used in the core operations, particularly in attractive property markets. In these markets,
property owners and tenants are less dependent on each other
since there are alternatives for both parties. The party best suited to
owning the property should be the party that can optimise the yield
and provide the production resources represented by the premises
at the lowest cost and risk.
The greatest opportunities are found in properties with a low degree
of specialised adaptation, for example, offices or warehouses in
a functioning and attractive market. For properties with a higher
degree of specialisation, it is more difficult to find alternative uses
and it can also be difficult to find property owners who are willing
to invest large sums in adapting the premises in line with the way
the operations develop and change.
PERCENTA GE OF COMMER CIAL P R EMISES
IKEA l
Lantmännen l
AB Volvo l
SSAB l
ILLIQUID M A RKET S
BillerudKorsnäs l
Sandvik l
SCA l
Stora Enso l
Södra Skogsägarna l
LIQUID MAR K ETS
Scania l
Volvo Cars l
7
MUNICIPALITY WITH
TOTAL TAX ASSESSMENT
HOLDINGS INCL. HIGHEST SHARE OF TAX
VALUE SUBSIDIARIES,
COMPANY*
SUBSIDIARIES
MUNICIPALITIES**
ASSESSMENT VALUE, SEK ’000
SEK ’000
AB Volvo
Vehicle manufacturing
53 properties with a tax assessed area
of 2,009,525 sq. m., divided between
1,611,151 sq. m. industrial (80.2%) and
397,242 sq. m. premises (19.8%)
23 municipalities
Göteborg
4,346,190
6,846,769
Volvo Cars
Car manufacturing
18 properties with a tax assessed area 1,314,955 sq. m., divided between 1,289,908 sq. m. industrial (98.1%)
and 25,047 sq. m. premises (1.9%)
6 municipalities Göteborg
3,642,162
4,549,853
Stora Enso
Pulp and paper industry
Forest industry
85 properties with a tax assessed area of 1,242,390 sq. m., divided between
1,195,999 sq. m. industrial (96.3%) and
42,551 sq. m. premises (3.4%)
24 municipalities
Hammarö
1,182,663 4,569,391
SSAB
Steel industry 36 properties with a tax assessed area of 1,165,591 sq. m., divided between 1,109,762 sq. m. industrial (95.2%) and
53,916 sq. m. premises (4.6%)
12 municipalities Luleå
1,403,878 3,153,339
Lantmännen Grain, foodstuffs 230 properties with a tax assessed area 124 municipalities of 965,984 sq. m., divided between
930,161 sq. m. industrial (96.3%) and
34,116 sq. m. premises (3.5%)
Norrköping
906,460 2,835,174
Södra Forest industry Skogsägarna
68 properties with a tax assessed area of 804,885 sq. m., divided between
18,665 sq. m. premises (2.3%)
127 municipalities
Varberg
1,019,106 2,898,236
Billerud
Pulp and paper Korsnäs
industry
Forestry
47,627 sq. m. premises (5,8%)
8 municipalities
Gävle
1,332,705 3,653,147
Sandvik
Technical industriy
53,707 sq. m. premises (6.9%)
9 municipalities
Sandviken
1,370,680 1,721,028
Scania
Vehicle manufacturing 28 properties with a tax assessed area of 628,072 sq. m., divided between
67,410 sq. m. premises (10.7%)
13 municipalities
Södertälje
2,604,494 3,163,101
SCA Graphic Pulp and paper industry
11,534 sq. m. premises (2.0%)
10 municipalities
Sollefteå
1,945,051 5,890,364
IKEA
Furniture industry
38 properties with a tax assessed area of 1,060,761 sq. m., divided between
527,417 sq. m. premises (50.7%)
14 municipalities
Jönköping
973,119 6,753,668
INDUSTRY
* Vattenfall is excluded, despite the company’s size, since the property holdings primarily comprise special-purpose properties.
** Only municipalities where properties with a tax assessed area are located.
Source: Datscha / Real property register
8
From real estate
to production resource
Industrial and commercially operating companies in Sweden have built up significant property portfolios as a natural
production resource over many years. The view of these properties has changed in recent decades and several
industrial and commercially operating companies have sold large parts of their property holdings. What is the driving
force behind these sales and what structures have been utilised? Have capital requirements promoted these sales or
is it the result of a belief in efficiency enhancement and that the capital locked in the properties can generate a higher
yield elsewhere in the operation? For ABB, one of the largest industrial companies in the world, the answer could be
said to be a combination of the two.
Discussions took place within ABB at an early stage suggesting
that its properties were an unexploited asset and the first major
property deal in Sweden took place in the 1980s based on a sale
and leaseback structure. The deal was ground-breaking at the
time and the underlying rationale was that the capital tied up in
the properties could generate a better yield if it was invested in the
operations. At the time, Financial Services was a key part of ABB
and some of the money obtained from the property deal was also
invested in the financial market. Nordisk Renting (NR), then part of
the bank Nordea, was chosen as the buyer, and was considered
to be a reliable and long-term player. The structure worked well,
with property-related issues remaining local and NR willing to make
further investments in the Swedish properties.
In autumn 2000, ABB made use of a repurchase clause in the
structure with NR, but the properties were again put on the market.
These sales were then part of a financial strategy aimed at reducing net debt and strengthening the balance sheet. The property
portfolio comprised offices and industrial and warehouse premises
totalling 1.1 million square metres in 35 different municipalities, with
a large number situated in Västerås (475,000 square metres) and
Ludvika (190,000 square metres).
The deal was completed in 2002 and, this time, the buyer was
London and Regional Properties (LRP). As part of the sale, ABB
signed different leases with LRP ranging from between 1.5 and
25 years. ABB invested much time and energy in ensuring that
the leases were correctly structured. Mannheimer Swartling was
involved in this work and strengthened the leases, whereby ABB
retained right of access to most of the premises. The need to have
right of access simultaneously had a negative impact on the market’s willingness to pay, and the sale coincided with a major setback
in the market in the wake of the September 11 attacks. LRP later
sold the property portfolio, mainly to Kungsleden in autumn 2007,
and probably made a healthy profit in a market that had recovered
and with a tenant that by that time had become financially much
stronger. The most recent transactions in the ABB portfolio took
place in 2010 and 2011 when ABB bought back properties in
Ludvika and Karlskrona. These properties contain manufacturing of
high-voltage products and cables and comprise modern, high-tech
industrial facilities, unlike any other in the world.
How then were the property-related issues discussed at ABB during
this period? What lessons were learnt? The experiences gained
from selling these properties were generally positive. Divesting the
properties gave ABB the vital capital contribution needed at the
time of the sale. With hindsight, the current Head of ABB’s property
department, Lars Åkerstedt, says that certain properties perhaps
should not have been sold and that the repurchases of the most
strategic properties, such as in Ludvika, were proof of this. But not
selling was never an option; it was the right thing to do at the time.
The repurchases in 2010-2011 also resulted from major investment
requirements in highly specialised properties situated in locations
where property investors were not necessarily queuing to invest
billions. Selling a property when the current lessee is the only
potential tenant, as was the case for ABB in Ludvika, results in the
property owner and tenant becoming dependent on each other to
a greater extent.
In such a situation, it was better to buy back these specific properties. Today, ABB would probably opt for leasing to cover its
premises requirements in a “functioning market” – where there are
alternative tenants – while it would choose to own the properties
itself if the market were small and the properties highly specialised.
Another important lesson for a successful sale is to ensure the
right formulation of the leases that constitute the central framework characterising the relationship between the property owner
and tenant. ABB attached great importance to the structure of the
leases to retain its right of access to the premises, yet with the aim
of creating flexible use and permitting it to vacate areas if needs
changed. However, what is regulated in the leases needs to be
carefully considered and strike a balance between maximising the
tenant’s interests and the market’s possibility of pricing the leases.
Otherwise, there is the risk of “winning the battle but losing the
war.”
9
What conclusions can we draw from the sale of ABB’s property
portfolio? In a property with a low degree of specialisation, such
as an office, in a functioning liquid market, property owners and
tenants are less dependent on each other since there are alternative solutions for both parties. The property owner can find
new tenants, while the tenant can find new premises. It is difficult
however to find alternative tenants for a highly specialised property
that is also located in a less liquid market, which means that the
tenant and landlord will be “in each other’s laps” and the relationship between the two will become very important as both have very
limited options.
Based on this rationale, a consensus on such issues as management and investment becomes more important and any lack of
consensus could lead to a time-consuming negative processes.
What was previously an internal decision-making process has now
become an external negotiation requiring resources. As a result, an
industrial company considering divesting its properties needs to
find an operational property owner that can develop alongside it in
times of change, should the company intend to sell properties in a
non-functioning market.
However, there is every reason for industrial and commercial
companies to review their property holdings in locations that are
attractive, particularly where alternative tenants can take over the
premises if the operations change. The condition here is that the
company believes that the capital received from a sale of the properties will generate a higher yield if invested in the core operations.
To take a position in such an ownership/lease issue, it is important
to evaluate a company’s own view of risks, obligations and opportunities associated with properties. The argument of “focusing on
core operations” becomes something of a cliché if these issues
are not analysed. The manner in which production premises are to
be acquired should be a matter of weighing specific advantages
against the disadvantages offered by the various options.
The player best suited to owning a property is the one whose decisions lead to the optimal use of resources. The long-term owner
should, in theory, value the property higher than other players
and assess risks, obligations and opportunities associated with
the property differently. The matter is complex and both external
and internal factors come into play. There are no clear solutions
or simple answers. Instead a decision should be backed up by an
analysis that centres on the company’s own right of access and
flexibility requirements and on some of the key issues involved in
property ownership.
– How are we to manage and assess the various risks – technical
risks, lease and vacancy risks, market risks and financial risks –
associated with ownership of a property?
– How successful will we be at managing the properties compared
with a player that has property management as its core operations?
Are there any differences in operating and maintenance expenses?
Are there any differences in the ability to maximise income? Are
there any differences in how we manage the vacancies that arise?
– What does the capital tied up in the properties cost us? Are there
any differences in capital expenses?
COMPARISON BETWEEN THREE ALTERNATIVE METHODS OF “ACQUIRING” PRODUCTION PREMISES
OW NING
L E AS E – R E NT I NG Strategic control of the property
Full control
Long-term control via purchase option
L E ASE – NOR MAL L E AS E
Limited control, partly
dependent on length of lease
Management
Full responsibility
Often full responsibility
Limited responsibility, check list
Exposure to change in value of property
Full exposure to both upside and downside
No downside, but most of upside via purchase option (often at a fixed price)
No risk or opportunity for
downside or upside
Freed up capital
The LTV ratio on the property 100% of the value of the property, depends on the bank’s position but risk of classification as a
(normally 50 – 60%) and the
financial lease
company’s industry, etc.
100% of the value of the property
Interest-rate exposure related to the property
Full, but dependent on type of loan, etc.
No interest-rate risk
Full, but option of locking interest rate into the lease
10
After the machines
have been turned off
There is a high willingness to invest in property-development projects in Swedish cities and growth areas and work is being
conducted in creating new development rights for residential properties and a “mixed-use city” in several locations. There are
also many opportunities in several towns and cities to convert former industrial land into more qualitative purposes. Industrial
and port areas, often situated in what are considered to be attractive, central locations close to public transport stations and
water in their respective sub-markets, are being converted into residential properties and businesses. Redesigning the city is
a slow process involving many stakeholders. It is naturally important for meeting the demands of a growing population and is
a factor for success in the continued development and attractiveness of the city. The Industrilandskapet (Industrial landscape)
area in Norrköping is one of Sweden’s most successful examples of converting industrial areas into a modern mixed-use city.
A clear trend in the entire industrialised world, including Sweden,
is that the service sector is growing increasingly strong. According
to the trade association Almega, the percentage of employees in
the service sector has increased over a 20-year period from 37% in
1993 to 46% in 2012. Most of this increase can be attributed to the
growth of knowledge-intensive sectors. The percentage of people
employed in this category over the same period rose from 14% to
23%, a trend that in all probability will continue in the future.
The transition from an industrial society into a knowledge society
has been, is and will continue to be testing for many towns and
cities in Sweden. Once the unavoidable and healthy transition to
a knowledge society has begun, it will put great pressure on the
remaining industrial companies which, faced with stiff competition
from low-cost countries, will essentially have only one choice –
enhance efficiency and save costs or disappear. Efficiency can be
enhanced in many ways, one being automatic rather than manual
production and another relocating production abroad. Whichever
method is used, it will often lead to the industrial companies’ properties being used differently within the same industry or standing
empty. The latter is what happened in Norrköping.
The industrialisation of Norrköping began as early as the 16th
century with flour mills being placed at Kvarnholmen, which later
lent its name to the Holmen mill, which was founded at the start
of the 17th century. Over the coming centuries, the Holmen mill
flourished together with the growth of the textile and paper industry.
During this time, both of these industries subsequently came to
establish themselves in the area that now makes up the Industrilandskapet area in central Norrköping. The beginning to the end
of the use of this area as a production site was in 1970 when the
textile operations were closed. These operations had been subject
to considerable pressure in the preceding decades as competition
from low cost countries intensified. The discontinuation of the textile operations was followed in 1986 by the closure of the paper
mill when Holmen decided to build a new facility in Braviken and
this marked the end of an unbroken 377-year industrial epoch in
the area.
What happens after the machines have been turned off? Although
the period following a major closure is often difficult in the shape
of high unemployment and dented self-confidence, it results in a
valuable process of renewal. The old production premises used
in several of the towns and cities where such closures had taken
place have often started to be used for different types of operations and thus have been able to rejuvenate the premises and city.
Although Holmen’s relocation to Braviken had not led to any mass
unemployment in Norrköping in that sense, it triggered such a process. However, it could be said that this process had in fact started
before then. After the Industrilandskapet area had fallen more and
more into disrepair in the 1960s and 1970s, opinions differed as to
what should be done with Industrilandskapet and no clear answer
emerged, although popular opinion during this period increasingly
agreed that the older buildings should preserved.
When the operations were closed, Holmen owned the entire factory
itself and announced a Nordic architectural competition to receive
proposals on what could be done with its now empty buildings. 47
entries were submitted and two winners were crowned. The two
winning proposals were from Kai Wartiainen and Alexis Pontvik. In
summary, Wartiainen’s proposal concerned partly demolishing and
partly preserving the buildings, while Pontvik’s proposal was largely
based on tearing down the buildings. Holmen, which by then had
relocated to Braviken, did not want to be involved in property
development and thus sold the properties to Holmenbyggarna, a
company jointly founded by Fastighets AB L E Lundberg (Lundbergs) and what was then SIAB (now NCC) in 1988 for the purpose
of developing the Holmen area. In 2005, Lundbergs became the
sole owner of the jointly owned company.
At this point, all of the relevant players wondered what could be
done with the area and tried to reach a joint agreement on what
was worth preserving and what was not. Holmenbyggarna’s opinion was that it was important for history to have a role in the area’s
future, which was part of the reason that Kai Wartiainen’s proposal
was ultimately chosen. Complications seemed inevitable since the
exterior of the buildings was, in many respects, governed by its
11
content. However, it was generally agreed that everything went
relatively smoothly, largely due to fact that the frame of the buildings
was still highly flexible with solid architecture, which meant that
extensive changes could be made in the interior.
Generally speaking, many challenges had to be faced during the
development process, including giving the area an identity. It was
not possible to restore some parts of the buildings despite the
desire to preserve most of the older structure. When buildings was
demolished in the early 1990s, there was strong criticism from
many camps that far too much had been torn down. One reason
for this is thought to be that many people found it difficult to visualise what the “finished” Industrilandskapet area would look like. A
key element in dispersing any uncertainty among those involved
and the local inhabitants was the completion of the Louis De Geer
Concert Hall, which is considered to be a gem in the area and a
milestone in its development. It helped create an identity for this
area and lead the way forward. Once the concert hall had been
opened, it was easier to visualise what the area would look like
and the further development of other buildings in the area had a
platform to work from.
Another key element in the development of the area was the
emergence of the decision to build a local campus for Linköping
University in the city. The area needed to be filled with business to
drive development forward, and it could not be empty for too long.
Accordingly, great importance was afforded to attracting business
to the area and it was highly significant that the campus was to be
situated there, not only for the area but also for the entire city.
The fact that there were no excessively detailed regulations for the
development of Industrilandskapet was considered to be another
success factor. This allowed for productive and constructive dialogue between all of the parties involved, and thus creativity was
not hampered. As a result, complex challenges could be overcome
by means of cooperation and innovative solutions.
The next step towards the development of Industrilandskapet is
considered to be the addition of housing to the area. Demand
for housing in Norrköping had not previously been deemed to
be sufficiently high to warrant any significant construction of new
residential properties. The population level also declined for a few
years in the 1990s, which was naturally not an ideal backdrop for
residential construction. However, the city is now growing, partly
due to the increase in the number of students. If the city wants to
keep these students after they have finished their education, skilled
jobs are important but attractive housing also needs to be available. An example of new residential construction is the Katscha
project opposite “Strykjärnet” in Industrilandskapet, a project featuring exclusive residential properties designed by Kai Wartiainen
together with Ingrid Reppen. Another example is the Lundbergs
project involving 400 homes in Industrilandskapet scheduled for
competition in 2020. The addition of residential properties to the
area has become the final piece of the jigsaw in the development
of Industrilandskapet. As one player put it, the area is now “vibrant
also in the evenings.”
Old meets new. That is how we can describe Industrilandskapet. All
in all, the area is a good example of how the conversion of empty
industrial buildings can create a brand new area for new purposes
based on former factory buildings. There are several successful
examples of conversions of former industrial areas, but not all have
such an attractive location as Industrilandskapet in Norrköping.
However, a common element of the journey from empty premises
to new use is that it is usually lined with pitfalls and complex challenges in both the early stages and the development phase.
Complex development projects of this type, which are often the
case when former industrial areas are converted, require cooperation
between the public and private sectors. It is important to focus on a
dialogue, to avoid detailed regulations as far as possible and to analyse market and profitability aspects at an early stage and throughout
the entire process so that the project favours a willingness to invest
and has the ability to be implemented in the market, and so that the
addition of new space meets the prevailing demand.
FOCUS STOCKHOLM
12
Stockholm
91
Jonas Åkerberg
[email protected]
The trend in the housing market is starting to accelerate in many locations throughout Stockholm. Tenant-owner
associations remain strong buyers with low yield requirements. Transaction activity was also high for commercial
properties.
RESIDENTIAL PROPERTIES
The largest owners of residential properties in Stockholm are the
public-utility housing companies, Familjebostäder, Stockholmshem
and Svenska Bostäder, and the private players Einar Mattson, SKB
and Wallenstam. The Stockholm region is experiencing significant
population growth, thus imposing demands for increased residential construction. In conjunction with the expansion of the metro
system, an agreement, based on the Stockholmsförhandlingen,
was signed for the construction of approximately 78,000 residential properties along the four new railway line extensions, of which
46,000 will be within the City of Stockholm. In Östermalm, Veidekke
is constructing 12 eight-storey buildings. The project is called Svea
Fanfar and encompasses a total of 350 exclusive apartments, with
the first stage involving 93 apartments. In December, Bulten 23,
a 3D-property of 7,800 sqm in Södermalm, was divested for an
assessed value of SEK 370 million, corresponding to about SEK
47,500/sqm. The seller was Bonnier Fastigheter and the buyer a
tenant-owner association. The yield was confirmed at about 1.8%.
COMMERCIAL RENTAL PROPERTIES
Some of the major owners of commercial properties are AMF Fastigheter, Atrium Ljungberg, Fabege and Vasakronan. Several large
transactions took place in Stockholm in the autumn. AMF acquired
the centrally located property Jericho 34 encompassing 21,500
sqm, mainly offices and shops. The purchase price was estimated
at about SEK 1.6 billion, corresponding to about SEK 74,500/sqm
and an estimated yield of slightly more than 4.5%. In September,
the US hotel chain Host Hotels & Resorts made its first purchase
in the Nordics with the acquisition of the Snäckan 1 property, more
widely known as the Sheraton building. The purchase price was
estimated at about SEK 950 million for 22,000 sqm and slightly
more than 450 rooms. In Stadshagen in western Kungsholmen,
Alecta acquired “Västerport” from CS Euroreal. The building was
completed by NCC in 2008 –2009 and is a certified GreenBuilding. The building contains 21,500 sqm of offices. The price was
estimated at SEK 800 million, corresponding to SEK 37,000/sqm.
SPECIAL-PURPOSE PROPERTIES
Major owners of special-purpose properties are Akademiska Hus,
Jernhusen and Locum. The new entrance and casualty department
at St. Göran’s Hospital will be opened at the start of 2016. The
project, which was awarded to Arcona, encompasses 5,050 sqm
of gross total area and involves an investment of about SEK 260
million for Locum. Capacity is then expected to be increased by
30,000 patients per year. Akademiska Hus is planning extensive
production of new buildings in Albano and the Royal Institute of
Technology (KTH) Campus is also being developed with several
projects; for example, detailed development plans are being prepared for 600 student apartment together with KTH.
NAI SVEFA PROPERTY INDEX
2014:1 2013:2 2013:1 2012:22012:1
Index
91 91 92 9189
Ranking 1 1 1 11
MARKET DATA, MARCH 2014
Rent
(SEK/Sq. m.) OF F I CE
Yield
%
Assessed values
(SEK/Sq. m.)
AA
3,700 – 5,200 4.25 –5.00
55,000 – 90,000
Primary
2,200 – 4,300 4.75 –5.75
40,000 – 65,000
Secondary 1,600 – 3,200 5.25 –6.75
20,000 – 40,000
Tertiary
5.50 –7.75
9,000 – 25,000
4.50 –6.25
65,000 –150,000
900 – 2,400 R E TAI L
AA
2,000 –15,000
Primary
1,500 – 8,000
5.00 –6.75
40,000 –100,000
Secondary
900 – 4,500
5.75 –7.75
25,000 – 45,000
Tertiary
700 – 2,000
6.25 –7.75
10,000 – 25,000
Primary
700 – 1,300
6.50 –8.75
5,000 – 12,000
Secondary
600 –
850
7.00 –8.75
4,500 – 8,000
Tertiary
550 –
850
7.25 –9.00
3,500 – 6,000
AA
1,350 – 2,150
1.50 –4.00
22,000 – 48,000
Primary
1,175 – 2,150
1.50 –4.00
20,000 – 40,000
Secondary 1,075 – 1,675
3.25 –5.25
13,000 – 34,000
Tertiary
4.50 –6.00
8,000 – 28,000
I NDUST R I AL
R E SI DE NT I AL
1,050 – 1,400
FOCUS STOCKHOLM
13
Location breakdown, industrial, primarily and secondary locations
INDUSTRIAL AND WAREHOUSE PROPERTIES
The largest owners in the industrial and warehouse properties
segment in Stockholm are Brostaden (Castellum), Corem, Fabege,
Klövern and Sagax. The sharp population growth is exerting
pressure on converting centrally located business and industrial
areas to residential properties. In Älvsjö, M2 Gruppen acquired
the industrial property Sjöbotten 1 of 41,000 sqm for an assessed
value of SEK 450 million. The property contains retail premises,
offices and warehouses. Klövern divested the site leasehold for
Varmvattnet 3 in Akalla for SEK 180 million after having owned it
for only 18 months. The leasehold comprises 15,000 sqm of retail
and workshop space. The buyer was I.A. Hedin Fastighet, which
also conducts operations in the property.
IN FOCUS: ERICSSON/TELEFONPLAN
Telefonplan in the urban district of Midsommarkransen in southern
Stockholm is home to a large slice of Swedish industrial history.
This is where L M Ericsson’s telephone factory opened in 1948, a
factory that in its time was considered to be one of the most hightech plants in Sweden. Residential properties were built around the
factory and the area surrounding Telefonplan was named LM City.
Ericsson no longer has a presence in the area since the company’s
last functions started to be relocated at the end of 2009. Prior to
that, it had already relocated a large amount of its operations to
Kista and the decision in 2002 to move the head office to Kista
marked Ericson’s intention to transfer the company to that part of
the city. This development followed on from Drott’s acquisition of
large parts of Ericsson’s property portfolio in 2000, which primarily
included properties in Kista but also at Telefonplan. After Ericsson
gradually left Telefonplan, other operations have moved in to the
area, and it is now home to, for example, the University College of
Arts, Crafts and Design). An extensive city-development project is
currently underway in the area, encompassing the three districts of
Telefonfabriken, Tvålflingan and Timotejen where about 2,000 new
residential properties will be built. As part of one of these projects
– The Brick – ALM Equity will convert Ericsson’s old office property
into 600 apartments for young people. Other building proprietors
at Telefonplan are HSB, JM, Lean Equity, SSM Bygg & Fastighet,
Stena Fastigheter and Vasakronan.
TRANSACTIONS
Object
Property type
Date
1
Varmvattnet 3
Retail & workshop Jan-14
180,000
2
Jericho 34
Office, retail & residential
Dec-13
3
Murmästaren 3
Office
4
Bulten 23
5
Sjöbotten 1
* Purchase price assessed by NAI Svefa
Price (SEK ’000) Area (sqm.)
Seller
Buyer
14,800
Klövern
I A Hedin Fastighet
1,600,000
21,500
Allianz
AMF Fastigheter
Dec-13
490,000
16,100
Balder
Vasakronan
Residential
Dec-13
370,000*
7,800
Bonnier Fastigheter
Brf Bulten 12
Retail, office & warehouse
Dec-13
450,000*
41,000
AB Stockholm Sjöbotten 1
M2 Gruppen
FOCUS GÖTEBORG
14
Göteborg
63
Hans Hurtig
[email protected]
There was a high pace of production of new residential properties towards late 2013. Several high-profile transactions
took place on the commercial market, such as Bäckebol HomeCenter and Platzer’s acquisition in connection with its
stock exchange listing in November.
The municipal property management company, Förvaltnings AB
Framtiden, with its subsidiaries, owns the dominant part of residential properties in Gothenburg. Stena Fastigheter, Stiftelsen
Göteborgs Studentbostäder, Wallenstam and Willhem hold the bulk
of the remaining stock. About 1,000 new residential properties were
completed in Gothenburg in the second half of 2013, mainly in
Lundby. According to the overall plan, about 1,600 new apartments
are to be built around the new transport hub in Gamlestaden.
Another housing development area in Göteborg is south of Askim,
where the first turf will be cut for the new urban district in Hovås. A
total of 1,200 residential properties will be built close to Brottkärrsmotet. According to the City of Göteborg’s Production Plan for
2014–2016, planning work for about 4,800 residential properties
will begin during this period. The proposed detailed development
plans will mainly create residential properties in Backa, Lundby,
Majorna and Krokslätt. 160 centrally located residential properties
are planned at Heden.
The largest owners in the segment are Eklandia (Castellum), the
Municipality, Platzer, Vasakronan, Volvo and Wallenstam. Transaction activity in the second half of 2013 increased from a weak
year-earlier period. Platzer was active in a couple of large acquisitions prior to its listing in November last year. Centrumhuset, the
Tingstadsvassen 3:8 property, at Backaplan was acquired from
AxFast in the same month. The building comprises 4,800 sqm of
shops and the underlying property value is assessed at about SEK
166 million. The company also acquired the newly developed office
property Tennet, Gullbergsvass 5:26, close to the central station,
from Skanska. The building has a floor area of about 16,700 sqm.
The purchase price was SEK 630 million. One of the transactions
that attracted most attention was KF Fastigheter’s sale of seven
retail centres throughout Sweden to Starwood Capital Group. The
portfolio includes Bäckebol HomeCenter with its 42,500 sqm in
northern Hisingen.
In addition to the Municipality, Akademiska Hus, Chalmersfastigheter, Vasakronan and Västfastigheter are major owners of
special-purpose properties in Göteborg. In December 2013,
Hemsö acquired the healthcare facility Brämaregården 80:1 in
Kvillebäcken. The seller was Tornstaden and the purchase price
SEK 90 million, or some 27,000 SEK/sqm. The newly built property
includes a health centre, national dental service and a chemist. The
Bergsjön health centre will be extended in 2014. A building permit
with 3D-property formation has been granted for 1,500 sqm above
the existing multi-storey car park.
2014:1 2013:2 2013:1 2012:22012:1
Index
63 61 64 6464
Rating 2 2 2 22
Rent
(SEK/Sq. m.) Yield
%
Assessed values
(SEK/Sq. m.)
AA
1,700 – 2,600
5.00 –6.25
18,000 – 40,000
Primary
1,400 – 2,200
5.50 –6.50
11,000 – 35,000
Secondary 1,000 – 2,200
6.25 – 7.25
6,000 – 20,000
Tertiary
650 – 1,600
6.75 – 8.50
4,000 – 13,000
AA
4,000 – 9,000
4.75 – 5.75
30,000 – 95,000
Primary
1,500 – 7,500
5.00 – 6.25
20,000 – 75,000
Secondary 1,000 – 4,000 5.00 – 6.75
10,000 – 27,500
Tertiary
6.25 – 8.00
2,500 – 12,500
OF F I CE
R E TAI L
700 – 1,500
I NDUST R I AL
Primary
500 –
950
7.00 – 8.25
5,000 – 11,000
Secondary
450 –
700
7.75 – 8.75
4,000 – 8,000
Tertiary
350 –
550
8.25 – 9.25
3,000 – 5,000
AA
1,125 – 1,725
2.75 – 3.75
22,000 – 40,000
Primary
1,075 – 1,675
3.00 – 4.25
16,000 – 35,000
Secondary 1,025 – 1,625
3.50 – 5.25
11,000 – 28,000
Tertiary
4.75 – 7.00
6,500 – 16,000
R E SI DE NT I AL
975 – 1,425
FOCUS GÖTEBORG
15
Eklandia (Castellum), the Municipality of Göteborg and Volvo are the
largest owners of industrial and warehouse properties in Göteborg.
The number of transactions declined slightly in 2013 compared
with the preceding year. In October, Kungsleden acquired two
warehouse and retail properties in Högsbo for a price of SEK 56
million, corresponding to about SEK 8,400/sqm. The seller was
Wallexia Fastigheter and the largest tenants are Möblera Huset and
Elgross´n. Following Kungsleden’s acquisition of a portfolio from GE
Capital Real Estate, the company also took over a large stock of
industrial properties in Göteborg, primarily situated in the Högsbo
industrial area. The total rentable area of these properties in Göteborg is about 47,000 sqm.
IN FOCUS: AB VOLVO
AB Volvo has a significant presence in Göteborg with its various
operations. In total, the company owns properties with a total area
for tax purposes of about 1,030,000 sqm, making Volvo the second
largest property owner in the Municipality in terms of total area for
tax purposes. In addition to the properties utilised by the Parent
Company and its subsidiaries, a number of premises are leased to
companies such as Volvo Cars, the third largest property owner in
the Municipality. AB Volvo has grouped its property portfolio in the
subsidiary Volvo Group Real Estate, which accounts for property
maintenance, development and workplace service. In 2007, the
subsidiary changed its name from Danafjord and its assignment
was expanded by the Parent Company to include managing and
assuming responsibility for all properties in the Group. The Group
is focusing on its core operations, as visible from the sale of operations including Volvo Aero and Volvo Rents. It was announced at
AB Volvo’s Capital Market Day in December 2013 that the company
was considering divesting its holdings of non-strategic properties.
TRANSACTIONS
Object
Property type
Date
Price (SEK ’000)
Area (sqm.)
1 Nordstaden 33:3 (Hasselbladshuset)
Office
Dec-13
600,000*
2 Gullbergsvass 5:26 (Tennet)
Office
Dec-13
3 Bäckebol HomeCenter (part of portfolio) Retail
4 Arendal 764:718 (Arkenhuset)
5 Tingstadsvassen 3:8 (Centrumhuset)
Seller
Buyer
14,700
Credit Suisse
Alecta
630,000
16,700
Skanska
Platzer
Nov-13
3,900,000
205,000
KF Fastigheter
Starwood Capital Group
Hotel
Nov-13
150,000*
12,500
Higab
Port of Gothenburg
Retail
Nov-13
166,000
4,754
AxFast
Platzer
FOCUS MALMÖ
16
Malmö
47
Per Wieslander
[email protected]
There is a major focus on investments to develop Malmö into an events city. However, the World Village of Women
Sports initiative has been discontinued. In the housing market, interest from tenant-owner associations has risen
again.
The public-utility company, MKB Fastighets AB, is the largest
holder of rental residential apartment buildings in Malmö. Akelius,
Heimstaden, HSB, Stena Fastigheter and Willhem are other major
players in the market. Residential rents in the municipal company
MKB will be raised by 1.4% from 1 April. The rent increase is a
result of a negotiated agreement with the Swedish Union of Tenants, region southern Skåne. The agreement is valid for two years
and entails a 1.6% increase in rents from January 2015. The low
rate of inflation and low interest-rate forecasts mean that rent
increases can be kept at a lower level than in recent years and,
despite this, can reflect expected changes in the utility value. Following a period of low activity by tenant-owner associations, the
market has now turned around and the number of conversions has
increased slightly in Malmö. Conversions into cooperative apartments primarily took place in the areas around Möllevången, Gamla
Staden and in Slottsstaden. Private players are continuing to show
considerable interest in smaller units.
and businesses in the same environment and for it to become an
international centre focusing on women’s sport and health. However,
the project has stalled and will now be discontinued.
2014:1 2013:2 2013:1 2012:22012:1
Index
47 48 55 5555
Rating 9 7 5 55
Rent
Yield
%
Assessed values
(SEK/Sq. m.)
AA
2,100 – 2,450
5.25 – 6.00
27,000 – 40,000
Primary
1,750 – 2,300
5.75 – 6.50
16,000 – 25,000
Secondary 1,200 – 1,800
6.25 – 7.25
8,000 – 17,000
Major owners of Malmö properties mainly comprising commercial
premises are Briggen (Castellum), Stena Fastigheter, Vasakronan
and Wihlborgs. Visitor and tourism-based revenue in Malmö has
increased by more than 50% over the past ten years. A key reason
for this is the extensive investments made in infrastructure, which
have improved accessibility, both to Malmö and within the city itself.
Another reason is the wider choice of new, attractive premises for
meetings, congresses and trade fairs. Malmö is developing into a
major events city. The aim is to pursue this further and attract a
greater number of large-scale conferences. Several projects are
under way to this end, such as the construction of a new concert
and congress hall and, in particular, more hotels. In addition to the
hotel in Malmö Live, there are two hotel projects in Hyllie, Skanska’s project on Universitetsholmen and the conversion of Skånska
Dagbladet’s premises to a hotel.
Tertiary
7.50 – 8.50
5,000 – 7,000
5.25 – 5.75
40,000 – 60,000
R E SI DE NT I AL
Folksam, Hemsö, Kungsleden, the County Council and the City of
Malmö are major owners of special-purpose properties in Malmö. The
multi-billion investment in World Village of Women Sports (WVWS)
was discontinued when Malmö University instead decided to move
into Kockum’s former vehicle repair shop in Västra Hamnen. One of
the underlying ideas of WVWS was to combine sports, education
800 – 1,300
R E TAI L
AA
3,500 – 5,500
Primary
3,000 – 4,500
5.50 – 6.25
30,000 – 40,000
Secondary 1,200 – 2,500
6.25 – 7.00
10,000 – 20,000
Tertiary
700 – 1,300
7.25 – 8.50
5,000 – 12,000
Primary
650 – 1,000
7.25 – 8.00
4,000 – 8,500
Secondary
500 –
800
7.75 – 8.75
3,500 – 6,000
Tertiary
400 –
700
8.50 – 9.50
2,750 – 4,000
AA
1,375 – 1,675
3.00 – 3.75
22,000 – 30,000
Primary
1,375 – 1,675
3.25 – 4.50
17,000 – 25,000
Secondary 1,150 – 1,525
4.00 – 5.50
15,000 – 20,000
Tertiary
5.25 – 6.25
9,000 – 13,000
I NDUST R I AL
1,150 – 1,525
FOCUS MALMÖ
17
Briggen (Castellum), Klövern and Wihlborgs are the major owners
of industrial and warehouse properties in Malmö. Early in the year,
Wihlborgs acquired the property Sunnanå 12:27 in the Municipality
of Burlöv just outside Malmö based on a company transaction.
The seller was AxFast. The logistics property has a site area of
about 53,000 sqm, with a rentable area of about 14,500 sqm. The
property contains three buildings – an office block, a terminal and
a warehouse. The net purchase price was reportedly SEK 181
million. The buildings were constructed in 2008 and TransFargo is
the sole tenant. The Sunnanå area is situated adjacent to the outer
ring road and Highway 11, which means that it is considered to be
a natural part of the Malmö property market.
IN FOCUS: VARVSSTADEN
During the 1870s, Kockums Mekaniska Verkstad started to manufacture vessels in the area that is now known as Varvsstaden
(“shipyard city”). At its peak, the company had 6,000 employees and
was Malmö’s largest employer for a long time. Due to the profitability
problems that the Swedish shipyard industry had suffered from in
the 1970s and 1980s, the government decided in 1986 to close
down the operations. In 2005, Peab acquired the Kockums area
and began planning the conversion of the area into 2,000 residential
properties and 5,000 new workplaces. Commercial operations can
already be found here in the form of companies in the Media Evolution City owned by Wihlborgs and in the form of SVT South, which
has been located in the area since 2010. The new production area
encompasses a total of about 300,000 sqm and the conversion will
take place over the next 20 – 30 years with the vision of the area being
completed by 2030. The aim of the transformation of Varvsstaden is
for it to be a compact and attractive city district that contributes to the
Västra Hamnen area remaining at the forefront of city development.
TRANSACTIONS
Object
Property type
Date
Price (SEK ’000)
Area (sqm.)
Seller
Buyer
1 Sunnanå 12:27
Industrial & logistics Jan-14
181,000
14,500
AxFast
Wilhborgs
2 Värdshuset 3 (+ property in Märsta)
Office
Dec-13
417,000
11,300
Annehem
SPP Fastigheter
3 Rosenborg 1 & 2
Residential
Nov-13
105,000
5,165
Private individual
Brf Rosenborg
4 Jägersro Center (part of portfolio)
Retail
Nov-13
3,900,000
205,000
KF Fastigheter
Starwood Capital Group
5 Drivan 5 Residential
Nov-13
18,250
886
Heimstaden Brf Drivan
FOCUS UPPSALA
18
Uppsala
61
Petter Sandberg
[email protected]
The Municipality has an aggressive target for residential construction. The chances of meeting this target are
favourable following the acquisition of the land area in Ulleråker. The office market is also bustling with activity in the
form of rentals, acquisitions and projects.
The city’s public-utility housing companies, Uppsalahem and Rikshem, are the largest owners of residential properties. Other leading
players in Uppsala are the private property owners Heimstaden,
HSB and Stena Fastigheter. In recent years, Uppsala has grown
by about 3,000 – 4,000 inhabitants per year, an increase that the
Municipality expects to continue in the future. The Municipality’s
updated target is to build 3,000 apartments per year. Several
city-development projects have been initiated to meet this demand.
The Municipality signed an agreement to acquire a 774,000 sqm
land site in Ulleråker from Uppsala County Council in 2014. The
transactions amounts to just over SEK 1.8 billion and will enable
construction of about 6,000 – 8,000 apartments, of which 30% will
be rental units and the remainder cooperative apartments. The
money that the County Council will receive from the sale will, in
turn, be used to part-finance the remodelling and new build of the
university hospital.
The largest owners of commercial rental property in Uppsala are
Aspholmen (Castellum), Atrium Ljungberg, Klövern, Storebrand,
Uppsala Akademiförvaltning and Vasakronan. A slight increase
in rental levels has been noted for offices in recent years due
to weak rises in demand, particularly for modern and centrally
located properties. Klövern continued to consolidate its position
in Uppsala through both rentals and acquisitions. In November, it
was announced that the company was to acquire two centrally
located office and retail properties from Aspholmen. The total
rentable area is about 10,700 sqm, with the Willys supermarket
as the largest tenant. The Municipality of Uppsala announced that
Skanska Sweden together with Utopia Arkitekter had won the competition for land allocation for the Resenären office project and the
immediately surrounding area in Uppsala transport hub. The aim
is to create both the most sustainable office building in the Nordic
countries and a new profile building.
Akademiska Hus, the Municipality, the County Council and Vasakronan are the largest owners in the special-purpose properties
segment. The expansion of the university has meant that its administration is spread over several locations in the city. Accordingly,
the university intends, together with Akademiska Hus, to construct
a new administration building in the Plantskolan district, with
Uppsala Castle and the botanic gardens as its closest neighbours.
The building will primarily be used for office and administration
purposes, but will also house teaching and service premises. The
detailed development plan has not yet gained legal force.
2014:1 2013:2 2013:1 2012:22012:1
Index
61 59 61 6057
Rating 3 3 3 33
Rent
Primary
Yield
%
Assessed values
(SEK/Sq. m.)
1,100 – 2,500
5.25 – 6.75
10,500 – 23,000
Secondary
900 – 1,600
6.00 – 7.50
7,000 – 14,000
Tertiary
700 – 1,100
6.25 – 7.75
5,000 – 9,000
2,200 – 4 500
4.75 – 6.00
15,000 – 41,000
Secondary
800 – 3,600
5.25 – 7.00
7,000 – 17,000
Tertiary
700 – 1,200
6.50 – 7.50
5,000 – 10,000
Primary
550 – 1,000
6.00 – 7.50
4,000 – 8,000
Secondary
450 –
750
6.50 – 8.00
3,500 – 5,500
Tertiary
350 –
550
7.00 – 8.25
1,500 – 4,000
1,025 – 1,625
3.25 – 4.50
12,000 – 23,500
Secondary 1,025 – 1,425
3.25 – 5.50
10,000 – 16,500
Tertiary
5.25 – 6.75
7,000 – 11,000
R E TAI L
Primary
I NDUST R I AL
R E SI DE NT I AL
Primary
1,025 – 1,425
FOCUS UPPSALA
19
Major owners in the segment are Aspholmen (Castellum), Fresenius,
Klövern and the Municipality of Uppsala. The overall plan allows for
the city to become more concentrated with the central industrial
areas converted to housing areas and industry being relocated to
the outskirts of the city. Transaction activity remains low. Most sales
have involved smaller units in established industrial areas. RSSA
Fastigheter acquired an industrial property in Librobäck for just over
SEK 12 million in October. The demand for modern warehouse and
logistics premises is high. In December, Klövern signed a seven-year
lease with Ica Fastigheter for the construction of a 2,700 sqm transhipment terminal in Fyrislund. The rental value is SEK 39 million.
IN FOCUS: PHARMACIA/UPPSALA BUSINESS PA RK
Pharmacia was a large Swedish pharmaceutical company that in its
heyday was one of the largest employers in Uppsala. The company
was founded in 1911 in Stockholm, but moved to Uppsala in 1951
to expand and be closer to the university. Pharmacia, which was
listed through its Parent Company Fortia in 1969, had its head
office, research and production in Uppsala for many years However,
this all changed when state-owned Procordia bought the company
and merged it with an industry colleague, and the head office was
relocated to Stockholm. The operations in Uppsala started to be
divested following another merger, this time with Upjohn. Instead,
the head office now moved to London and two years later to New
York. In 2002, the pharmaceutical giant Pfizer bought Pharmacia
for USD 60 billion and the final parts of the operations were sold. In
2006, Pfizer sold the remaining about 55,000 sqm property, which
at the time had an occupancy rate of nearly 50%, for SEK 225
million to Klövern and Pfizer was also asked to vacate its premises
no later than 2009. In spite of its problems, Klövern succeeded in
finding tenants for large parts of the premises. A number of tenants
are pharmaceutical companies started by Pharmacia employees or
spun off from Pharmacia.
TRANSACTIONS
Object
Property type
Date
1 Kronåsen 3:1
Undeveloped land*
Mar-14
1,835,000
774,000
2 Kvarngärdet 56:9
Undeveloped land* Nov-13
31,000
3 Svartbäcken 19:1
Retail, warehouse & sport Oct-13
4 Fyrislund 6:2
Retail
5 Dragarbrunn 6:2
Retail & residential
* Residential properties
Seller
Buyer
Uppsala County Council
Uppsala Municipality
1,530
NCC
Brf Klaviaturen
30,790
2,970
Svartbäcken 19:1 KB
Tunabackar Utveckling
Oct-13
206,000
22,000
Sep-13
15,000
1,260
Fyrislund-Fastigheten KB Fastighetsaktiebolaget Hermius 14
Private individual
Kvalitetsbostäder Uppsala
FOCUS LINKÖPING
20
Linköping
48
Elenore Pellams
[email protected]
Transaction activity in Linköping has generally been low recently. However, Rikshem made its first purchase in the city,
a healthcare and elderly care facility. Corallen is planning on developing retail facilities in Djurgården.
Major owners of residential properties in Linköping are the municipal-owned Stångåstaden with a holding of about 320 properties
and a residential area slightly exceeding 1,120,000 sqm. Other
large owners are Botrygg, HSB, Hyresbostäder i Sverige, Mannersons Fastighets AB, Riksbyggen and Willhem. Transaction
volumes have been low since mid-year 2013, with only a few sales
of residential properties. The buyers and sellers have mainly been
private individuals and the properties were mainly smaller units with
a rentable area of less than 400 sqm. A package of four properties
in Möjetorp in the southern parts of the area was sold in August last
year. The transaction took place between two private individuals for
a purchase price of SEK 15.7 million, corresponding to about SEK
7,200/sqm. In 2013, nearly 600 residential properties were added
to Linköping, of which about 70% were rental units; a year-on-year
increase of about 35%.
The major players in the commercial rental market in Linköping
are Corallen (Castellum), Garnisonsfastigheter, Henry Ståhl, Ikano,
Klövern, the Municipality, Lilium, Lundbergs and Sankt Kors. In
October 2013, Corallen purchased the Jägmästaren 1 property in
Djurgården, which contains a development right for retail and parking premises. In total, Corallen intends to build about 12,000 sqm
of retail premises and some 400 parking spaces. Citygross has
already been confirmed as a tenant for 7,000 sqm. The property is
to be certified Miljöbyggnad and occupancy is scheduled for spring
2015. Land conditions in the area require additional foundation
work. The purchase price was about SEK 17.8 million, about SEK
400/sqm. In November 2013, Klövern sold the Epåletten 14 property along Nygatan in what is deemed to be a primary location for
offices. The largest tenant is the Östergötland County Council. The
purchase price was some SEK 27 million, corresponding to about
SEK 16,900/sqm. The yield is estimated at about 5.7%.
The largest owner of special-purpose properties in Linköping is
the Municipality of Linköping via the subsidiary Lejonfastigheter.
Akademiska Hus, Botrygg, Hemsö and the County Council are also
major owners of special-purpose properties. Rikshem acquired
Idrottsplatsen 1 in September 2013, which was the company’s
first acquisition in Linköping. The seller was HSB Östergötland.
The property comprises just over 2,400 sqm of healthcare and
elderly care facilities with 44 apartments, and is fully leased to the
Municipality of Linköping. A new activity park for young people will
be built in Södra Ekkällan in 2014.
2014:1 2013:2 2013:1 2012:22012:1
Index
48 45 50 4748
Rating
7 9 8107
Rent
Primary
Yield
%
Assessed values
(SEK/Sq. m.)
1,200 – 1,700
6.00 – 7.00
8,000 – 17,000
Secondary
900 – 1,550
6.75 – 7.75
5,000 – 9,000
Tertiary
600 –
900
7.75 – 9.00
3,000 – 5,500
2,000 – 5,000
5.50 – 6.75
15,000 – 40,000
Secondary 1,000 – 5,000
6.50 – 8.25
6,000 – 15,000
Tertiary
600 – 1,100
8.25 – 10.00
3,000 – 8,000
Primary
400 –
700
7.50 – 9.25
3,000 – 7,500
Secondary
350 –
550
8.25 – 10.00
2,500 – 4,500
Tertiary
300 –
450
9.50 – 11.00
1,800 – 3,500
1,100 – 1,450
4.00 – 5.25
10,000 – 21,000
Secondary 1,100 – 1,350
4.50 – 5.75
7,000 – 16,000
Tertiary
5.75 – 6.75
5 500 – 10,000
R E TAI L
Primary
I NDUST R I AL
R E SI DE NT I AL
Primary
1,050 – 1,325
FOCUS LINKÖPING
21
In Linköping, Saab is a major owner of industrial property holding
about 220,000 sqm. Cloetta, Klövern, the Municipality of Linköping
and Scan are also key property owners. Transaction volumes for
industrial properties are usually low, as was the case again in 2013.
Prices vary between SEK 1,500 and 6,700/sqm. One of the larger
properties sold since mid-year 2013 is Grynnan 10 in Tornby, a small
industrial property encompassing about 2,600 sqm. The property
was sold for SEK 14.1 million, about SEK 5,400/sqm. The seller was
a private individual and the buyer Hammer Property. The telecom
company Ericsson is investing in the construction of two data centres
for research and development, one of which will be in Mjärdevi.
IN FOCUS: SAAB AEROSPACE
The defence group Saab is the second largest property owner
in Linköping after the Municipality in terms of total area for tax
purposes, and is the largest in terms of tax assessed industrial
area with about 289,000 and 220,000 sqm, respectively, in the
Tannefors 1:107 property. The property is situated in Tannefors and
forms a large area. The site area is about 3,200,000 sqm and,
apart from Saab’s operations, it also houses Linköping City Airport.
The airport is owned by Saab but the Municipality is responsible
for the commercial operations according to an agreement from
2011. In December 2013, Municipality of Linköping took a further
step in taking over the operations of the airport when the municipal
company Sankt Kors acquired the terminal building and a land
area for car parks from Saab. A new 11,000 sqm office building for
about 750 employees is now being built for Saab on the property.
Occupancy is scheduled for summer 2014. Further expansion for
Saab in the future is possible if Brazil’s purchase of new fighter
aircraft goes ahead. This could lead to increased production and
more employees for Saab.
TRANSACTIONS
Object
Property type
Date
Price (SEK ’000)
Area (sqm.)
1 Epåletten 14
Office
2 Grynnan 10
Nov-13
27,000
16,000
Industrial & office
Oct-13
14,100
2,623
3 Jägmästaren 1
Development right*
Oct-13
17,800
44,400
4 Idrottsplatsen 1
Care
Sep-13
Unknown
2,400
HSB Östergötland
Rikshem
Aug-13
15,700
2,000
Private individual
Private individual
5 Portfolio of 4 residential properties Residential
* Commercial
Seller
Buyer
Klövern
Unknown
Private individual
Hammer Property
Municipality of Linköping Corallen
FOCUS HELSINGBORG
22
Helsingborg
51
Charlotte Pettersson
[email protected]
Several key housing trends are noticeable in Helsingborg. In the office market, new production is taking place in Berga
and an extension of Knutpunkten is planned, two welcome additions of modern premises to the Helsingborg market.
Major players in the housing market are municipal-owned Helsingborgshem, Akelius, Rikshem and Wallenstam. Wallenstam has
several residential property projects in progress. The company has
been allocated land of about 14,300 sqm in gross total area at
Maria Station and one of the company’s major projects was initiated at Ringstorpshöjden in October. The project will result in 200
apartments and is scheduled for completion in late 2015. Riksbyggen recently completed a cooperative apartment project in the
same area. However, the sale of the final remaining apartments is
progressing slowly. The consequence of a high number of ongoing
residential projects in the city is that several building proprietors
have chosen to reduce project volumes in future residential property projects, or to postpone them or even completely abandon
their development plans. In Ringstorp, JM has decided to postpone
a rental unit project, while HSB has pulled out of a project that was
to result in almost 200 cooperative apartments. Peab has chosen
to halve the project volume of its residential-property project on
Filbornavägen.
Briggen (Castellum), Diligentia, Ikea Fastigheter, Norrporten and
Wihlborgs are the main players in the commercial properties segment. Wihlborgs will begin the enlargement project at the Knutpunkten station building in the spring. This project will add about
10,000 sqm of office space to the Helsingborg market and the
first round of occupancy is planned for the end of 2015. Wihlborgs
has also commenced construction of Berga Tower, an eight-storey
office building in the Berga business area. The building will contain
about 4,800 sqm of rentable area and the first four storeys have
already been leased. These projects are welcome additions to the
Helsingborg office market since the need for modern office premises is great, particularly in central locations. The consequences of
growing online shopping and the expansion of Väla out-of-town
shopping centre can start to be seen in the shops in the city centre,
where the Söder urban district, in particular, has suffered from lower
sales and increased vacancies.
Major owners of public properties are the City of Helsingborg, the
County Council, Vita Falken and Wihlborgs. Municipal company
Kärnfastigheter began the extension of the Fullriggaren care facility
at Råån in southern Helsingborg in 2013 A new building of 36 care
apartments will be built together with the existing care facility. Occupancy is scheduled for the summer. Region Skåne has applied for
a change in the detailed development plan regarding the hospital
area. The change involves a development right for a new building
comprising 35,000 – 40,000 sqm of care facilities and offices.
2014:1 2013:2 2013:1 2012:22012:1
Index
51 50 54 5051
Rating 6 6 6 76
Rent
Primary
Yield
%
Assessed values
(SEK/Sq. m.)
1,400 – 2,000
6.50 – 7.00
12,000 – 17,000
Secondary
900 – 1,500
7.00 – 8.25
7,000 – 10,000
Tertiary
800 – 1,100
8.00 – 9.00
4,500 – 7,000
2,750 – 4,000
6.00 – 7.00
28,000 – 37,000
Secondary 1,200 – 2,000
7.00 – 8.00
9,000 – 14,000
Tertiary
R E TAI L
Primary
600 –
900
7.50 – 9.00
4,000 – 8,000
Primary
500 –
800
7.50 – 8.50
3,500 – 7,500
Secondary
400 –
600
7.75 – 9.25
2,500 – 4,500
Tertiary
350 –
550
8.75 – 10.00
1,500 – 3,000
1,150 – 1,525
3.50 – 4.50
16,000 – 25,000
Secondary 1,150 – 1,525
3.75 – 4.75
8,000 – 15,000
Tertiary
5.25 – 7.25
5,000 – 9,000
I NDUST R I AL
R E SI DE NT I AL
Primary
1,000 – 1,525
FOCUS HELSINGBORG
23
Major players in the warehouse and industrial property segment are
Briggen (Castellum), Kemira Kemi and Wihlborgs. The warehouse
and logistics segment is continuing to expand in the Helsingborg
property market. Logistic Contractor has been commissioned by
Ica Fastigheter to construct an extension encompassing 44,000
sqm of high bay warehouse adjacent to its existing central warehouse. The total area of the plan will be 100,000 sqm once it
is completed. In September, JE Group sold an office and office
property at Berga for the equivalent of SEK 8,800/sqm. Instead, JE
Group intends to invest in the new property-construction project at
Väla Södra where there are plans to build 9,000 sqm of office and
warehouse premises over the next few years.
IN FOCUS: IKEA
Ikea, which was founded in Älmhult in Småland, has two large
offices in Sweden. The largest office is situated in Älmhult, but the
Swedish head office is in Helsingborg. The Helsingborg office is
located in a property called Sockerbruket in the central parts of the
city. The property, which is designated Castor and Pollux 1, has
an area for tax purposes of about 8,700 sqm and was acquired
from the Municipality in 2003 for SEK 15 million when the company
relocated its office from Helsingør in Denmark. IKEA also owns a
store at Väla in Helsingborg comprising about 38,000 sqm. The
company’s IT department is also located in the city, but in premises
leased by Alecta. The IT department will move into Sockerbruket
when the head office relocates to Svågertorp in Malmö in 2015.
Some 400 will be affected when the company moves its global
support functions to a new building next to the Ikea store. Two
of the reasons for the move away from Helsingborg is that the
company wants a larger recruitment base and wants to be close to
Copenhagen’s Kastrup Airport.
TRANSACTIONS
Object
Property type
Date
Price (SEK ’000)
Area (sqm.)
Seller
Buyer
Wihlborgs
Elite Hotell
Skåne County Council
Lönnbacken
1 Terminalen 2 site (leasehold) Hotel
Jan-14
318,000
13,213
2 Sippan 33
Care
Dec-13
8,000
732
3 Skrinnaren 2
Residential
Nov-13
19,800
1,597
Private individuals
Skrinnaren
4 Ridskolan 3
Residential
Oct-13
110,000
8,765
Hyreshem Helsingborg
Stenbocken
5 Skäran 1
Development right*
Oct-13
16,800
14,300
Municipality of Helsingborg
Wallenstam
* Residential properties
FOCUS JÖNKÖPING
24
Jönköping
54
Per Skrealid
[email protected]
VätterHem is an active building proprietor in locations such as Strandängen, which is a key development area.
Development of the commercial premises at Atollen is continuing. Property developers are showing considerable
interest in the conversion area of Södra Munksjön.
Municipal-owned Vätterhem is the largest player in the Jönköping
housing market. Other large owners include Brandtornet, CA
Fastigheter, Din Bostad (Balder), Ekblads, HSB, Jönköpings
Bygginvest, Lundbergs, Lustgården, the M2 Group and Wilhelm.
Jönköping has had a housing shortage for many years. Skanska,
working on assignment from VätterHem, has commenced work on
the first stage of 4-8-storey buildings containing 80 apartments in
the new residential area Strandängen on Lake Vättern. The contract
is worth about SEK 145 million. Skanska has the option of additional stages in the area, with a total of nine apartment buildings
with about 100 apartments and 15 town houses. The area will
comprise a total of 700 apartments. At the start of the year, NCC
began work on an eight-storey building containing 32 rental units
with a view over Lake Vättern, also on contract from VätterHem.
The order value is about SEK 39 million. At Norra Munksjön, where
Jönköping Castle once stood, VätterHem is constructing a six-storey tower block and 34 rental units. In connection with this project,
Riksbyggen is building 28 cooperative apartments.
The local market is dominated by such players as Alecta, Corallen
(Castellum), Ekblads, Lundbergs, Norrporten and Tosito. HSB Göta
purchased Vinkelhaken 6 from Epab. The property is situated in
Österängen, has 10,000 sqm of rentable area and is essentially fully
leased to about ten tenants. The property is near the E4 motorway
and will potentially be HSB Göta’s future head office. The two first
stages of Atollen are being completed. The 110 cooperative apartments and rental units have essentially all been sold or leased. The
commercial premises, comprising about 3,000 sqm of office and
13,000 sqm of retail space with some 30 stores, are in the process
of being leased. In March, Skandia will move its regional office to
Atollen. Other tenants include Wetterhälsan’s new healthcare facility,
the first Best of Brands store outside Stockholm, Team Sportia and
the Kronan chemist. Building proprietors are Corallen, Ekblads, HSB
Göta and the Municipality of Jönköping. The entire project will be
completed in 2015.
Jönköping University properties, the County Council, Månsarps
Förvaltning and Norrporten are major owners of special-purpose
properties. In September 2013, Rikshem purchased the Lärlingen
9 property from HSB Gambrinus, a 4,200 sqm property comprising
healthcare and elderly care premises constructed in 1991. This is
Rikshem’s first acquisition in Jönköping. Jönköping Energi has
commissioned Peab to construct a new office building and measurement station adjacent to the combined heating power plant at
Torsvik. The contract is valued at SEK 101 million and encompasses
7,300 sqm. The building is scheduled for completion in November.
2014:1 2013:2 2013:1 2012:22012:1
Index
54 55 52 5148
Rating 4 4 7 67
Rent
Primary
Yield
%
Assessed values
(SEK/Sq. m.)
1,300 – 2,000
6.00 – 7.00
12,000 – 18,000
Secondary
700 – 1,500
6.75 – 8.50
6,000 – 13,000
Tertiary
800 – 1,200
7.50 – 9.00
4,000 – 8,000
5.50 – 7.00
15,000 – 40,000
R E TAI L
Primary
1,500 – 4,500
Secondary
800 – 1,800
6.25 – 8.00
7,000 – 15,000
Tertiary
500 – 1,100
7.00 – 9.00
3,000 – 9,000
Primary
400 –
750
6.75 – 8.50
3,000 – 8,000
Secondary
350 –
600
8.00 – 10.00
2,500 – 6,000
Tertiary
300 –
550
8.25 – 10.00
1,750 – 4,500
Primary
925 – 1,375
3.50 – 4.50
12,000 – 24,000
Secondary
875 – 1,325
4.00 – 5.00
10,000 – 19,000
Tertiary
800 – 1,225
4.50 – 6.00
7,000 – 12,000
I NDUST R I AL
R E SI DE NT I AL
FOCUS JÖNKÖPING
25
Corallen (Castellum), Husqvarna and Ikea are the major owners of
industrial and warehouse properties in Jönköping. Jönköping has
one of the better logistics locations in Sweden. The market has
been stable for many years but there are now some vacant areas.
The Torsvik logistics area has been supplemented with Stigamo in
the south, with access to the E4 motorway. In Jönköping, several
transactions took place in the conversion area of Södra Munksjön.
The city’s property developers have shown widespread interest in
the area and several property owners have made sales and are
instead developing their operations to other industrial areas, such
as Torsvik and Österängen. Most acquisitions took place via company purchases at prices of SEK 7,000-13,000/sqm and yields of
less than 7%.
IN FOCUS: HUSQVARNA
Much of the listed engineering group Husqvarna Group’s product
development and production is located in Huskvarna. The company
is the largest private employer in the Municipality with about 1,590
employees at year-end 2012. It is also one of the largest property
owners in the Municipality of Jönköping in terms of area for tax
purposes, owning about 160,000 sqm. Like many other industrial
companies, Husqvarna has faced a shift from a production to a
services society in the West and cost pressure from other parts
of the world. This trend has also had an immense impact on the
property portfolio since production efficiency continuously needs to
be enhanced to meet the external competition. An example of this
is when Husqvarna announced at the end of 2012 that it was to cut
personnel in Huskvarna by 300 due to the market situation, which
followed relocation of parts of production in Huskvarna to Poland.
In conjunction with the move to Poland, parts of the operations that
were previously situated in Tandsbyn were relocated to Huskvarna.
However, the opposite trend is now emerging with insourcing
operations in parts of the West, meaning when a company starts
producing something that a sub-supplier previously did. An example is when Husqvarna announced in spring 2013 that it was to
start proprietary production of power saw chains and was therefore
investing a total of about SEK 1.0 billion to this end. The relocation
also means that about 100 new jobs will be created.
TRANSACTIONS
Object
Property type
Date
1 Vattenpasset 6
Industrial
Jan-14
12,000
2,209
2 Vinkelhaken 6
Office & retail
Dec-13
70,000 – 80,000*
10,040
3 Överdraget 8
Industrial
Nov-13
22,000
4 Vägporten 2
Industrial
Oct-13
5 Lärlingen 9
Care & elderly care
Sep-13
Seller
Buyer
Karlströms Fstg i Jönköping Corallen
EPAB
HSB Göta Holding
3,300
Överdraget i Jönköping
Municipality of Jönköping
21,000
3,000
AB Rydheims Tryckeri
Ell-Eff Fastigheter
45,000 – 55,000*
4,200
HSB Gambrinus
Rikshem
FOCUS UMEÅ
26
Umeå
47
Martina Gustavsson
[email protected]
The need for new residential properties in Umeå is extensive. There has been considerable activity in the retail
segment, with the opening of Utopia and the forthcoming establishment of IKEA at Söderslätt. The new culture
centre, Kulturväven, will be completed during 2014.
The municipal housing company Bostaden manages almost half
of the rental apartments in Umeå. The largest private player is Lerstenen. Other players with significant portfolios are Akelius, Diös,
Franklin Fastigheter and Umehem. The need to build more residential properties to meet the population growth in Umeå is extensive.
The municipal housing company Bostaden’s housing queues indicate waiting times of about eight to ten years for a two-bedroom
apartment in central parts of the city. The family-owned property
company Mofab will complete 56 rental units in the Vaktposten district during the spring. Lerstenen, with Forspro as part owner, has
obtained a building permit for 119 apartments at Sandåkern and 64
apartments on the southern side of Lake Nydalasjön at Tomtebo.
Lerstenen has also acquired two sites close to the city centre where
plans are in place for an additional 130 apartments. Sales of town
houses on the roof of the Forsete district have started. These town
houses are being developed by Balticgruppen and are being sold
as condominiums. Occupancy is scheduled for the autumn.
own the new public baths in the Nanna district. The approximately
12,000 sqm swimming centre is scheduled for completion at yearend 2015. Umeå’s new culture centre along the quay, Kulturväven,
is taking shape and will be completed by year-end. The project will
comprise 25,000 sqm and is being conducted by Väven in Umeå,
which is owned by the Municipality of Umeå and Balticgruppen.
Index
47 45 50 5047
Rating 9 9 8 79
Rent
Primary
Yield
%
Assessed values
(SEK/Sq. m.)
1,200 – 2,000
6.50 – 7.75
11,000 – 19,000
Secondary
950 – 1,400
7.25 – 8.00
8,000 – 12,000
Tertiary
750 –
950
8.25 – 9.25
4,000 – 8,000
2,000 – 3,800
6.25 – 7.00
20,000 – 30,000
Secondary
900 – 2,000
6.50 – 7.50
8,000 – 20,000
Tertiary
700 – 1,100
7.25 – 8.25
4,500 – 8,000
Primary
450 –
750
7.50 – 9.00
4,000 – 8,000
Secondary
400 –
700
7.75 – 9.50
2,000 – 5,000
Tertiary
350 –
650
8.00 – 10.00
1,500 – 4,500
1,000 – 1 550
4.25 – 5.50
12,000 – 25,000
Secondary
900 – 1,400
5.25 – 6.00
9,000 – 16,000
Tertiary
850 – 1,100
5,75 – 6,75
7,000 – 12 000
Property owners holding significant portfolios are Balticgruppen,
Diös, Gazette, Lerstenen, Norrporten and Umehem. New retail
establishments and healthy growth are contributing to a strong
construction boom. It has now been confirmed that Ikea will
open at Söderslätts Retail Park, with construction scheduled to
commence in the summer. A shopping centre with about 70 new
shops, supermarkets and a hamburger restaurant is also planned
in the area. The Utopia shopping centre in central Umeå opened
in September 2013 with shops and restaurants, and Lidl opened
a store at Ålidhem in December 2013. These establishments are
resulting in increased retail competition in Umeå, but also a greater
choice, and thus contributing to a more attractive shopping city.
Although the rental market for offices in Umeå is relatively stable,
the forecast predicts increasing vacancies for older offices in less
attractive areas. The range of central office premises is expected
to rise and the trend is that companies are moving to modern and
space-efficient promises in prime locations.
Primary
Significant players in the segment are Akademiska Hus, Akelius,
Bäckbacka, Gazette, the County Council and the Municipality. Umeå
Badhus is a municipal company that was founded to construct and
2014:1 2013:2 2013:1 2012:22012:1
R E TAI L
Primary
I NDUST R I AL
R E SI DE NT I AL
FOCUS UMEÅ
27
The largest owners in the segment are Kungsleden, Norrmejerier,
SCA and Volvo. A player that has invested heavily in Umeå is NP3
Fastigheter. The first investment was the Kedjan 6 property, a
showroom comprising about 1,350 sqm of customised space for
Porsche. The purchase price is based on a property value of about
SEK 20 million. Another five properties were subsequently acquired
in Umeå last year. The company has also signed an agreement
with Skanska regarding the sale of the Cisternen 1 property for
an underlying property value of SEK 88.5 million. Skanska will be
a tenant in the property that will be about 4,000 sqm when the
rebuilding and extension work has been completed. Occupancy is
scheduled for December 2015.
IN FOCUS: VOLVO TRUCKS
Volvo Trucks is the largest property owner in Umeå in terms of taxable industrial area since the company owns the Böleå 1:77 property
with about 146,000 sqm of industrial premises and other premises
comprising about 7,000 sqm. The plant is one of the largest manufacturing industries in Norrland and Volvo is also the largest private
employer in the Municipality with about 2,000 employees. Like
many other companies, Volvo is focusing on its core business and,
partly for this reason, the company decided at the end of 2013 to
close its cabin assembly operations in Umeå and relocate them to
Göteborg where a large part of truck manufacturing already takes
place. This means that the workforce is expected to be cut by 500
employees, while the plant will specialise in sheet-metal pressing,
welding and painting for cabins. The relocation of cabin production
will take place over a two-year period and it is not yet clear whether
it will mean that the buildings on the property will be converted. A
disadvantage of the Volvo plant in Umeå is its geographic location
far away from other Volvo plants and the markets in which trucks
are sold.
TRANSACTIONS
Object
Property type
Date
Price (SEK ’000)
Area (sqm.)
1 Cisternen 1
Office
2 Kyrkstugan 8
Residential
Jan-14
88,500
4,000
Dec-13
6,090
370
3 Spänningen 5 Industrial & warehouse Nov-13
9,000*
1,686
4 Jagaren 9
Residential
Sep-13
5,500
5 Långmyran 13
Residential
Sep-13
6,800
Seller
Buyer
Skanska
NP3 Fastigheter
URT Fastigheter
Mål och Vision i Sverige
North Investors
NP3 Fastigheter
433
Private individual
Private individual
540
Forsgrens Fastighetsförvaltning Longmire Fast
ABOUT SWEDISH PROPERTY MARKET
50
About Swedish
Property Market
Swedish Property Market Focus on Eight Cities was first published in autumn 2009 and has since been issued twice
annually. In 2011, the Swedish Property Market report series was supplemented by the Focus on Forest Properties
report, which is issued annually, with the latest edition being released in April 2014. Swedish Property Market Focus
on Eight Cities spring 2014 contains analyses and data on eight submarkets in Sweden and on assessed values in
March 2014.
A table of assessed values is available for each local area. The
criteria for the division into the various sub-markets has been based
on the area’s yield in addition to rental and price levels; in other
words, an assessment of the attractiveness of the property market.
Several sub-markets with the same location assessment can occur
in the same municipality and also at the same or somewhat varying
levels. Market information for each city and local area is categorised
at minimum and maximum levels. The purpose of the division into
these levels is to illustrate a normal distribution in which most of
the entries are distributed. The minimum level reflects an average
of the lower entries; in other words, it does not pertain to the very
lowest entries. Similarly, the maximum level reflects the average of
the higher quotations.
The table contains detailed market information on the following
local categories: office, retail, industry and residential. For residential properties, residential properties are defined as properties with
type code 320 or 321, whereby the portion accounted for by commercial premises is less than 30% of the total area. For residential
properties, the levels for buildings pertain to value years from 1990
through 2008 or an equivalent standard. A residential apartment is
defined as an apartment with three rooms and a kitchen, of around
75 – 80 square metres, with a normal standard for the age category.
Retail and office properties are defined as properties with type
code 325. Retail premises are defined as business premises of
about 200 square metres located at street level. The retail area
accounts for about 75% of the total area. The standard is normal
for retail premises built during the past decade. Office premises are
defined as premises of about 150 – 300 square metres. Standard
and space efficiency are normal for an office built during the past
decade.
Industrial properties are defined as production premises with about
400 – 1,000 square metres of premises of a standard that is normal
for a building erected some time in the past 15 years. Ceiling height
is around 4.0 – 4.5 metres. For industrial properties, the area must
also include (in addition to the manufacturing or warehouse premises) appropriate office and staff areas.
Stated utility value/market rent levels for the various property types
in the area are given as rent plus heating and water bills for residential, retail and offices, and as rent without heating for industrial
properties. Rent for premises is set according to a “normal rental
contract”, which means that it does not include property tax.
Should the normal market situation reflect discounts, this is taken
into account in the rent level.
For each area, there is a map showing the location breakdown
for industrial premises, where the red area shows the primary
locations, light red the secondary locations while the remainder are
tertiary locations. n n
The NAI Svefa Property Index has been produced to provide players in the Swedish property market with an indicator offering a basis
for successful investment decisions. The index is a ranking system
for property markets in the local areas, where the basis for analysis
consists of official municipal statistics, investment data from the
relevant property market and NAI Svefa’s own assessments and
indicators. Ten parameters have been assessed on a scale of 0 to
10, which provide for a maximum score on the NAI Svefa Property
Index of 100.
RUBRIK
A
Svensk Fastighetsmarknad
– Fokus Skog 2013
ABOUT NAI SVEFA
51
About NAI Svefa
NAI Svefa offers cutting-edge competencies and professional advice in valuation, analysis, community planning, property
development, transactions & leasing, property information and forest properties & farms. Our clients range from large
property companies, investors, construction companies and banks to smaller local players in the property market and
the public sector. They all appreciate our combination of property expertise and business intelligence. With strong local
presence, membership of the international NAI Global network and access to proprietary, market-leading information
systems, our consultation is based on extensive knowledge of local, regional and global property markets.
ANALYSIS AND ADVICE
With local market presence throughout Sweden, out accumulated expertise and the market’s best databases, we offer expert
consultation and comprehensive analyses that shed light on new
business opportunities and provide decision support for your
operations. What does the business analysis for the customer’s
property company look like? What markets should the customer
focus on? Should the property holdings be changed? What actions
would maximise the total return? Is the customer’s management
and organisation effective? Is the customer paying the right tax
for his property? What development right content creates the best
potential in respect of the customer’s development properties? –
Our analyses will show the choices available, while also providing
advice on the route the customer should take.
VALUATION
We are Sweden’s leading appraisal firm and have more than 30
property appraisers who value all types of objects and property
portfolios. Combined with the best geographic coverage in the
market and databases that are totally unbiased, we offer a comprehensive overview of the Swedish property market. The systems we
use for property extracts, property searches and local price information are so well developed that we also sell them to banks, credit
institutions and major property owners. NAI Svefa is also Sweden’s
only nation-wide independent appraiser of forest properties and
farms. Our appraisals are frequently used as documentation in legal
situations, negotiations and for credit grants.
PROPERTY DEVELOPMENT AND COMMUNITY PLANNING
We take concepts and visions through the detailed planning and
implementation phases, and act as strategic advisors and project
managers throughout the entire planning and implementation
phases on behalf of both private individuals and municipal actors.
We have long experience of handling political processes and
working with the support of and in dialogue with concerned parties. We work together with government agencies, municipalities,
private developers and property owners, thus providing us with an
understanding of the perspective of all the parties involved. This
enables us to offer an efficient and quality-assured process for all
the parties concerned.
With our solid expertise in Swedish property law as a foundation,
we provide property-registration services that add value to property
holdings and guide customers through property law and administrative processes. We help all parties concerned to reach an
agreement on land access routes in conjunction with the planning
and expansion of infrastructure.
TRANSACTIONS AND LEASING
The Transactions unit works exclusively with qualified brokerage
services in connection with the purchase and sale of commercial
and public properties and property companies, development
properties and properties for future development, as well as other
advisory services in conjunction with transactions. With NAI’s international network of more than 9,000 employees in 55 countries, the
largest markets and largest players are within reach. In conjunction
with property development and transactions, or as a separate service, we engage in the brokerage and rental of commercial premises, such as offices, stores and logistics facilities. We conduct
project renting, market research, consultation and needs analyses.
CORPORATE MANAGEMENT
Mikael Lundström
Gustav Källén
Ylva Melhus
Mikael Holmström
Chief Executive Officer
Deputy Chief Executive Officer
CFO
Senior Advisor
Business Area Managers
Åsa Henninge
Analysis
Peter Möller
Property Information
Mattias Leksell
Property Development
Helena Dalhamn Land Development
Paul Nord
Forest Properties and Leasing
Peter Wiklund
Transactions and Renting
Jan Tärnell
Valuation
FACTS
Owners: Staff-owned since 1997
Number of employees: 120
Sales: SEK 150 M
Quality and Environment: Certified in accordance with
ISO 9001 and 14 001
Global network: Via our global network, NAI Global, we have
access to information from property markets in 55 countries.
ABOUT NAI SVEFA ANALYSIS
30
About NAI Svefa Analysis
Behind every successful property ownership is a razor-sharp analysis. Behind every feasible property-development
project is always an understanding of trends in the market and social development. With expertise in property
economics, property ownership and social development, we have the ability to understand our customers’ business
logic and identify opportunities and needs. Our combined analysis forms the basis for our consultation.
NAI Svefa Analysis is active throughout Sweden and works with
both public-sector and private clients. Our offering extends from
market analysis at the early phases of projects to strategic analyses
of property portfolios in preparation for restructurings, business
planning and investment decisions and determining the measures
to include in regular property management, or ahead of decisions
to liquidate or develop property, usually with a company’s board
of directors or management teams as the client. Together with
120 dedicated co-workers, we have considerable experience of
putting together at short notice project organisations for various
types of complex property inquiries, staffed by employees with solid
experience of and specialist expertise in property inquiries at early
project stages as well as in strategic planning and development
of private, public-sector and public-utility property holdings. Our
analysis and advice are tailored to satisfy the customer’s specific
challenges and needs.
MARKET ANALYSIS
Location, sub-market, price and demand analyses. Description of
market conditions ahead of a new establishment, investment or pricing
or as a basis for an annual report, business plan or strategic work.
EARLY STAGES OF FEASIBILITY STUDIES
Analyses ahead of the acquisition of land, a planning process or a
property-development project in order to create conditions to ensure
feasibility and to recommend the optimal content of development rights.
TAX CONSULTANCY
Analysis of a property’s specific characteristics and special conditions, development and design, as well as rental conditions as
a basis for filing a tax return on a property and for applying for an
adjustment of a property taxation decision.
Åsa Henninge
Affärsområdeschef Analys
[email protected]
+46 31 708 32 85
Daniel Fex
[email protected]
+46 40 660 13 41
PORTFOLIO ANALYSES
Analysis of property holdings in order to optimise yields and
increase the efficiency of property management and as a basis for
making decisions about changes in a portfolio and/or in ownership
and management structures. The results of the analysis provide
a foundation for determining the property strategy that is to be
formulated and contains proposals on which properties, over the
long term, should be owned, developed or divested.
REFERENSUPPDRAG – NAI SVEFA ANALYS
P O R T F O L I O A N A LY S I S 2013 – 14
Client: Värmdö Municipality
Assignment: Analysis of property portfolio, property strategy
and implementation
Description: Analysis of market conditions for public properties and portfolio analysis as a basis for providing advice concerning property strategy.
M A R K E T A N A LY S I S A N D P O R T F O L I O A N A LY S I S 2013
Client: Akademiska Hus
Assignment: Market and portfolio analysis.
Description: Analysis of market conditions for educational and research
premises and portfolio analysis in respect of tenant, rents and residual
value, as well as projects as a basis for preparing an annual report, in
addition to advice concerning property strategy.
ESTABLISHMENT STRATEGY MUNICIPALITY OF NORRKÖPING
2 013 – 14
Client: Municipality of Norrköping
Assignment: Market analysis and establishment strategy.
Description: In cooperation with the municipality and on the basis of the
sub-areas’ physical and market conditions, to formulate an establishment
strategy for various industrial segments. The purpose of the establishment
strategy is to provide support in the establishment of business operations,
using a structured process aimed at finding the optimal location in this
market for each operation.
Kristian Ekbom
[email protected]
+46 8 402 18 91
Marcus Gyllestål
[email protected]
+46 31 708 32 93
Thomas Green
[email protected]
+46 40 660 81 46
RUBRIK
31
Contact us
HEAD OFFICE
Drottninggatan 78
Box 3316
103 66 Stockholm
Tel: +46 8-441 15 50
LULEÅ
Bryggeriet
Västra Varvsgatan 3,
vån 3B
972 36 Luleå
Tel: +46 920-21 11 00
STOCKHOLM
MALMÖ
FALUN
MORA
GÄVLE
NORRKÖPING
GÖTEBORG
SUNDSVALL
HÄRNÖSAND
UMEÅ
JÖNKÖPING
VÄNERSBORG
KARLSTAD
VÄXJÖ
Kyrkogatan 12
803 20 Gävle
Tel: +46 26-17 54 40
Ullevigatan 19
411 40 Göteborg
Tel: +46 31-711 63 00
Brunnshusgatan 6
871 31 Härnösand
Tel: +46 611-247 05
Södra Strandgatan 3
553 20 Jönköping
Tel: +46 36-30 71 10
Våxnäsgatan 3, 2 tr
653 40 KARLSTAD
Tel: +46 54-10 03 20
Vasastrand 11
Box 493
701 49 Örebro
Tel: +46 19-10 01 20
ÖSTERSUND
Drottninggatan 78
Box 3316
103 66 Stockholm
Tel: +46 8-441 15 50
Trotzgatan 35
791 72 Falun
Tel: +46 23-480 30
ÖREBRO
Nordenskiöldsgatan 6
211 19 Malmö
Tel: +46 40-660 81 40
Strandgatan 8
792 30 Mora
Tel: +46 250-158 58
Skolgatan 1B
602 25 Norrköping
Tel: +46 11-13 46 60
Storgatan 29
852 30 Sundsvall
Tel: +46 72-244 37 72
Västra Norrlandsg. 11D
903 27 Umeå
Tel: +46 90-12 75 25
Sundsgatan 16
462 33 Vänersborg
Tel: +46 521-621 00
Kronobergsg. 14, 1 tr
352 33 Växjö
Tel: +46 470-74 60 60
Postgränd 8A
831 30 Östersund
Tel: +46 63-10 75 40
www.naisvefa.se

Swedish Property Market

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