Swedish Property Market

Transcription

RUBRIK
A
Swedish Property Market
– Focus on Eight Cities
TH E ME: C O U NTY COUNCIL P ROP ERT Y HO LDI NG S
SP RI NG 2 0 1 5
RUBRIK
B
NAI Svefa
celebrates 20 years!
Our story starts on 1 July 1995 when Svefa Swedish Property Valuation was
born. In fact, it starts much earlier than that. Svefa was born from Lantmäteriet
(the National Land Survey of Sweden), which found it difficult to combine the
role of a government agency with its growing and successful consultation
operations in the field of property appraisals. The result was one of the first
incorporations of the business activities of a government agency. Our history
has influenced us strongly.
ContentPage
Message from
the Head of Analysis 1
NAI Svefa Property Index 2
Market conditions
4
The county council’s
property holdings 6
The county council’s
property strategies 8
Infrastructure
– next wave of investments? 10
Just take the fact that we are represented nationwide. From our origins, we
have chosen to have a presence close to our clients, an approach that has
now developed into a major competitive edge. Take a look at our consultants
too. They are regarded as serious, reliable and knowledgeable. Our clients
confidently hand over their problems and challenges to us, because they
know that our great integrity means that we will never cut corners. We are not
like others, and our success is largely attributable to that.
Stockholm12
For 20 years, we have worked with the entire Swedish property market, from
Malmö in the south to Luleå in the north. The private and the public side of
the business sector account for equal shares of our client base and for every
year that passes we naturally accumulate vast amounts of knowledge about
the local, regional and national markets. Since autumn 2009, the Swedish
Property Market report, which is probably the broadest transparent summary
made of the Swedish market, is issued twice a year. As icing on the cake, we
choose to link trends and opportunities and reflect the status of the various
submarkets in relation to each other. This is our way of giving back a little of
what the market has given us. We thank all our clients for the confidence you
have shown us for 20 years. Together with you, we will continue to create value.
Helsingborg22
Göteborg14
Malmö16
Uppsala18
Linköping20
Jönköping24
Umeå26
About the Swedish
Property Market 28
Svefa Real Estate
29
About NAI Svefa 30
Reference assignments 31
About NAI Svefa Analysis 32
Our addresses 33
Mikael Lundström
MD and CEO, NAI Svefa
Publisher: Svefa Holding AB
This work, including texts, illustrations, images and other material is protected under the
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the exclusive right to exploit the work by making copies of it and by making it available to the
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or artistic form, or in another technical manner. Please contact NAI Svefa for a licence to use
part or all of this brochure.
Legally responsible publisher:
Mikael Lundström
Graphic design: Soformia AB
Cover photo: Felix Gerlach
Printing: Sib-Tryck Holding AB
MESSAGE FROM THE HEAD OF ANALYSIS
1
Focus on Eight Cities
Theme: County council property holdings
Welcome to the spring edition of Swedish Property Market – Focus on Eight Cities. Record-high transaction volume, lots of capital
finding its way to investments in properties and an increased risk appetite are all indications that the property market has entered
a boom period. At the same time, the underlying drivers for property yields are dependent on the economic recovery gaining
momentum. What is the outlook for 2015? Where are the opportunities and what are the risks? We provide our view of 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 through the report. In this issue,
we have decided to take a closer look at the property holdings of the county councils by analysing their property portfolios and
reporting the results of a survey of the county councils’ property strategies, which was directed to decision-makers in Sweden’s
21 county councils.
The recovery of the Swedish economy is progressing more
sluggishly than expected, thus causing the Swedish Riksbank
to implement additional quantitative easing and other support
measures. As a result of the uncertain parliamentary situation,
fiscal stimuli are simultaneously being delayed or impeded. Despite
the economic malaise, the trend in the Swedish property market
has been strong. Large amounts of capital are finding their way
to investments in properties, resulting in an imbalance between
supply and demand. Due to the decline in yield requirements in the
segments that have dominated acquisition interest in recent years,
we witnessed an escalating risk appetite during 2014. Residential
properties, which have accounted for the lion’s share of transaction
volume for a number of years, took a step backwards, while an
increase in sales volume was noted for public properties and hotels.
In the past few years, significant investment interest has been
directed to property holdings in the public sector and public properties have become hot investments. The transaction volume has
increased from about SEK 340 million in 2009 to approximately
SEK 17 billion in 2014 (transactions > SEK 100 million). The
Swedish National Pension Funds, together with other institutional
players have substantially increased their holding of properties in
recent years, and public properties in particular have accounted
for a large part of the increase. For public property owners with
community service as a core operation, one could ask: What are
the reasons for selling these properties? The need for infrastructure
in Sweden is also growing increasingly. Will we see a similar trend
in the build-out of infrastructure to the one we have witnessed for
public properties? In the theme section, we describe the property
holdings of county councils, and also the results of a survey concerning the county councils’ strategies and actions in respect of
their holdings; the survey was directed to decision-makers in the
country’s 21 county councils. The theme also recurs throughout the
report with descriptions of the county councils’ property holdings
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 initial survey
was conducted in 2009, Stockholm has headed the ranking 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 in second place with a score of 64 and
Uppsala third with 58. Malmö remains weak in relation to several
sub-markets and ended up in ninth place, a notch lower than in
the autumn survey. The strongest development in the spring survey
was shown by Helsingborg, which strengthened its score by six
points and climbed six places in the ranking, while Halmstad and
Sundsvall declined three places each. Corresponding indexes are
also presented for all municipal suburbs to the three major cities.
It is interesting to note that six strong Stockholm suburbs ranked
ahead of the second-largest city in Sweden, Göteborg.
We hope that you enjoy this report, and that it will inspire new and
exciting real estate transactions.
Åsa Henninge
Head of Analysis
PROPERTY INDEX
2
N A I S V E FA P R O P E RT Y I N D E X
Spring Autumn SpringAutumn SpringAutumn
Municipality20152014201420132013 2012
1 Stockholml91 90 9191 9291
2 Göteborgl 64 58 6361 6464
3 Uppsalal58 55 6159 6160
4 Lundl54 53 5353 5858
5 Helsingborgs l52 46 5150 5450
5 Jönköping t l 52 53 5455 5251
7 Linköping
s l51 46 4845 5047
8 Umeå
t l49 50 4745 5050
9 Malmö
t l48 49 4748 5555
9 Halmstad
t l 48 50 4847 4845
11 Luleå
l47 45 4544 4442
12 Örebro
l46 44 4343 4948
13 Västerås
l42 43 4037 5046
14 Karlstad
l38 38 3940 4539
14 Östersund
s l38 33 3432 3535
16 Norrköping
t l36 35 3534 3532
17 Borås
s l34 32 3634 3633
17 Växjö
s l 34 32 3538 4541
19 Sundsvall
t l33 33 3130 3737
20 Kalmar
l32 30 3133 3731
21 Falun
s l29 27 2827 3531
21 Gävle
l29 29 2829 3431
23 Eskilstuna
l23 22 2525 2523
24 Trollhättan l 18 21 2016 1415
s t T
he direction of the arrows shows the
change in ranking from the previous edition
of the swedish version of Swedish Property
Market – Focus on 24 cities, Autumn 2014.
l l l T
he colour of the dots shows the city’s performance in relation to the average. A green dot
indicates a better performance than average,
a yellow dot performance in line with average
and a red dot performance that is lower than
average.
PROPERTY INDEX
3
THE STOCKHOLM REGION
Municipality
NAI Svefa Property Index
Stockholm
l91
Solna
l76
Täby
l74
Nacka
l73
Sundbyberg
l73
Sollentuna
l67
Danderyd
l65
Tyresö
l63
Lidingö
l61
Järfälla
l55
Värmdö
l55
Ekerö
l54
Huddinge
l54
Vallentuna
l52
Vaxholm
l52
Upplands Väsby
l49
Haninge
l48
Österåker
l47
Upplands-Bro
l46
Nynäshamn
l40
Södertälje
l40
Salem
l39
Botkyrka
l38
Upplands Väsby
Sollentuna
Järfälla
Ekerö
Sundbyberg
Solna
Stockholm
Salem
Göteborg
l64
Mölndal
l62
Härryda
l58
Kungsbacka
l57
Partille
l50
Lerum
l47
Kungälv
l41
Ale
l37
Bollebygd
l34
Öckerö
l32
Vallentuna
Österåker
Täby
Vaxholm
Danderyd
Nacka
Huddinge
Tyresö
Botkyrka
Lidingö
Värmdö
Haninge
Södertälje
Nynäshamn
Kungälv
THE GÖTEBORG REGION
Municipality
Upplands Bro
Göteborg
Öckerö
Partille
Ale
Lerum
Bollebygd
Härryda
Mölndal
Kungsbacka
THE MALMÖ REGION
Municipality
Lomma
l56
Vellinge
l50
Malmö
l48
Staffanstorp
l44
Svedala
l35
Burlöv
Malmö
Svedala
Burlöv
l20
Vellinge
The scores for the municipalities are set on the basis of the number of
points the particular surrounding municipality would have received had it
been included in the index for the eight cities. Accordingly, they are not
ranked in relation to each other in the region. The reason for this is to be able
to compare Härryda with Upplands-Bro, for example.
Lomma
Staffanstorp
MACRO ECONOMICS
4
The Swedish economy and
development in the property market
Despite the malaise in the global economy and the fact that the underlying drivers for the yield on properties are developing weakly,
the trend in the Swedish property market is very buoyant. As a result of an attractive gap between the interest rate and the yield on
properties, large amounts of capital are finding their way to investments in properties, leading to an imbalance between supply and
demand, as well as a decline in yield requirements. In the hunt for return, the risk appetite is rising and we see widespread demand
in the Swedish property market. A record-high transaction volume, an increased risk appetite and declining yield requirements for
properties are all indications that the property market has entered a boom period. At the same time, the underlying demand in the
rental market is dependent on the economic recovery gaining momentum.
The Swedish economy is relatively strong and economic conditions
continue to improve. Due to the slow recovery in the gobal economy
and the relatively sluggish economic conditions in a number of
Sweden’s main export markets, which refelects in a weaker export,
the economy is largely driven by domestic demand and private
consumption. However, the autumn decline in the price of oil and
a weak Swedish krona have given momentum to Swedish exports.
In pace with the improvement in general economic conditions, it is
anticipated that GDP growth will switch to becoming more export
driven.
Although Sweden is currently governed by a minority government
of Social Democrats and the Greens, the budget of the previous
liberal-conservative government must still be complied with, since
the budget proposed by the current government was rejected
by the Riksdag. Due to the so-called “December agreement”, an
unscheduled general election was avoided but it remains to be
seen how this agreement will affect the government’s opportunities
to implement major changes in the budget when it proposes the
spring bill. Accordingly, the current fiscal policy situation is unclear,
as are the conditions for future fiscal reforms and public-sector
investments.
Widespread quantitative easing has been adopted, and continues to be implemented, by the largest economies in the Western
World. Despite a relatively strong Swedish economy and positive
growth prospects, the Riksbank has decided to implement further
quantitative easing due to the situation in the world at large and
SWEDEN’S DEVELOPMENT
%
%
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
Relative unemployment rate
GDP
Repo rate
Inflation (CPI)
the inflation outlook. Sweden is currently pursuing one of the most
expansive monetary policies in the world, in the form of negative
interest rates and purchases of government bonds.
The Swedish Public Employment Service’s interviews with nearly
10,000 workplaces show that employers in both the private and
the public sector plan to employ more people in 2015. Although
confidence in the future is being impeded by conditions in the international business environment, the trend among employers whose
businesses are linked to the domestic economy remains strong,
particularly for employers offering public-sector services. On the
other hand, the situation for services in the private sector is divided,
with a strong trend being noted particularly for companies focusing
on households, such as the retail, hotel and restaurant segments,
as well as personal and cultural services. On the whole, however,
the private sector is no longer functioning as an employment engine
since that role has now been assumed by the public services
sector. The private and public services sector continues to play an
increasingly important role in the economy, accounting for just over
70% of GDP and more than 75% of the number of employed. In
Stockholm County, the services sector dominates entirely, representing 86% of jobs. Although industrial output is rising, the trend of
recent decades shows that the number of jobs in industry will continue to decline. In the future, jobs will be in the services sector, a
factor that favours the more service-intensive metropolitan regions.
According to the Swedish Public Employment Service, Stockholm
and Mälardalen are showing by far the fastest rate of employment
growth. Outside the metropolitan regions, the counties of Uppsala
and Halland are displaying an expansive services sector.
According to the Public Employment Service’s forecasts, employment figures are set to rise by 46,000 and 59,000 in 2015 and
2016, respectively. Despite the growth in jobs, unemployment is
expected to remain virtually unchanged in 2015 at 7.9%. During
2016, unemployment is expected to decline to 7.7%. The continued healthy growth in the supply of labour is offsetting the clearer
decline in unemployment. The large addition to the labour force is
a result of a conscious policy designed to increase the aggregated
supply of labour. Another reason for the increased supply is that
net immigration is high.
MACRO ECONOMICS
5
Despite the economic malaise, the trend in the Swedish property
market has been strong and the transaction volume is back at
levels noted during the record years of 2006–2008. With a large
flow of capital to the property segment and imbalance between
supply and demand in the major sub-markets, downward pressure
has been placed on yields. Due to the decline in yield requirements
in the segments that have dominated acquisition interest in recent
years, we witnessed an escalating risk appetite in 2014. In the hunt
for return, capital is finding its way further to secondary sub-markets and secondary properties. In relation to the total transaction
volume, the share of residential properties has declined, at the
same time as an increased sales volume has been noted for public,
hotel and retail properties.
In the past few years, increasing investment interest has been
directed to property holdings in the public sector. During 2014, this
became a very strong trend and properties, mainly for community
services, corresponding to a transaction volume of some SEK 17
billion, changed hands. The Swedish National Pension Funds,
together with other institutional players, have substantially increased
their holding of properties in recent years, and public properties
in particular have accounted for a large part of the increase,
which has been reflected in the market in the form of declining
yield requirements. To an increasing extent, the sellers have been
municipalities in growth regions. Population growth and a changed
population composition, with an increasing share of elderly people,
are creating healthy conditions for community service operations in
the years ahead and thus for the market for public properties. The
assessment is that transaction volume in this segment will continue to rise, largely as a result of an increasing number of public
sector sales. Above all, municipalities are increasingly signalling a
willingness to sell off parts of their portfolios to raise capital for more
urgent needs, such as new builds and maintenance or investments
in expanding community services. Of the municipalities that plan to
sell properties, urban areas dominate and considerable population
growth is a factor that they all have in common.
Properties from the Million Home housing development programme
in growth regions have constituted another category of attractive
investment objects in recent years. The strategy appears to be that
necessary renovation is conducted when an apartment becomes
vacant, following which the apartment warrants a higher utility
value. In contrast to renovations conducted when virtually all tenants are evacuated from buildings, this approach means that a
certain amount of cash continues to flow during the renovation
period. Companies active in this category include Victoria Park, D.
Carnegie & Co and Gimmel Fastigheter.
The tendencies characterising the market in the form of high transaction volume, considerable amounts of capital finding their way to
investments in properties and an increased risk appetite, combined
with increased willingness among banks to finance investments in
properties and rising loan-to-value ratios, are signs of a buoyant
market; or alternatively warnings signs that we are approaching the
peak and a market correction.
NAI Svefa’s assessment is that properties will continue to attract
capital during 2015, both through indirect investments in the
stock market and direct investments in properties. As a result of
the gap between the yield on properties and the low interest rate,
low interest expenses as such and real-value assured cash flows
with expectation values keeping pace with rising growth, properties
have become an attractive investment. Because of the alternative
return on financial markets, properties are considered to continue
to offer a relatively healthy return in relation to the risks involved.
A comparison between the annual return measured as yield and
the value trend in various property segments according to IPD
and the trend on the Stockholm Stock Exchange, measured as
the share price trend and dividends according to the Six Return
Index, lends support to investments in properties from an overall
risk and return perspective. The annual average shows that an
investment in residential properties has generated a yield of 9.4%
over the past ten years and an investment in a mixed property
portfolio has generated 8.4%, compared with the Stockholm Stock
Exchange’s average of 14.9%. What favours properties is that the
total yield has been positive throughout virtually the entire period,
apart from a slight decline in 2008, which can be compared with
shareholdings, which have shown a much more volatile return fluctuating from +50% to –40%. Together with the healthy supply of
capital in financial markets, this creates conditions for a continued
decline in yield requirements in the near future. The opportunities
for property companies to raise capital through IPOs, new share
issues, or the issuance of preference shares or bonds, or through
traditional mortgaging, are expected to remain favourable in the
current stock market climate. Accordingly, the assessment is that
the prospects are good that the high transaction volume of 2014
will be maintained during 2015.
To some extent, the fundamental conditions are in contrast to the
financial conditions. There is a risk that the fundamental value-creation factors, such as rental growth and a lower risk of vacancies,
will develop weakly in the years ahead due to weaknesses in the
economy, while the return as such is valued increasingly higher.
Nevertheless, a recovery in the global and the Swedish economy,
resulting in rising growth, is of fundamental importance to demand
in the rental market. In the immediate future, the assessment is
that there is no risk of a bubble arising in the Swedish Property
Market. Sweden has a relatively robust economy and the prospects
of Swedish growth in the years ahead exceed those of both the
other Nordic countries and the Eurozone. A protracted recovery
and growth that fails to gain real momentum would eventually have
an adverse impact on the Swedish Property Market. The underlying
drivers for property yields are dependent on the economic recovery
gaining momentum.
TOTAL
T O TA L YYIELD
IELD
%
%
60
60
40
40
20
20
0
0
-20
-20
-40
-40
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Retail
Offices
Industrial
Residential
Other
SIXRX
THE COUNTY COUNCILS’ PROPERTY HOLDINGS
6
The county councils’
property holdings
The county councils currently have considerable property holdings and, collectively constituted, represent one of Sweden’s largest
owners of operating properties. Due to population growth and a changed population composition, combined with an aging
portfolio in need of refurbishment, the county councils are facing large-scale investments in properties over the next few years.
New conditions and requirements in their core operations are also resulting in a change in their need of premises. At the same
time, private players are becoming increasingly active in the care sector. This raises questions regarding if and how the county
councils’ property portfolio should be owned, managed and developed to constitute an optimal production resource for effective
delivery of community services.
Since the end of 2014, Sweden is divided into 11 county councils
and ten regions. The statutory tasks of the county councils and
regions include health, medical and dental care, as well as public
transport. Voluntary undertakings include regional development,
culture, tourism and education. Care operations account for nearly
90% of total costs, traffic and infrastructure for 8% and regional
development for the remaining 2%. Accordingly, the county councils’ property holdings mainly comprise care buildings, as well as
facilities and buildings connected to public transport.
Sweden’s county councils currently use up to 14 million square
metres of premises, of which they own just over 12 million square
metres. The Västra Götaland region and Stockholm County Council
are the largest in terms of the size of portfolios, each measuring
about 1,600,000 square metres. These are followed by the Skåne
Region with a total of approximately 1,250,000 square metres,
with the remaining county councils far behind. Stockholm County
Council is the largest in terms of rental value, with rental income of
about 1,500 SEK/sq. m.
According to the Swedish Association of Local Authorities and
Regions (SALAR), the county councils’ costs have risen continuously over the past decade. In addition to wages and prices, the
main reasons for the increased costs are population growth and
a changed population composition. At the same time as costs
are expected to continue to rise, the county councils are facing
escalating investment requirements. SALAR estimates that their
investments will be in the range of SEK 10–14 billion annually over
the coming five years, compared with an average of approximately
SEK 7 billion annually during the preceding five-year period. One
reason is that many of today’s hospitals were built in the 1960s
and 1970s and thus need to be upgraded to satisfy the changing
needs and requirements of care services. The investments do
not only pertain to rebuilds of existing buildings but also to new
construction. Due to the increased need of resources, the majority
of county councils currently have to improve their earnings, sell
assets or borrow funds. Improved earnings can be achieved by
increasing income, which translates to tax hikes, or by reducing
costs or downsizing, an alternative that is probably not so popular
for any county council. Traditionally, public sector operations have
been provided by own staff and in properties owned by the county
council itself. To a considerable extent, the public sector has outsourced responsibility for producing social services to players in
the private sector in recent decades; care and public transport are
examples of services that are currently provided to various degrees
by private players. A similar approach to production premises has
been taken in the public sector, but here the pace of progress by
the county councils has been slower.
When the conditions and needs of the core operations change,
this also results in a change in the need of premises. Despite the
changed conditions, the properties are often still owned by the
county councils. Following the enactment of the Act on System of
Choice in the Public Sector at the end of 2009, the existence of,
for example, private care providers in county council premises has
become more commonplace, thus resulting in new demands for
the county councils to operate as property owners on a commercial
basis. Many county councils use cost-price-based leases, which
could possibly lead to private care providers actually having their
rents subsidised with tax revenue. When the needs of county councils change, the importance of operating commercially increases,
as does the need for flexibility to ensure that the county council
does not incur excessive costs for its property holdings. Questions
that county councils should ask in this situation are: which costs
and income items derive from the property holdings and do we
have an optimal balance between owned and leased premises?
Since the beginning of the 21st century, the proportion of public
properties owned by private capital has increased, with the buyers
often being companies managing institutional capital, such as
Swedish National Pension Funds. The transaction volume rose
from approximately SEK 340 million in 2009 to SEK 4,900 million
in 2013 (transactions > SEK 100 million). The sellers in the public
sector have usually been represented by municipalities, while the
county councils have been more restrictive and account for only
a minor share of the transaction volume. Owning the properties,
premises and facilities in which the public service is produced currently appears to be more important for most of the county councils
than having authority over the public service that is produced. 2014
was a record year for public properties, with a transaction volume
of nearly SEK 17 billion. The average price per square metre was
approximately SEK 21,000, which was slightly lower than in the
preceding year. The year included a number of billion-krona transactions, the largest of which being the exchange of some 60 public
properties between Hemsö and Hemfosa for SEK 4,400 million.
THE COUNTY COUNCILS’ PROPERTY HOLDINGS
7
The county councils’ property holdings
LEASED
RENTAL
PREMISES AND
LEASED
AREA OWN INCOME OWN RESIDENTIAL TO EXTERNAL
COMPANY/ PREMISES,
PREMISES,
PROPERTIES COMPANIES
COUNTY COUNCIL PROPERTY FUNCTION THOUSAND SQM SEK/SQ. M THOUSAND SQM THOUSAND SQM
Västra Götalands County Council Västfastigheter & Västtrafik AB
(Västra Götaland region)
1,682.6
932
515.0
35.0
Stockholms County Council 1,624.9
1,558
296.6
164.0
1,253.6
1,098
373.2
49.0
Uppsala County Council Landstingsservice, Stiftelsen Upplandsmuseet 627.8
1,284
67.5
62.6
Jönköpings County Council Regionfastigheter
(Jönköping County Region)
563.8
847
70.7
17.4
Östergötlands County Council FM centrum
(Östergötland Region)
552.01,39398.375.1
Norrbottens County Council 544.9
Locum, AB Storstockholms lokaltrafik, Stockholms läns landstingskommun
Skåne County Council Regionservice (Skåne Region)
Landstingsfastigheter & Garnisfastigheter
739
39.1
75.6
Västerbottens County Council Verksamhetsområde Service
528.0 65066.832.8
Västernorrlands County Council Landstingsfastigheter, Stiftelsen Länsmuseet Västernorrland
504.3
636
–
45.5
Örebro County Council (Örebro County Region)
467.8
1,021
79.5
52.6
Hallands County Council Regionfastigheter (Halland Region)
441.2
813
44.2
19.3
Södermanlands County Council FM-enheten
428.6 78053.247.7
Västmanlands County Council 414.7
755
23.2
27.3
Dalarnas County Council Landstingsfastigheter & Stiftelsen Dalarnas museum 406.1
820
134.0
20.3
Gävleborg County Council (Gävleborg Region)
Lednings- och verksamhetsstöd – Avd Fastigheter 398.0
766
–
30.1
Municipality of Gotland (Gotland Region)
Teknikförvaltningen, AB Gotlandshem, Gotlands näringslivs- och etableringsservice AB
Wisby Strand Congress & Event Gotland AB
393.3
945
114.4
33.3
Kalmar County Council Landstingsfastigheter 391.2
833
60.1
10.8
Värmlands County Council Landstingsfastigheter 388.8
Blekinge County Council Landstingsservice – Fastigheter 271.0
837
16.2
6.8
Kronobergs County Council (Kronoberg Region)
Servicecentrum / Fastigheter, Smaland Airport AB, Ryssbygymnasiet AB
237.0
1,056
38.8
5.1
Jämtlands County Council (Jämtland Härjedalen Region )
Centrum för Landstingsservice &
Landstingsbostäder i Jämtland AB
164.3
819
47.3
20.3
Landstingsfastigheter, Länstrafiken Örebro AB, Länsgården Fastigheter AB,
Länstrafiken i T-Län Förvaltnings AB
Centrum för administration – Fastighet, Västmannatrafik AB, AB Västerås Lokaltrafik
All figures have been collected from the Municipal and County Council Database (Kolada) and pertain to 2013.
9773.746.0
THE COUNTY COUNCILS’ PROPERTY STRATEGIES
8
The County Councils’
Property Strategies
Sweden’s county councils have been active sellers in the property market and will remain so in the near future. However, the
sales have primarily resulted from a changed need for premises rather than for financial reasons, or any stated strategy to reduce
ownership of own premises. In terms of total transaction volume, this means that the county councils remain a relatively minor
player. The most prevalent opinion is that the need of premises will primarily be satisfied through ownership by county councils.
At the same time, there are indications that several county councils have untapped potential to increase the efficiency of their
portfolios and develop them. This was one of the findings of the survey that NAI Svefa directed to decision-makers in the country’s
county councils in late January and early February 2015.
In preparation for this issue of Swedish Property Market – Focus on
Eight Cities, Sweden’s 21 county councils were asked to respond
to a web-based survey regarding their property strategies and the
county councils’ views of their property holdings. The survey was
sent to the chairmen, directors and real estate managers, or similar
positions, of all of Sweden’s county councils. In total, responses
were received from 17 county councils in various parts of Sweden,
with the responding county councils accounting for nearly 80%
of Sweden’s population and 18 of Sweden’s major 24 cities. The
overwhelming majority of the responses were received from real
estate managers or similar positions. All of the responding county
councils have sold properties from their portfolios during the past
five years. The sales were primarily conducted when the county
council’s need of premises ceased or was about to do so. Three of
the county councils choosed to sell for strategic reasons, with the
spread of risks named as one of the desired effects. To a certain
extent, the county councils’ property sales were also motivated by
an opportunity to finance the ongoing costs of continuing operations or maintenance and investments in the property portfolio.
80% of the county councils said that the sales had been a positive
or overwhelmingly positive experience, and the remaining 20%
responded that their experience of the sales was neutral. 15 of
17 county councils stated that they would probably sell additional
properties during the coming five years. Looking ahead, properties
that are not part of the county councils’ long-term need of premises
will continue to account for most of the potential sales. Financing
the ongoing costs of core operations was stated as a reason by
one-fourth of the county councils.
W HAT WAS
S O L D?
W HAT W I L L
B E S O L D?
■ Healthcare facilities ■ Offices
■ Residential
■ Existing/potential development rights
■ Schools
■ Buildings connected to public transport
I S I T P R O B AB L E T HAT T HE CO UNT Y CO UNCI L W I L L
S E L L P R O P E RT I E S DUR I NG T HE CO M I NG F I VE Y E AR S ?
Number
15
12
9
6
3
0
Yes, properties
that do not
contain
long-term
county council
operations
Yes, to
finance new
construction
Yes, to
finance the
ongoing
costs of core
operations
Yes, to
finance
future
maintenance
of the
property
portfolio
Yes, since
the
properties
only contain
care
operations
to a minor
extent
One of the survey questions related to whether the county councils
had a strategy for their property holdings. Barely one-third of the
responding county councils stated that they had a documented
property strategy that was a result of careful planning. However,
most stated that there was a strategy, but that it was either not
documented or not a result of careful planning. Four of the county
councils state that they have no property strategy.
DO E S T HE CO UNT Y CO UNCI L HAVE A S T R AT E GY
F O R M ANAG I NG T HE P R O P E RT Y P O RT F O L I O ?
Four of the county councils stated that to the greatest extent possible they intended to own the properties in which they conducted
operations. Eight county councils stated that their strategy was to
choose the most cost-effective alternative from case to case, or
0
No, it is not
probable
Number
6
5
4
3
2
1
Yes, the county
council’s property
strategy is
documented and a
result of careful
planning
Yes, however, the
county council’s
property strategy is
not documented or a
result of careful
planning
No, the county
council has no
specific strategy for
managing the
property portfolio
Strategy is being
evaluated
Work in progress
THE COUNTY COUNCILS’ PROPERTY STRATEGIES
9
that they had no strategy for this matter. The remaining five county
councils stated that strategically important properties, such as
hospitals, will always be owned, while other properties, containing
healthcare centres, for example, could or would be leased.
It is worth noting that four of the five county councils that in the
preceding question had stated that they had a documented property
strategy based on careful planning, had stated that strategic buildings would be owned while other premises could or would be leased.
Two of the four county councils that stated that they had no specific
property strategy stated that the properties in which they conducted
operations would be owned to the greatest extent possible. Although
the scope of the survey and the number of respondents limits the
possibility of arriving at particular conclusions, they indicate that the
more work that has been devoted to formulating a strategy for property ownership, the more receptive the county councils were to the
idea of renting premises to satisfy their need of premises.
Among the participating county councils, it appears that receptivity
to the idea of owning properties that exclusively contained external tenants was relatively large. In conjunction with the transfer of
operations to private or municipal principals, the county councils
had overwhelmingly decided to hold on to the property and to take
on the role of landlord. The main reason for this was to secure
supply in connection with future needs for premises. For a couple
of county councils, no clear motive could be detected.
The remaining questions related to the county councils’ management of their properties. In respect of rent-setting, cost-based rent
was most prevalent. However, three of the county councils applied
commercial rents in the event that the operation was exposed to
competition. One of the county councils chose to primarily provide
access to its premises free of rent. The risk inherent in rent-free
internal leasing is that the use of premises becomes inefficient by
limiting the operations’ incentive to review and adapt their need for
premises. Cost-based internal rents can also restrict these incentives, although not to the same extent.
Property-related operating and maintenance expenses within the county
councils are measured and benchmarked continuously against KPIs
(key performance indicators) for the industry; this applies to 90% of the
responding county councils.
One-fourth of the county councils had property management plans
and only one of the county councils arranged an annual valuation of
its property portfolio assisted by external appraisers. Nearly half of
the county councils do not conduct active business development
or value-enhancing work for their property portfolios. The remaining
county councils responded that they work actively either to attract
or provide space for commercial operations in their properties or
to find development or conversion potential in their portfolios with
a view to a sale. Only two county councils stated that they work
actively in pursuit of both of these strategies.
Normally, public property ownership is discussed on the basis of
reasons for owning as opposed to leasing. It is not always self-evident which of these alternatives is the most rational, as clearly
indicated by the responses. However, efficiency enhancement of
public property ownership is fully possible without selling properties. The county councils have a lot to gain by acting as professional property owners, whereby the management of properties
is not only a support function for core operations but rather that
the property portfolios are continuously analysed, evaluated and
developed, thus resulting in more efficient use of the premises or a
higher potential yield.
HAS T HE R E B E E N ANY DI S CUS S I O N AB O UT T HE CO UNT Y
CO UNCI L O W NI NG O R L E AS I NG P R E M I S E S T O S AT I S F Y ITS N EED S?
Number
6
5
4
3
2
1
0
Yes, the county
council is to own
and manage its
own premises to
the greatest extent
possible
The strategy is to
choose the most
cost-effective
alternative for the
county council,
regardless of
whether the
premises are
leased or owned
The county council
has no strategy for
this matter
Own strategic
buildings such as
hospitals, but
(possibly) lease
healthcare premises
and the like.
Yes, the county
council intends to
lease premises
from other
property owners
to the greatest
extent possible
HO W AR E P R O P E RT I E S M ANAG E D I N CAS E S W HE R E O PERATION S
AR E T R ANS F E R R E D T O P R I VAT E O R M UNI CI PAL P R I NCIPA LS?
Number
10
8
6
4
2
0
The property has
been
simultaneously
sold to the owner
of the operation or
to a third party
The county council
The property has
has chosen to
been retained in the
retain the property
county council’s
to secure supply in
ownership for an
connection with
unknown reason
future needs for
premises
Has not been
considered
The county council
has chosen to
retain the property
to have access to
generated rents
and potential value
appreciation
HO W DO E S T HE CO UNT Y CO UNCI L W O R K T O ANALY S E A N D
E VAL UAT E I T S P R O P E RT Y P O RTF O L I O AND T O M ANAGE IT?
Number
16
12
8
4
0
There is a
management plan for
each property that
regulates how specific
objectives within the
county council’s
property strategy are
to be achieved
The county council
continuously measures
its operating and
maintenance expenses
to benchmark them
against KPIs in the
industry
The county council
arranges an annual
valuation of its
properties assisted
by external
appraisers
The county council
has not had its
property portfolio
valued or analysed in
recent years
DO E S T HE CO UNT Y CO UNCI L CO NDUCT ACT I VE
B US I NE S S DE VE L O P M E NT O R VAL UE - E NHANCI NG
W O R K F O R I T S P R O P E RT Y P O RTF O L I O ?
Number
8
6
4
2
0
Yes, the county council
conducts active work to attract
or provide space for commercial
tenants in connection with our
operations, such as for shops
and pharmacies
Yes, the county council
continuously inventories and
evaluates its property holdings
to find worthwhile opportunities
to develop undeveloped land or
to convert existing premises
with a view to a sale
No, the county council
does not actively conduct
such operations
INFRASTRUCTURE
10
Infrastructure
– next wave of investments?
Since the population of Swedish cities is exploding, there is a need for new housing and a powerful expansion of the infrastructure
systems that support our cities. The strong urbanisation trend is giving rise to major challenges for those players who are responsible for investments in infrastructure. When building new social infrastructure – schools, hospitals and the like – municipalities and
county councils have chosen to cooperate with private players. Could the trend of private investments in public properties lead the
way for the expansion of other types of infrastructure? NAI Svefa is of the opinion that the central government and the Swedish
Transport Administration will not change their view of private funding of transport infrastructure and that private investments in
infrastructure will initially occur with county councils and municipalities as business partners.
In the past few years, the Swedish National Pension Funds,
together with other institutional players, have substantially
increased their holdings of properties, and public properties have
accounted for a particularly large part of the increase. Swedish
county councils and municipalities with considerable investment
requirements resulting from the population explosion or neglected
maintenance take a positive view of sharing the investment burden
with other players. The need for infrastructure in Sweden is also
growing increasingly. In the Confederation of Swedish Enterprise’s
report called Infrastructural Debt, from April 2013, it was stated
that the current “debt” amounts to SEK 300 billion assuming that
the value of the infrastructure stock grows at the same rate as
GDP. To repay this debt, the investments will have to be doubled
up to 2025 compared with the current level. In that case, will we
see a similar trend in the build-out of infrastructure to the one we
have witnessed for public properties? Both the Swedish National
Pension Funds and a number of institutional players take a positive
view to allocating more funds to investments in infrastructure, at
the same time as private funds such as Areim’s Infranode have
raised money for infrastructure investments. For these players,
investing in infrastructure is a natural next step for investments in
real assets. Given these conditions – the fact that both demand
for new infrastructure and the supply of players willing to invest are
increasing – the question is: will we see greater elements of, for
example, private roads or railways in the future?
In Sweden, the government and the Riksdag provide the economic framework for investments in transport infrastructure and
the government subsequently commissions the Swedish Transport
Administration and the counties of Sweden to propose detailed
plans for investments in the transport infrastructure. The Swedish
Transport Administration and finally the Riksdag then have to make
priorities on the basis of budgets to determine which projects are
to be included in and be implemented within the time frame of
the action planning. One consequence of this is that infrastructure
investments which from a local or a regional perspective are highly
sought after may be excluded. The government, regardless of
whether it is blue or red, has proven to be unwilling to try out private
investments in the infrastructure to any great extent.
Instead it appears that the route to more money for the infrastructure is via the increasingly common approach of co-financing
(public-private financing). In an infrastructure context, public-private
financing is defined as voluntary contributions from municipalities,
county councils and private players to pay for infrastructure for
which the central government is responsible. Public-private financing is a way for the government to embrace the clear value that
the infrastructure creates for the local market. At present, we do
not see any tendency towards increased elements of investments
in infrastructure in cases where the central government is the principal. Instead, the signals that have been communicated indicate
that more money for infrastructure will come from taxation of those
property owners who benefit from infrastructure investments.
At the same time as there are limited opportunities to invest in infrastructure for which the government is the principal, the assessment
is that there are far greater opportunities to invest in infrastructure
for which the municipalities of Sweden are responsible. Municipalities and county councils throughout Sweden have cooperated to
a great extent with private players to bring about necessary investments. One of Sweden’s largest public-private projects is currently
under way in Stockholm, where the New Karolinska Hospital in
Solna is being built by Skanska with private funding.
A major responsibility for the infrastructure of cities rests with the
county councils, which are responsible for the expansion of public
transport and healthcare. New railway services that are partly
financed by county councils and municipalities are planned in both
Göteborg and Stockholm in order to satisfy the increasing demand
resulting from population growth. When the county councils plan
and construct railway stations or bus or train depots, this involves
significantly greater elements of creative solutions in which private
and public players cooperate to achieve optimal solutions.
INFRASTRUCTURE
11
Illustration: Västtrafik / Sweco
As part of the Western Sweden Package, the Gamlestaden urban district is being developed and will encompass a transport hub, offices, housing and retail premises. The private project developer Serneke and the City
of Göteborg have agreed to Serneke’s purchase of 17,000 square metres of land for constructing the transport
hub. Under the partnership, Platzer accounts for ownership, leasing and management, while Serneke will be
responsible for turnkey construction. Västtrafik has signed a long-term lease for parts of the transport hub.
Construction is scheduled to begin in early 2016 and the transport hub is expected to be completely ready
by the end of 2017. The total project cost is estimated at SEK 450 million.
Source: Serneke Platzer Västtrafik
In Gamlestaden in Göteborg, a new transport hub is being built,
whereby Västrafik has opted to cooperate with a private project
developer and a private long-term owner of the transport hub.
Disposition of the hub and long-term access to transport space is
being achieved through leases extending over 25 years. The benefit
of this type of cooperation is that Västtrafik avoids having to tie
up capital in fixed assets during a time of sharp expansion, while
also achieving better risk allocation. The private property developer
assumes the project risks and is best equipped to manage these,
at the same time as the long-term property owner manages the
commercial property risks. This arrangement enables Västtrafik to
focus on and optimise its core operation, public transport. In our
opinion, municipalities and county councils are far more open to
cooperation with private players and, in the short term, the way to
find investments in the infrastructure segment is to understand the
challenges facing the county councils and municipalities.
Due to neglected investments for several decades, Sweden has
taken on a substantial infrastructural debt, a debt that is actually
growing as a result of the prevailing investment levels. To cope with
the pent-up investment requirement, the Confederation of Swedish
Enterprise proposes a broadening of the public sector’s financing
of infrastructure and that income sources be reviewed, since the
scope for tax-funded infrastructure could decline due to an aging
population and an increased dependency ratio. The question is
whether Sweden’s municipalities and county councils will be able
to independently cope with this coming challenge? Or will they
choose to share the investment burden and the risks associated
with investments in transport hubs, train depots and municipal
cable lines with the institutional players who are ready to contribute
their capital and their know-how. A shared responsibility is a solution that would provide the public sector with greater opportunities
to focus on its core operation: delivering community services.
FOCUS STOCKHOLM
12
Stockholm
91
Jonas Åkerberg
[email protected]
The increased interest in office properties and the high sales activity has put downward pressure on the yield requirements with
quotes down to 4.25% in prime locations. There is also great interest in residential units and development rights for residential
purposes, regardless of the form of tenure. New production of student housing is assessed to gain speed in the next few years.
RESIDENTIAL PROPERTIES
In Stockholm, some of the largest private owners of residential properties are Einar Mattson, Ikano Invest, Olov Lindgren, SKB and Stena
Fastigheter. In December, Oscar Properties acquired the property
Primus 1 in Lilla Essingen from Vasakronan. The property, which
comprises around 42,000 square metres in gross total area, was
acquired at a purchase price of around SEK 920 million. The detailed
development plan now out for consultation comprises a possible
construction of around 600 new apartments in total, of which 120 will
be built as rental units. The existing building on the property, approximately 26,000 square metres of office premises, are to be demolished. In December, AFA Fastigheter acquired “Kungsholmsporten”
in Kungsholmen from Wallenstam. Kungsholmsporten consists of
two properties, Förtjusningen 1 and Glädjen 14, each located on
either side of the Essingeleden freeway. The lettable area comprises
a total of around 19,200 square metres, mainly residential units. The
purchase price of SEK 1.0 billion, corresponds to about SEK 52,100/
sq. m. and an estimated yield of slightly more than 3.1%.
COMMERCIAL RENTAL PROPERTIES
The large owners in this segment include AFA, AMF Fastigheter,
Fabege and Vasakronan. The sales intensive 2014 has led to a
downward pressure on the yield requirements. Levels down to
4.25% are now quoted for modern properties in prime locations. In
December, AMF Fastigheter acquired Mentorn 1 in Kungsbron from
DNB Liv. The property, which was built in 2009, comprises around
17,700 sq. m. and primarily houses offices with a small component
of stores. The largest tenant is Google. The purchase price was
SEK 1.57 billion, corresponding to about SEK 88,000/sq. m and
an estimated yield of around 4.35%. Alecta acquired Välmågan 8,
also known as Entré Lindhagen, from Skanska. As a result from
this Skanska has divested all of its holdings in the block, as they
previously also sold Välmågan 9 to Invesco in 2014. The purchase
price was around SEK 1.7 billion, corresponding to just over SEK
46,000/sq.m. The yield is estimated at around 4.7% considering
normal market level parameters.
SPECIAL-PURPOSE PROPERTIES
The large owners of special-purpose properties include Akademiska Hus, Hemsö, Fabege, Jernhusen and SISAB. On the KTH
Royal Institute of Technology campus, Akademiska Hus is working
together with the university to develop detailed development plans
for around 670 student apartments and department premises
where Bygg-Vesta is serving as the developer. The first detailed
development plan gained legal force in January. The adopted plan
allows for around 300 student apartments and a department building. There is a great shortage of student accommodation. The construction of these flats is a part of Stockholm’s goal of building 6,000
new student apartments by 2017, corresponding to an increase of
50% over 2014.
NAI SVEFA PROPERTY INDEX
Index
Ranking
2015:1
2014:2 2014:1
2013:2
2013:1
91
90
91
91
92
1
1
1
1
1
MARKET DATA, MARS 2015
Rent
(SEK/Sq. m.)
OF F I CE
Yield
%
Assessed values
(SEK/Sq. m.)
AA
3,700 – 5,300 4.25 –5.00
55,000 – 92,000
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
900 – 2,400
5.50 –7.75
9,000 – 25,000
AA
2,000 –15,000
4.50 –6.25
65,000 –150,000
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
1,425 – 2,350 1.50 –4.00
22,000 – 48,000
Primary
1,225 – 2,225
1.50 –4.00
21,000 – 45,000
Secondary 1,100 – 1,725
3.25 –5.25
13,000 – 35,000
Tertiary
4.50 –6.00
8,000 – 28,000
R E TAI L
I NDUST R I AL
R E SI DE NT I AL
1,075 – 1,425
FOCUS STOCKHOLM
13
Location breakdown, offices, AA-, primary- and secondary locations.
INDUSTRIAL AND WAREHOUSE PROPERTIES
The largest owners in the industrial and warehouse properties
segment in Stockholm are Brostaden (Castellum), Compactor
Fastigheter, Corem Property, Klövern and Sagax. The conversion
of industrial areas for residential development is continuing and
is particularly apparent in Liljeholmen. In December, Besqab and
Järntorget Fastigheter acquired development rights from Cementa.
The acquisition comprises 60,000 – 80,000 sq.m. of gross total
area, which is expected to correspond to 600 – 800 apartments.
The purchase price amounted to SEK 1.0 billion and is conditional
on the detailed development plan gaining legal force both in Liljeholmen and for a new establishment for Cementa. The site of this
establishment is, however, not currently known. Discussions have
been held for a long time regarding an establishment in Energihamnen in Värtan, but it is unclear if this will be realised.
IN FOCUS
The property portfolio in Landstingsfastigheter Stockholm primarily
comprises six emergency hospitals, a number of local hospitals and
healthcare centres, psychiatric clinics, dental clinics. Two emergency
hospitals are university hospitals. The premises’ area at year-end 2013
was 2 million square metres in gross total area and was appraised at
SEK 22.2 billion. Locum is a service unit in the county council group
with the task of taking care of owner issues of a property management
nature. The construction of New Karolinska Hospital in Solna (NKS)
is under way and is the single largest project in Swedish healthcare
to-date. It comprises 320,000 square metres and the construction
contract amounts to SEK 14.5 billion. The procurement was based
on public-private collaboration. NKS shall be completed 2018. The
County Council sold the Beckomberga area to Riksbyggen in 2008
for SEK 336 million. In 2011, the county council sold Norrtull Hospital
to Lilla Akademien for SEK 305 million. The property was sold shortly
thereafter to Ramsbury for the same amount. The Lilla Akademien
music school and, since autumn 2014, Viktor Rydbergs Gymnasium
conducts school operations in the property.
TRANSACTIONS
PriceArea
Object
Property type Date
(SEK, thousand)
(sq. m.)
Seller
Buyer
Kungsleden
1 Parcel of 4 properties
Offices
Dec-14
2,000,000
71,900
Areim Fastigheter
2 Mentorn 1
Offices
Dec-14
1,560,000
17,700
DNB Liv Eiendom Sverige AMF Fastigheter
3 Förtjusningen 1 & Glädjen 14
Residential
Dec-14
1,000,000
19,200
Wallenstam
AFA Fastigheter
4 Lövholmen 15
Land
Dec-14
1,000,000
24,000
Cementa
Besqab, Järntorget Fastigheter
5 Välmågan 8
Offices
Sept-14
1,710,000
37,250
Skanska
Alecta Pensionsförsäkring
FOCUS GÖTEBORG
14
Göteborg
64
Hans Hurtig
[email protected]
The City of Göteborg is planning the first phase of Frihamnen that will be developed with residential units, workplaces and recreation.
Mölndal Centrum has become an attractive area for office establishments. Balder is increasing its hotel holdings through the
acquisition of a property let out to Radisson Blu Scandinavia Hotel for approximately SEK 700 million.
The large private property owners include Balder, Stena Fastigheter,
Stiftelsen Göteborgs Studentbostäder, Wallenstam and Willhem.
Before year-end, the City of Göteborg established the first eight
players who will be involved in developing the first phase of Frihamnen. The area located in Hisingen on the waterfront at Götaälv
Bridge will be developed with around 3,000 apartments, 2,000
workplaces and a waterfront jubilee park in the first phase. In 2017,
the detailed development plan will be prepared and then there is
the possibility for more players to be involved at the beginning of
construction. Once the whole Frihamnen is finished, the area will
comprise around 20,000 residential units and an equal number of
workplaces. The 2014 sales year had a strong conclusion. One of
the larger sales during the year was Victoria Park’s acquisition of a
property portfolio in Lövgärdet. The properties mainly house residential units in housing project areas from the 1960s and 1970s, but
also a school, a healthcare centre and a grocery store. The purchase
price was SEK 925 million, corresponding to about SEK 8,250/sq. m.
Balder, Diligentia, Eklandia (Castellum), Kungsleden, Platzer, Vasakronan
and Wallenstam are large commercial property owners in Göteborg.
Among the many sales of interest in last year is Skanska’s sale of
a newly built office property in Krokslätt for SEK 495 million, corresponding to around SEK 33,200/sq.m. The relatively high level shows
that the location close to Mölndals Centrum has become increasingly
attractive for office establishments. This is also confirmed by Peab
and Balders investments in offices and residential units at Lyckholm’s
factories, SCA’s establishment in the on-going office project in Mölndals Centrum and Platzer’s acquisition of three older office buildings
at Almedal’s factories. In recent years, Balder acquired a number
of hotel properties in Göteborg and just before year-end, another
property was purchased, Göteborg Inom Vallgraven 1:13, housing
the Radisson Blu Scandinavia Hotel. The seller was the Norwegian
fund DnB Scandinavian Property Fund and the purchase price is
assessed to amount to roughly SEK 700 million.
Large owner of special-purpose properties in Göteborg are Akademiska Hus, Chalmersfastigheter, the City of Göteborg, Hemsö,
the county council, Vasakronan and Wallenstam. At year-end, it
was announced that Platzer and Serneke will develop Göteborg’s
new travel centre in Gamlestaden within which Västtrafik will be the
largest tenant. In November, Hemfosa acquired a portfolio from
Castellum for a total of SEK 2 billion. The acquisition included the
school properties Guldheden 8:10 and 8:11 with the University of
Göteborg as the largest tenant. Another portfolio deal that was
made just before year-end is SPG V.O.S. AB’s sale of healthcare
properties throughout Sweden. The portfolio included the property
Göteborg Önnered 4:15, comprising 5,200 square metres with the
tenant Baggium Vård och Behandling AB.
Index
Ranking
2015:1 2014:2 2014:1
2013:2
2013:1
64
58
63
61
64
2
2
2
2
2
Rent
(SEK/Sq. m.)
OF F I CE
Yield
%
Assessed values
(SEK/Sq. m.)
AA
1,700 – 2,600
4.75 –5.75
20,000 – 42,000
Primary
1,400 – 2,500
5.00 –6.00
15,000 – 40,000
Secondary 1,000 – 2,200
6.25 – 6.75
10,000 – 25,000
Tertiary
650 – 1,600
6.75 – 7.50
6,000 – 15,000
AA
4,000 – 9,000
4.75 – 5.25
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 – 28,000
Tertiary
700 – 1,500
6.25 – 8.00
2,500 – 13,000
Primary
500 –
950
6.75 – 8.25
5,000 – 13,000
Secondary
450 –
700
7.25 – 8.75
4,000 – 8,000
Tertiary
350 –
550
7.75 – 9.25
3,000 – 6,000
AA
1,125 – 1,750
2.25 – 3.75
23,000 – 40,000
Primary
1,075 – 1,700
3.00 – 4.25
16,000 – 35,000
Secondary 1,025 – 1,650
3.50 – 5.25
13,000 – 30,000
Tertiary
4.75 – 7.00
7,000 – 16,000
R E TAI L
I NDUST R I AL
R E SI DE NT I AL
975 – 1,425
FOCUS GÖTEBORG
15
Eklandia (Castellum), Geely, Platzer, Volvo and SKF are large private owners of industrial and warehouse properties in Göteborg.
In October, Tribona acquired the property Backa 23:9. The seller
was AxFast and the property, comprising around 1,800 sq.m., was
fully leased to ABB at the time of the sale. The price amounted to
approximately SEK 28 million, corresponding to about SEK 15,200/
sq. m. During the year, AxFast also sold Backa 107:13. The sellers
were Starwood Capital Group and Vencom Property Partners. The
property comprises an older industrial building of around 10,000
square metres located between Ikea and the Bäckebol shopping
area. In connection with the retail expansion in the area, the property
has excellent development potential. There is competition in Sisjön,
a development area within which Alaska Fastigheter is planning for
another 75,000 square metres of retail and office space.
TRANSACTIONS
Object
Property type
Date
IN FOCUS
Västfastigheter provides the Västra Götaland Region operations
with premises. The owned portfolio comprises around 1.7 million
square metres. Noteworthy among the larger projects is the new
construction of the Angered Local Hospital that will replace operations currently conducted in leased premises. The hospital comprises approximately 18,000 square metres and will be completed
in the middle of 2015. The approved budget amounts to SEK
535 million. At Sahlgrenska University Hospital, a regional hightech Radiology and Intervention Centre is being built for radiology
diagnostics and treatment. The construction will be inaugurated in
stages from 2016 to 2018. The project comprises around 21,000
square metres and is budgeted, including equipment, at SEK 1.2
billion. Queen Silvia’s Children’s Hospital will be developed through
a renovation and extension for highly specialised child health care,
clinical research and training. The extension comprises 31,000
square metres. Occupancy will take place from 2018 to 2020.
The property investment amounts to about SEK 1.4 billion. Singlepatient rooms form the basis of the care that is based on parental
involvement and a team-based approach for the staff.
Price
(SEK, thousand)
Area
(sq. m.) Seller
1 Gårdsten 58:1 & 62:17
Residential, Care & Retail Dec-14 925,000
2 ÅF-Huset (Kallebäck 2:5)
Offices
Dec-14
495,000
14,900 Skanska
3 Radisson Blu Scandinavia Hotel
Hotel
Dec-14 700,000*
26,700 DnB Scandinavian Property Fund Balder
4 Parcel of five office properties
Offices
Oct.-14
700,000
35,700 Wallenstam
Sept-14
127,000
8,000 Källegren
5 Parcel of three residential propertiesResidential
* Purchase price assessed by NAI Svefa
112,000 Stena Fastigheter
Buyer
Victoria Park
Pareto Project Finance
Platzer Fastigheter
Robert Dicksons Stiftelse
FOCUS MALMÖ
16
Malmö
48
Per Wieslander
[email protected]
During the autumn, Akelius acquired the Ulla Åberg estate for around SEK 2.8 billion, Malmö’s largest sale ever. The office rental
market will gain new premises through the new build around Centralstation and in Hyllie. Planning is under way for the area around
Stadion with the goal of adding new sporting facilities for everyday and elite sports.
Stena Fastigheter is the largest private holder of rental residential
properties in Malmö. Akelius, Heimstaden, HSB, Sundsfastigheter
and Willhem are other major private players in the market. During
the autumn, the largest deal in Malmö ever was made when the
properties in the Ulla Åberg estate were sold. The transaction comprised a total of 186,000 square metres, of which around 80% were
residential units. The purchase price amounted to around SEK 2.8
billion and the buyer was Akelius. The portfolio included the profile
building Kronprinsen and two large subportfolios in Almgården
and Ribersborg. The municipal property company MKB invested
in development rights for both long and short-term development.
At the end of last year, development rights for 9,000 square metres
in Limhamn were acquired. In addition, the company bought two
properties in northern Sofielund, Kampen 25 and Intäkten 5, with
the plan to eventually convert the area to mixed use with more
residential units. The current detailed development plan pertains
to small-scale industry and service, but the comprehensive plan
presents mixed urban development.
Major private owners of properties dominated by commercial premises are Briggen (Castellum), Steen & Ström, Stena Fastigheter,
Vasakronan and Wihlborgs. In mid-October, Briggen sold the
Hansa shopping centre in central Malmö. The two properties contain around 40,500 square metres, mainly retail spaces, but also
offices, residential units, education and parking. The purchase price
was SEK 609 million. The buyer was Areim Fond II and the acquisition is the fund’s first in Malmö. The shopping centre is virtually the
only large shopping centre in Malmö that has not yet undergone
any extensive renovation and modernisation in recent years, but
the new owner plans to develop the properties. As regards new
production of office premises, it is mainly taking place in locations
close to transportation. There are currently three major office projects under construction within a radius of 300 metres of the central
station: Glasvasen, Studio and Malmö Live. The centrally located
office projects also encounter competition from a number of other
office projects in Hyllie.
Folksam, Hemsö, the County Council, the City of Malmö and Wihlborgs are major owners of special-purpose properties in Malmö.
The City of Malmö is working to prepare a planning programme for
the Stadion area with the aim of creating an integrated city sports
area. The objective is for the area to continue to be developed as
a sports area with a new swimming arena, expanded compulsory
school and new sports functions. Decisions have been made to
demolish the old stadium. An investigation has begun to determine
the facility’s condition, then a decision will be made as to when
demolition can take place. The Stadion area currently houses both
schools and everyday sports as well as events and elite sports.
Index
Ranking
2015:1 2014:2 2014:1
2013:2
2013:1
48
49
47
48
55
9
8
9
7
5
Rent
(SEK/Sq. m.)
Yield
%
Assessed values
(SEK/Sq. m.)
AA
2,100 – 2,600
5.00 – 6.00
30,000 – 45,000
Primary
1,750 – 2,350
5.25 – 6.50
20,000 – 27,500
Secondary 1,200 – 1,800
6.25 – 7.25
10,000 – 17,500
Tertiary
800 – 1,300
7.25 – 8.50
6,000 – 10,000
AA
3,500 – 5,500
5.25 – 5.75
40,000 – 60,000
Primary
3,000 – 4,500
5.25 – 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 – 15,000
Primary
650 – 1,000
7.25 – 8.00
5,000 – 10,000
Secondary
500 –
800
7.75 – 8.75
3,500 – 7,500
Tertiary
400 –
700
8.50 – 9.50
2,750 – 4,500
AA
1,400 – 1,675
2.75 – 3.50
27,500 – 40,000
Primary
1,400 – 1,675
3.00 – 4.25
20,000 – 30,000
Secondary 1,175 – 1,550
4.00 – 5.25
15,000 – 22,500
Tertiary
5.00 – 6.25
7,500 – 15,000
OF F I CE
R E TAI L
I NDUST R I AL
R E SI DE NT I AL
1,175 – 1,550
FOCUS MALMÖ
17
Briggen (Castellum), Klövern, Starwood Capital and Wihlborgs are
the major owners of industrial and warehouse properties in Malmö.
It is not only in the new production and development of residential
and office properties that focus on sustainability and the environment is considered a given, but rather also in the new production
of logistics properties. In cooperation between Catena and Peab,
the new construction of a logistics facility began in the autumn
in Sunnanå in Malmö’s eastern edge with on- and off-ramps to
both E6/E20 and Road 11. The total premises area amounts to
17,300 square metres, of which 16,000 square metres pertains to
logistics and 1,300 square metres is office space. The ambition is
for the facility to be energy neutral through the use of solar cells and
efficient installations. The investment amounts to SEK 240 million.
DHL Freight has signed a ten-year lease.
TRANSACTIONS
Object
Property type
Date
IN FOCUS
Region Skåne is responsible for healthcare, public transport, industry and commerce development, culture, infrastructure, urban planning and environmental and nature issues. The premises sourcing
unit is Regionservice, which coordinates property and service
solutions for healthcare in Skåne. The owned portfolio comprises
around 1.2 million square metres. In Skåne, as in large parts of
the rest of Sweden, hospital structures were strongly expanded in
the 1960s and 1970s, which explains the current large needs for
modernisation of the major hospitals. In the next ten years, Region
Skåne will invest more than SEK 6 billion in the hospital area in
Malmö. The objective is a modern hospital that is well prepared for
the care of the future. Malmö hospital will gain two new healthcare
buildings and a new service centre. These buildnings will jointly
provide 65,000 square metres of new care space. With the aim
of streamlining the property portfolio into hospital areas, Region
Skåne sold a total of 28 healthcare properties in 2013 to Lönnbacken (Stenvalvet). The purchase price amounted to SEK 370
million with a yield of around 9.65%. The dominant tenant in the
portfolio is Region Skåne.
Price
(SEK, thousand)
Area
(sq. m.)
1 Isblocket (Vagnslidret 1)
Offices
Dec-14 165,000
4,600
2 Kampen 25 & Intäkten 5
Offices & Industrial Dec-14
239,000
40,650
3 Örehus 4
Residential
Dec-14
240,000
8,390
4 Hugo Åberg’s Property Portfolio
Residential
Oct-14
2,800,000*
186,000
Oct-14
609,000
40,500
5 Hansa (Lybeck 10 & Stadt Hamburg 14) Retail & Offices
* Purchase price assessed by NAI Svefa, including Örehus 4
Seller
Buyer
Otto Magnusson Byggnads AB
Kungsleden
Briggen
MKB
Estate of Ulla Åberg/Akelius
Brf Örehus 4
Estate of Ulla Åberg
Akelius
Briggen
Areim
FOCUS UPPSALA
18
Uppsala
58
Jimmie Nordensky
[email protected]
Gränby is taking a new form with the vision of becoming “Uppsala’s second city centre” with a focus on retail and new residential units.
At the city’s new travel centre, a new hotel is being built for Elite Hotels and later this year Skanska intends to begin construction of
the Juvelen building, a profile building that will become the Nordic region’s most sustainable office building.
Heimstaden, HSB Uppsala, Rikshem and Stena Fastigheter are
some of the largest private owners in the segment. Outside Uppsala’s central districts, several large urban development projects are
under way. Among others, Gränby Centrum next to the new E4
route around Uppsala continues to be developed. The vision is for
Gränby to become “Uppsala’s second city centre” with a focus on
retail. There is room for another 40,000 square metres of residential
property. The development of the Rosendal area is also continuing.
In January, Aros Bostad acquired the property Kåbo 57:1 from HSB
where the current detailed development plan enables around 9,000
square metres of additional residential space. In December, Wallenstam won a land allotment competition in Rosendal and in 2017,
the company will thereby begin the construction of three buildings
with an additional 120 rental units. Uppsalahem is building more
than 200 residential units in the Åpromenaden block at Kungsgatan
in the Industristaden district. The project is a part of the expansion
of the city centre where a conversion from a low industry area to
dense city blocks is strived for.
Some of the largest commercial property owners in Uppsala are
Aspholmen (Castellum), Atrium Ljungberg, Diligentia and Vasakronan. Before year-end, Klövern acquired the office and laboratory
property Fyrislund 6:8 from GE Healthcare. The lettable area
amounts to around 7,000 square metres and the seller will remain
in the property as a tenant. Klövern has also signed a 20-year
lease with Elite Hotels for the hotel building now under construction adjacent to Uppsala’s new travel centre. The new production
comprises around 10,000 square metres and is estimated to be
completed in September 2016. In 2015, Skanska intends to begin
construction of the Juvelen office property at the central station
in Uppsala. Juvelen, a shimmering triangular building designed by
the architectural firm Utopia, comprises 10,000 square metres and
is intended to become the Nordic region’s most sustainable office
building. The building will achieve the highest level under the LEED
certification system, Platinum.
Besides the municipality and county council, Hemsö and Rikshem
are major owners of special-purpose properties in Uppsala. In
December, Hemfosa acquired three public service properties. The
properties were a part of a larger portfolio characterised by long
leases and stable cash flows. In autumn 2014, NCC began construction of the Segerstedthuset, the new administration building
for Uppsala University. The building comprises around 22,000
square metres and will serve as a joint administration building for
the whole of Uppsala University. The order is amounted to a total
of SEK 570 million and the building is estimated to be completed
in 2017.
2015: 1
2014:2 2014:1
2013:2
2013:1
58
55
61
59
61
3
3
3
3
3
Index
Ranking
Rent
(SEK/Sq. m.)
Yield
%
Assessed values
(SEK/Sq. m.)
1,100 – 2,500
5.00 – 6.50
11,000 – 40,000
Secondary
900 – 1,600
5.50 – 7.00
7,500 – 21,500
Tertiary
700 – 1,100
6.00 – 7.50
5,000 – 11,500
2,200 – 4,500
4.75 – 6.00
25,000 – 55,000
Secondary
800 – 3,600
5.25 – 7.00
7,000 – 30,000
Tertiary
700 – 1,200
6.50 – 7.50
5,000 – 11,500
Primary
800 – 1,200
6.00 – 7.50
6,000 – 12,000
Secondary
600 – 1,000
6.50 – 8.00
3,500 – 8,000
Tertiary
500 –
900
7.00 – 8.25
2,000 – 6,000
1,025 – 1,650
3.25 – 4.50
17,500 – 26,500
Secondary 1,025 – 1,425
3.50 – 5.50
11,000 – 18,000
Tertiary
4.50 – 6.00
9,500 – 16,000
OF F I CE
Primary
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
Location breakdown, offices, primary- and secondary locations.
Aspholmen (Castellum), GE Medical Holding, Klövern and Sagax
are among the major owners of industrial and warehouse properties
in Uppsala. There is greater demand for good, suitable warehouse
and logistics facilities, which has created conditions for somewhat
higher rent levels. A greater supply of industrial land adjacent to E4
enables the establishment of industry and logistics in Librobäck and
Östra Fyrislund. During the autumn, ICA took access of the modern
logistics property comprising 2,700 square metres that was built by
Klövern in Uppsala Business Park. The lease extends over seven
years. At the beginning of the year, Estancia Fastigheter acquired a
portfolio of nine warehouse and logistics properties the, largest of
which, Årsta 64:2, is in Uppsala. The purchase price for the entire
portfolio amounted to SEK 900 million. The seller was Hemfosa.
TRANSACTIONS
Object
Property type
Date
IN FOCUS
Landstingsservice is responsible for the management and operations-linked service in Uppsala County Council. The management
comprises around 700,000 square metres of county council-owned
premises, where 350,000 square metres pertain to Akademiska
Sjukhuset and Uppsala Science Park. The operations range from
highly specialised healthcare and research, healthcare centres,
dental care and folk high schools to bus depots. Landstingsservice
also leases around 80,000 square metres from other landlords. To
meet future requirements in healthcare, planning is under way for
the project, Framtidens Akademiska, a project that comprises renovation and renewal of existing buildings and new construction of
care and treatment buildings. In total, the investment in Framtidens
Akademiska is estimated at just over SEK 6 billion and the project is
estimated to be complete in 2020. In 2014, the county council sold
the Ulleråkers area to Uppsala Municipality for SEK 1.8 billion. The
municipality has the intention to build 6,000 residential units in the
area. The conversion of one of Sweden’s largest mental hospitals
to a modern residential area will thereby be completed.
Price
Area
(SEK, thousand) (sq. m.)
Seller
Buyer
1 Årsta 64:2 (part of portfolio)**Industrial
Jan-15
2 Luthagen 15:4
Land
Dec-14
23,500
2,745
Besqab
Brf Living
3 Dragarbrunn 6:2
Offices
Nov-14
16,600
1,265
Kvalitetsbostäder Uppsala
Svartbäckens Förvaltning AB
4 Luthagen 71:1 Offices & Residential Nov-14 270,000 – 300,000*
17,900 Norén Fastighetsförvaltning i Uppsala Estancia Fastigheter
5 Trollbo 5:2
Residential
2,070
Sept-14
**Portfolio transaction, purchase price and area apply to the whole portfolio
900,000 116,500 Hemfosa
14,000
Uppsalahem
Estancia
Förvaltningsbolaget Husman i Uppsala
FOCUS LINKÖPING
20
Linköping
51
Elenore Pellams
[email protected]
In one of the year’s largest property deals, Heimstaden acquired the shares in Henry Ståhl Fastigheter with its portfolio in Linköping,
Örebro and Norrköping. Lundbergs acquired land in Södra Ekkällan from NCC and plans on building 400 rental units. The project
activity for new preschools and schools remains high.
Large private owners of residential properties in Linköping are
BoTrygg, HSB, Mannerssons Fastighets AB, Riksbyggen, Victoria
Park and Willhem. In Lambohov, Peab sold Ishalkan 18. Within
the property, rental units are being built and are scheduled for
completion at the beginning of 2015. The residential building will
house 72 apartments totalling around 4,700 square metres. The
buyer is Slättö Förvaltning. Lundbergs is investing in Södra Ekkällan
and buying Elitseglaren 1 from NCC for a purchase price of SEK
70 million. The detailed development plan has been begun and is
expected to encompass around 400 rental units. The transaction
also included NCC’s shares in a joint venture with land holdings in
Norrköping and elsewhere. HSB and Stångåstaden conducted an
exchange deal of 190 development rights in Övre Vasastaden for
rental units in Berga. The property in Berga, Luftspanaren 1, comprises around 14,700 square metres. Along Ryds Allé, Stångåstaden
has built student housing in the form of modules, comprising 25
apartments of around 25 square metres. Construction was completed in a record-fast eight months.
Among the largest players on the commercial rental market in
Linköping are Garnisonsfastigheter, Ikano, Klövern, Lundbergs,
Lilium and Sankt Kors. Heimstaden acquired all shares in Henry
Ståhl Fastigheter. The transfer includes some ten properties in
Linköping and properties in Norrköping and Örebro. In Linköping,
the properties are centrally located, except two located in Mjärdevi. The properties primarily house retail and office premises. The
purchase includes Decimalen 17 where Swedbank is the largest
tenant and Boklådan 7 where Danske Bank is a tenant. Lundbergs
renovation and extension project on the Åhlénshuset is now in full
swing. ÅF has decided to combine its Linköping offices and move
in to the block at a rent of around SEK 2,000/sq.m. At Roxviksgatan 8 in Tornby, X-force Factory Fitness moved in at the beginning
of the year. They rent around 3,500 square metres from Cramlot.
Last year, Leos Lekland also moved into the property. In Galleria
Gränden, Lundbergs has leased to Polarn och Pyret.
Major owners of special-purpose properties in Linköping are Akademiska Hus, BoTrygg, Hemsö, the municipality, the county council
and Isidorum. New construction projects for both schools and preschools are continuing in Linköping. The municipal Lejonfastigheter
has begun extensive work on converting Elsa Brändströms Skola
to a middle school. The school previously housed adult education,
but was vacant in recent years due to renovation needs. Since the
Pentacostal Church bought Cupolen (Folkets Park), they sold the
property Absalon 19 to a local company. A detailed development
plan proposal for student housing and commercial premises is now
up for review.
Index
Ranking
2015:1 2014:2 2014:1
2013:2
2013:1
51
46
48
45
50
7
9
7
9
8
Rent
(SEK/Sq. m.)
Yield
%
1,200 – 2,000
5.75 – 6.75
9,000 – 18,000
Secondary
900 – 1,550
6.75 – 7.75
5,000 – 12,000
Tertiary
600 –
900
7.75 – 9.00
4,000 – 7,000
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 – 5.00
12,000 – 24,000
Secondary 1,100 – 1,350
4.25 – 5.25
9,000 – 18,000
Tertiary
5.00 – 6.50
5,500 – 12,000
OF F I CE
Primary
Assessed values
(SEK/Sq. m.)
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
Large owners of industrial and warehouse properties include
Cloetta, Klövern and Saab. Linköping Municipality also has substantial holdings of around 126,000 square metres. Galjaden
Fastigheter acquired Glasburken 1 in Tornby from Arla Foods. The
property is fully let to Arla and Axfood Snabbgross. In Linköping,
the company already owns the undeveloped Glasbiten 2 in the
same area together with CA Fastigheter. Here, a building products
centre is planned encompassing around 4,500 square metres.
CybAero, a company that develops unmanned helicopters, has
decided to invest in a test facility in Mjärdevi with the industry’s most
sophisticated equipment. In recent years, sales activity in respect
of industrial and warehouse properties has been relatively constant
around some 30 sales per year.
IN FOCUS
At the end of 2014, Region Östergötland owned some 618,000
square metres of office premises and leased about 100,000 square
metres. The largest tenant is the University Hospital in Linköping
with nearly 600 beds. Here, both basic healthcare and high-tech
specialist care as well as education and research are conducted. All
medical specialities except organ transplantation are represented
and several of the hospital wards present top class results. The
hospital also has a national assignment through qualified care in
the burn unit and the high isolation unit for extremely infectious
patients. A major conversion and new construction is under way at
the University Hospital to be able to meet the need for health care,
research and education in new modern environments. All treatment
rooms are single rooms for greater patient safety and integrity. The
new buildings comprise 66,000 square metres and the project’s
budget totals approximately SEK 3.8 billion. The project is scheduled for completion in 2020.
TRANSACTIONS
Object
Property type
Date
PriceArea
(SEK, thousand)
(sq. m.)
Seller
Buyer
1 Ishalkan 18
Residential (project)
Dec-14
120,000
4,700
Peab
Slättö Förvaltning
2 Elitseglaren 1
Land
Dec-14 70,000
14,700
NCC
Lundberg
3 Glasburken 1
Industrial
Dec-14 Unknown
6,900
Arla
Galjaden Fastigheter
4 Henry Ståhl Fastigheter
Retail, Offices & Residental
Nov-14
3,700,000*
350,000
Henry Ståhl Fastigheter
Heimstaden
5 Absalon 19
Special-purpose
Sept-14
30,500
–
Sionförsamlingen
ATM K30
* The estimated purchase price and area pertain to the whole company
FOCUS HELSINGBORG
22
Helsingborg
52
Charlotte Pettersson
[email protected]
At the start of the year, Midroc sold Phase 1 of the office, retail and hotel project, Metropol. This project, and other projects
planned in the neighbouring area, are signs that the city-development project H+ has now gained true momentum. New residential
construction activity has also accelerated in the shape of projects including Mariastaden and Furutorpsparken.
Abato, Akelius, Brogripen and Rikshem are large private players
in the housing segment in Helsingborg. Following a couple of
years of fervent transaction activity, with Rikshem as a buyer in
a number of major transactions, transaction volume has declined
in the past six months. Instead, the number of new-build projects
has taken off. In Mariastaden, a number of projects are under way
with BoKlok, Rikshem and Wallenstam, among others, as building
proprietors. At Slottshöjden, a truly prime location in Helsingborg,
the municipal housing company Helsingborgshem is building 100
rental units with occupancy scheduled for the end of 2015. Rents in
this project range from SEK 1,725 to SEK 2,035 per sq. m., which
is regarded as relatively high. Rents for new builds are normally
considered to be in the range of SEK 1,600 to SEK 1,800 per
sq. m. Helsingborgshem is also building 160 student apartments in
Furutorpsparken. In the neighbouring block, K-Fastigheter recently
completed just over 140 student apartments. Offering good housing to students is a feature of the municipality’s goal of becoming
the most attractive student city in Sweden.
The major private owners of commercial properties are Briggen
(Castellum), Diligentia, Norrporten and Wihlborgs. At the end of
January, Midroc divested the first completed phase of the newbuild project Metropol by Konsul Perssons plats. The buyer was
Executive Property. The building contains approximately 10,000
square metres of floor area, divided among office and retail space,
as well as a Park Inn hotel with just over 200 rooms. Phase 2,
with residential properties and offices, will start during 2015. Next
to Metropol, the local property company Jefast is developing the
Söderpunkten mall, through an expansion and refurbishment
project. Jefast has signed a 15-year lease with SF Filmstaden
regarding seven cinema units and offices. Most of the other office
and retail premises are leased or expected to be leased in early
2015. The project is scheduled to start by the summer. The projects
named above represent the starting shot for the city-development
project H+ and will probably also enhance the attractiveness of the
city centre.
Vita Falken and Wihlborgs are two of the major private owners of
special-purpose properties in Helsingborg. Wihlborgs has started
to develop the Polisen 3 property, which is located close to the
Metropol and Söderpunkten projects. In addition to a 15-storey
high office building, the district court’s existing premises are being
expanded. Due to a rising population and an increased number
of disputes involving the business sector, the district court has
nearly doubled its workforce and thus also has an increased need
for premises. During the autumn, Peab started the rebuild of the
Olympia football stadium. The contract amount has increased from
SEK 240 million to SEK 324 million.
Index
Ranking
2015:1 2014:2 2014:1
2013:2
2013:1
52
46
51
50
54
5
9
6
6
6
Rent
(SEK/Sq. m.)
Yield
%
Assessed values
(SEK/Sq. m.)
1,450 – 2,150
6.25 – 7.00
12,000 – 19,000
Secondary 1,000 – 1,500
7.00 – 8.00
9,000 – 12,000
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
OF F I CE
Primary
R E TAI L
Primary
600 –
900
7.50 – 9.00
4,000 – 8,000
Primary
500 –
800
7.50 – 8.50
4,000 – 8,000
Secondary
400 –
600
7.75 – 9.25
2,500 – 6,000
Tertiary
350 –
550
8.75 – 10.00
1,500 – 4,000
1,150 – 1,525
3.25 – 4.25
16,000 – 25,000
Secondary 1,150 – 1,525
3.75 – 4.75
9,000 – 16,000
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
Briggen (Castellum), Catena, Kemira Kemi and Wihlborgs are
some of the major owners of warehouse and industrial properties.
In mid-January, Wihlborgs acquired the state-of-the-art retail, warehouse and office property, Kroksabeln 12, with a rentable area of
15,440 square metres. The purchase price was SEK 151 million,
corresponding to approximately SEK 9,800/sq. m. The yield is
expected to be slightly below 7%. The property, which is a leasehold, is located in Berga, where Wihlborgs already owns a large
number of properties. Through the acquisition of Grusbacken 2 in
Väla Södra, Briggen also consolidated its position in an area where
it already owns a number of properties. The property has a rentable area of approximately 2,800 square metres of warehouse and
office space. The purchase price of SEK 22 million corresponds to
approximately SEK 6,300/sq. m.
TRANSACTIONS
Object
Property type
Date
1 Runristaren 1
Retail 2 Kroksabeln 12
Office, Retail & Warehouse Jan-15
3 Grusgången 2
Office & Warehouse
4 Magasinet 3
Office
5 Råå Fritidsgård 1, and others Development rights * Purchase price assessed by NAI Svefa
Feb-15
IN FOCUS
The hospital in Helsingborg is one of Region Skåne’s four specialist
emergency hospitals and is in need of upgrading and expansion. The aim is to create the most modern emergency hospital
in Sweden. Lack of space and the dark, narrow premises are
to be a thing of the past. The project will be in progress for at
least eight years. In 2013, the Danish firm of architects, schmidt/
hammer/lassen, won the prestigious assignment to design the
40,000-square-metre new building, which will house premises for
psychiatric care for adults, somatic out-patient care and laboratory
medicine. The main building of the hospital will be refurbished,
primarily to create more hospital beds. The refurbishment and
extension assignment will result in 375 en suite single rooms, which
is 50 care units more than today. The expansion work is scheduled for completion in 2017/2018 and refurbishment of the main
building a couple of years later. During 2015, temporary pavilions
will be erected to house parts of the hospital operations during
the construction period, the in-door car park will be expanded
and refurbishment of two wings of the main building will start. The
project budget totals approximately SEK 4.3 billion.
Price
(SEK, thousand)
Area
(sq. m.)
Seller
Buyer
100,000*
7,315
Pensionsfastigheter Sverige Lantmännen Fastigheter
151,000
15,440
Private individual
Wihlborgs
Jan-15
22,000
3,500
JKAB Arkitekter
Briggen (Castellum)
Oct-14
34,000
2,300
Buffin Real Estate Sweden Balder
Sept-15
27,400
9,140
Helsingborgs kommun
Riksbyggen
FOCUS JÖNKÖPING
24
Jönköping
52
Per Skrealid
[email protected]
The conversion of Munksjö’s old industrial area into a city district with mixed development has begun. Tolust,
Riksbyggen and Kommunal have projects underway in the area. The first stage comprises a profile building of 16 storeys that will
house offices, restaurants and a gym. Saab is relocating its business from Jönköping to Huskvarna.
The large private owners include CA Fastigheter, Din Bostad, HSB,
Jönköpings Bygginvest, Lundbergs, Riksbyggen, Vätterbygdens
Byggnads AB and Willhem. There is a large housing shortage in
Jönköping and more housing is required for continued development of the municipality. The first stage of the new city district
Munksjöstaden has begun and initial occupancy is estimate to take
place in autumn 2016. Munksjöstaden is a part of Munksjö’s factory
area that is being developed into a mixed city district in line with
the vision of Jönköping Municipality, Urban Planning Vision 2.0.
This stage comprises both apartments and commercial premises
as well as a preschool. The residential buildings will be four to 11
storeys high. Tolust is building around 150 apartments in the area,
Riksbyggen around 250 tenant owner flats and Kommunal around
160 rental units. HSB has begun more construction in the Stenhuggaren block at Kålgården in central Jönköping. In autumn 2016, 47
tenant owner apartments will be completed. There is considerable
interest in the units. In February, there were only four units left for sale.
The local market is dominated by such players as Alecta, Corallen
(Castellum), Ekblads, Lundbergs, Norrporten and Tosito. Tolust has
begun the construction of a 16-storey profile building in the first
stage of Munksjöstaden. The construction will comprise around
8,500 square metres and will house offices, restaurants and a
gym. Tenants in the building include Evry with 3,000 square metres
of office space over six storeys, the exercise facility Cardio Club
and the healthcare company Wetterhälsan, which is renting 1,250
square metres. Alecta is expanding the A6 area with a retail building
of 2,100 square metres. In October, the building will be inaugurated with such tenants as Pizza Hut, ChopChop Asian Express,
the equestrian shop Hööks and Djurmagazinet. NCC is building a
5,000 square metre office building for Västerhuset in the Rosenlund
area at E4 and Kinnarps Arena. The construction assignment is
worth SEK 85 million and tenants are NCC and Sensys Traffic. This
is Västerhuset’s third stage in the area. Premises have previously
been built for Stenbergs and last year a warehouse store was built
for Netonnet.
Jönköping University properties, the County Council, Månsarps
Förvaltning and Norrporten are major owners of special-purpose
properties in Jönköping. The Municipal Council has made a
decision to buy a property in the A6 area from Alecta. A large part
of the property will soon be vacated and the municipality intends
to relocate around 500 workstations to the building. In western
Jönköping, Hemsö is building premises for the Vittra voucher
school in the new Samset residential area. NCC has won the construction contract. The investment amounts to around SEK 70 million for 2,750 square metres with space for around 400 students.
Occupancy will take place in the autumn term.
Index
Ranking
2015:1 2014:2 2014:1
2013:2
2013:1
52
53
54
55
52
5
4
4
4
7
Rent
(SEK/Sq. m.)
Yield
%
Assessed values
(SEK/Sq. m.)
1,300 – 2,000
6.00 – 7.00
12,000 – 18,000
Secondary
900 – 1,800
6.75 – 8.50
6,000 – 13,000
Tertiary
800 – 1,200
7.50 – 9.00
4,000 – 8,000
1,500 – 4,500
5.50 – 7.00
15,000 – 40,000
Secondary
800 – 1,800
6.25 – 7.75
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
7.50 – 9.50
2,500 – 6,000
Tertiary
300 –
550
8.00 – 10.00
1,800 – 4,500
Primary
925 – 1,375
3.50 – 4.50
12,000 – 25,000
Secondary
875 – 1,325
4.00 – 5.00
10,000 – 19,000
Tertiary
800 – 1,225
4.50 – 6.00
7,000 – 12,000
OF F I CE
Primary
R E TAI L
Primary
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. Saab is moving
its entire operation in Jönköping to Huskvarna in May 2015 to July
2016. Hemfosa acquired two properties where Skanska is building
office and production premises of around 11,600 square metres,
of which around 8,500 square metres is office space and around
3,100 square metres is production space. Saab has signed a
20-year lease. Skanska’s investment amounts to SEK 180 million.
New establishments are taking place in the Torsvik logistics area.
Pappersgrossisten is moving from the Södra Munksjön conversion
area to new premises of around 3,000 square metres. Elgiganten’s central warehouse is estimated to be too small and detailed
development planning is under way for a new high bay warehouse.
Prologis Park has signed a contract with Papyrus Supplies for just
over 17,000 square metres of logistics space.
IN FOCUS
Regionfastigheter is a strategic function in Jönköping County as
a property owner, but also largely as a service function. Issues
regarding premises are of major significance in connection with
decisions on investments in new operations or when propertyimpacting development of operations may occur. The County
Council’s property holdings amount to around 560,000 square
metres and around 71,000 square metres is lease for County
Council operations. The portfolio comprises three emergency hospitals, healthcare centres, folk high schools, agricultural high-school
programs and the Spira Cultural Centre. Premises costs account
for around 5.5% of the County Council’s net expenses and property
investments amount to an average of SEK 300-400 million per year.
The County Council’s on-going or recently concluded construction
projects comprise the renovation of the haematology medical ward
at the Ryhov County Hospital and the renovation and extension of
the oncology ward’s premises for radiation treatment.
TRANSACTIONS
Object
Property type
Date
PriceArea
(SEK, thousand) Area (sq. m.)
Buyer
14,000
Alecta
Municipality of Jönköping
1 Valutan 1
Offices & Education
Dec-14 2 Orsa 6, etc.
Residental
Dec-14 120,000 –140,000*
11,000
MNK Fastighetsförvaltning CA Fastigheter
3 Valplatsen 2, etc.
Retail & Industrial
Dec-14 120,000 –130,000*
19,800
Medipower Jönköping
Nivika Holding
4 Trastboet 11
Residental
Dec-14 7,200
540
Private individual
Moa Förvaltning i Jönköping
5 Musketören 1
Residental
Sept-14
9,600
16,330
Private individual
Brf Västersol 1
135,000
Seller
FOCUS UMEÅ
26
Umeå
49
Andreas Rutström
[email protected]
The retail segment is experiencing strong growth in the municipality, primarily as a result of the on-going construction
of the city’s first Ikea store together with Ikano Retail’s adjacent shopping centre with 90 stores that are beginning to be booked
up. AxFast is building a new large warehouse of 22,000 square metres for Martin & Servera.
Allmännyttan Bostaden is a very strong player on the residential
market in Umeå and manages just over half of the city’s rental
housing. The largest private player is Lerstenen. Other players with
significant portfolios are Akelius, Diös, Franklin Fastigheter and
Umehem. Peab and HSB have followed up their previous cooperation from Sandåkern through new cooperation in Olofsdal by
Mariedal. The parties jointly own the land where they are planning
for 600 new homes in the next five to eight years. The sale of stage
1 comprising 60 tenant owner apartments commenced at the end
of 2014. Within Böleäng where Bostaden had previously decided
to demolish around 70 apartments, it is now clear that around 180
apartments will be built with the Combo-building concept, which
is based on a nationwide SABO procurement. The concept is
developed to allow public utility companies to build both faster and
cheaper. Bostaden also has projects under way at Liljansberget,
two tower blocks with a total of 46 apartments with occupancy
during the summer.
The commercial property market is dominated by players such
as Balticgruppen, Diös, Gazette, Lerstenen, Norrporten, NP3
Fastigheter and Umehem. The retail sector has been the subject
of a great deal of investment in recent years, which is expected
to continue in the future. One example of this is Ikano Retail’s
construction project next to the new Ikea at Entré Syd where the
overwhelming majority of the some 90 store premises are beginning
to be booked. For several of the tenants, this will be the first establishment in northern Sweden. The inauguration is planned for spring
2016. In the Utopia city galleria, which is owned by Balticgruppen,
H&M will expand its space to a total of some 2,800 square metres
as a part of its first venture in Norrland on its own H&M Home
concept. At the Laxen block at the waterfront promenade on
the Umeå River, Balticgruppen has plans to build two buildings
of around 7,000 square metres of office space designed by the
architect Gert Wingårdh. Although the company does not have any
booked tenants, the start of construction is planned to begin as
early as within the year.
Besides the municipality, which is the largest player in the city, other
large owners of special-purpose properties include Akademiska
Hus, Akelius, Bäckbacka, Gazette and the county council. A high
school and a preschool will be built on the land that Akademiska
Hus recently sold at Liljansberget in Umeå. In the area, around
280 student apartments will also be built on land adjacent to the
IKSU sports facility and Campus Umeå. Svenska Studenthus AB is
buying the land and intends to build 280 one-room flats with occupancy scheduled for the autumn 2016 semester. Academedia /
NTI-skolan is leasing just over 850 square metres on Vasagatan
from Diös.
Index
Ranking
2015:1 2014:2 2014:1
2013:2
2013:1
49
50
47
45
50
8
6
9
9
8
Rent
(SEK/Sq. m.)
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 –
800
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
3.75 – 5.00
12,000 – 25,000
Secondary
900 – 1,400
4.75 – 5.75
9,000 – 16,000
Tertiary
850 – 1,100
5.75 – 6.75
7,000 – 12,000
OF F I CE
Primary
R E TAI L
Primary
I NDUST R I AL
R E SI DE NT I AL
Primary
FOCUS UMEÅ
27
The large players include the city’s large industrial companies, such
as Norrmejerier, SCA and Volvo. NP3 Fastigheter, which acquired
a large number of properties in 2014 along the Norrland coast, is
now also one of the large players in the city. At the end of the year,
another purchase was made at Västerslätt from one of Aberdeen’s
property funds. The property has a builder’s trade firm as the
largest tenant, but also some vacancies. In addition, NP3 divested
an undeveloped industrial plot in the same area with access for
the buyer, Getten Invest, in March. At the new goods station at
Västerslätt, under the name NLC Park (Nordic Logistic Center),
Axfast acquired land from the municipality to build a highly modern
logistics facility of around 22,000 square metres with a cold-storage
depot. The tenant for the building is Martin & Servera.
IN FOCUS
The Västerbotten County Council is responsible for health and
medical care, regional development and public transport. The
County Council also provides education at two folk high schools
and cultural activities. The Property operations unit is responsible
for the County Council’s property portfolio including both strategy
and implementation of maintenance and renovation and new construction. The property portfolio comprises around 530,000 square
metres. Norrlands University Hospital in Umeå is the regional hospital for the Northern Healthcare Region, which comprises the county
councils of Västernorrland, Jämtland, Västerbotten and Norrbotten.
The hospital is responsible for highly specialised care and service
to around 880,000 people over half of Sweden’s area. The hospital
is also responsible for medical training and research. The county
councils have decided to build housing for relatives of severely ill
children on the hospital campus in Umeå. The County Council and
the association Hjältarnas Hus have signed an agreement where
the County Council will construct the building at a cost of around
SEK 30 million and then lease it to the association, which will be
responsible for the activities. The building is estimated to be completed at the end of 2016.
TRANSACTIONS
PriceArea
Object
Property type
Date
(SEK, thousand)
(sq. m.)
Seller
Buyer
1 Montellsgärdet 2
Residential
Feb-15
88,000
4,875
Akelius
Brf Montellsgärdet 2
2 Schablonen 2
Land
Feb-15
2,500*
5,725
NP3 Fastigheter Getten Invest
3 Vevstaken 9
Retail
Dec-14
41,000
10,500
Aberdeen
NP3 Fastigheter
4 Motståndet 3
Industrial
Dec-14
31,000
10,250
Hemfosa
Umeå Logistikpark
5 Logistiken 3
Land
Dec-14
10,000*
70,000
Axfast
Umeå Municipality
OM SVENSK FASTIGHETSMARKNAD
28
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 2015. Swedish Property Market Focus on Eight Cities spring 2015 contains
analyses and data on eight submarkets in Sweden and on assessed values in March 2015.
A table of assessed values is available for each sub-market. 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
includes (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 offices, where the red area shows the AA locations, light red
the primary locations while the remainder are secondary locations.
nnn
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 2014
SVEFA REAL ESTATE
29
Svefa Real Estate
What is happening on the market? What does the price trend look like and what sales have been made?
Precise, updated and readily available information on properties is a basic prerequisite for every successful player on the property
market.
PROPERTY TRANSACTIONS
To be able to provide razor-sharp analyses and products for the
property market, the quality of the underlying information is naturally
of the greatest importance. NAI Svefa currently uses its proprietary
property system RealEstate, which is our web-based modular local
sales comparison system. RealEstate contains detailed information on all registered transactions for all properties since 1988 and
information on sales of tenant owner flats from Mäklarstatistik AB
since 2005. The system provides the latest price information on
all property types – large buildings, single-family homes, tenant
owner flats and agricultural holdings. With a large number of search
criteria and an easily comprehensible presentation, RealEstate is a
valuable partner for professional players on the property market.
MARKET INFORMATION
RealEstate also contains a module with market information for
commercial properties where NAI Svefa’s nationwide corps of
consultants performs quarterly assessments of required returns,
vacancies, rent levels and M&O for various kinds of properties and
locations. Today, the system is used by a large number of players
active on the Swedish property market, such as banks, property
companies, authorities, municipalities and property consultants.
OBTAINING A LICENCE
RealEstate can benefit your organisation or company on several
levels. NAI Svefa offers tailor-made licence packages for your actual
needs. For example, different modules can be put together with just
the property types and markets you want.
TEST VERSION
With the aim of demonstrating the system and its many advantages, we have a demonstration account that contains all modules
and live data, but is limited geographically to Örebro Municipality. Here, anyone interested can test the system free of charge
and familiarise themselves with all of its advantages and possibilities. To get access to a username and password for the test version, please contact Peter Möller, Business Area Manager for Property Information, by e-mail [email protected] or by phone at
+46-70-564 16 49.
ABOUT NAI SVEFA
30
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 major property
companies, investors, construction companies and banks to small local property businesses 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 a local market presence throughout Sweden, our 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 your customer’s property
company look like? What markets should your 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 your customer paying the right tax
for his property? What development right content creates the best
potential for being implemented 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 advisers 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 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 improve property
holdings and guide customers through property law and administrative processes. We are particularly specialised on 3D property
registration. We help all parties concerned to reach an agreement
on land access routes in conjunction with the planning and expansion of infrastructure.
TRANSACTIONS AND RENTING
Transactions work 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, retail and logistics facilities. We conduct project
renting, market research, advisory services and demand analyses.
CORPORATE MANAGEMENT
Mikael Lundström
Gustav Källén,
Ylva Melhus
Mikael Holmström
Åsa Henninge
Peter Möller Mattias Leksell
Helena Dalhamn
Paul Nord
Jan Tärnell
FACTS
CEO
Deputy CEO / Investments
CFO
Senior Advisor
Analysis
Property Information
Property Development
Land Development
Forest and Land Properties
Valuation
Owners: Staff-owned since 1997
Number of employees: 130
Sales: SEK 170 million
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.
REFERENCE ASSIGNMENTS
31
Reference Assignments
WE WAN T T O THA NK YOU F OR E NT R US TI N G U S W I TH Y OU R BU SI N E SS I N TH E PAST Y E AR!
VALUATIONS FOR FINANCIAL
REPORTING
REPORTING
REPORTING
Valuations for financial reporting of
a number of properties in Uppsala, Göteborg and the inner city of
Stockholm. The properties primarily comprise office properties with
elements of retail.
Valuations for financial reporting of a
number of properties in the inner city
of Stockholm and central suburbs as
well as Solna and Sundbyberg. The
properties are primarily comprised of
office properties.
Valuations for financial reporting of
properties in Luleå, Umeå, Sundsvall, Stockholm and Jönköping
among others.
URBAN DEVELOPMENT
PROPERTY REGISTRATION
URBAN DEVELOPMENT
Development of strategies to assess
the implementability of the vision for
new the central Vallentuna area.
Process support and advice on
detailed development plans and
3D property registration in connection with the development of
Tumba Centrum and new residential
properties.
Project management in connection
with the development of new detailed development plans for residential properties in the conversion
area of Storängen.
PROPERTY DEVELOPMENT
URBAN DEVELOPMENT
MANAGEMENT
AND GOVERNANCE
Terminal Real Estate Sweden AB
Assignment to project manage,
identify and develop new uses for
Tomteboda terminal in connection
with PostNord AB vacating the
property in spring 2015.
Assignment to develop and drive the
programme process for the detailed
development plan for residential units
on previously undeveloped land.
1,000 P L ANNE D R E S I DE NT I AL UNI T S
Commercial project management
for ICA Fastigheter’s land allotment
in Barkarby. Including: Master plan,
concepts, development and rental.
Contract preparation and negotiations with large players in retail,
service and restaurants.
SALES ADVISORY SERVICES
Sale of a property portfolio with 39
properties of a total of 83,500 square
metres. The portfolio included preschools, schools, homes for the elderly,
sports centres and development rights.
Sales of the centrally located Läkerol
and confectionery factory in Gävle,
which after demolition is a development
right comprising around 70,000 square
metres in gross total area.
Sales of the converted part of the previous P10 area in Strängnäs. The area
currently houses school operations
totalling 29,200 square metres.
L AND AR E A 70,000 S Q.M.
SEK 1.8 B ILLION
DEVELOPMENT RIGHTS 70,000 SQ.M. GTA
29,200 S Q.M.
ABOUT NAI SVEFA ANALYSIS
32
About NAI Svefa Analysis
Behind a successful property business, there is always an analysis of the market’s conditions and the financial potential. Behind
every feasible property-development project is always an understanding of market demand and social development. With expertise
in property economics, real estate ownership and urban development, we have the ability to understand our customers’ property
business and identify their needs and challenges. Our combined analysis forms the basis for our consultation.
NAI Svefa Analysis is active throughout Sweden and cooperates
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 and advice in preparation for continuous property management, investment decisions, property
strategies, restructuring 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 leading area experts at NAI Svefa, we have considerable experience of putting together at short notice project teams for
various types of complex property inquiries staffed by employees
with solid experience of and specialist expertise in property inquiries for planning, land acquisition or property development at early
project stages in addition to 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 for investment decisions or as a basis for annual
reports, business planning and strategy work. Analyses in early
phases ahead of land acquisition, planning and property development
projects with the aim of creating conditions for financial feasibility.
TAX CONSULTANCY
Analysis of a property’s specific characteristics, buildings and as
well as rental conditions as a basis for filing a tax return on a property and for adjustment of a property taxation decision.
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 analysis provides a foundation for
the property strategy and contains proposals on which properties,
over the long term, should be owned, developed or divested.
ECONOMIC DUE DILIGENCE
(REAL ESTATE)
MARKET ANALYSIS
ESTABLISHMENT STRATEGY
Consulting support for economic
due diligence prior to the sale of a
property portfolio with 39 properties
totalling 83,500 square metres. The
portfolio comprised preschools,
schools, homes for the elderly and
sports centres.
Drafting establishment strategies for
businesses in Norrköping and process support for finding an optimal
location for every business based on
the physical and market conditions of
various sub-markets.
Åsa Henninge
Business Area Manager
– Analysis
[email protected]
Phone +46-31-708 32 85
Niclas Fransson
[email protected]
Phone +46-31-708 32 93
Thomas Green
[email protected]
Phone +46-40-660 81 46
Kristian Ekbom
[email protected]
Phone +46-8-402 18 91
TAX CONSULTANCY
Review of properties with unique
conditions as a basis for the adjustment of incorrect property taxation
decisions.
Fredrik Jönsson
[email protected]
Phone +46-8-402 18 96
Felix Ridderström
[email protected]
Phone +46-8-441 15 58
Lena Egerström
[email protected]
Phone +46-8-402 18 98
RUBRIK
33
Contact Us
STOCKHOLM
MALMÖ
Drottninggatan 78
Box 3316
103 66 Stockholm
Tel: +46 8-441 15 50
MORA
HEAD OFFICE
FALUN
Trotzgatan 35
791 72 Falun
Tel: +46 23-480 30
GÄVLE
Kyrkogatan 12
803 20 Gävle
Tel: +46 26-17 54 40
GÖTEBORG
Ullevigatan 19
411 40 Göteborg
Tel: +46 31-711 63 00
HÄRNÖSAND
Brunnshusgatan 6
871 31 Härnösand
Tel: +46 611-247 05
JÖNKÖPING
Södra Strandgatan 3
553 20 Jönköping
Tel: +46 36-30 71 10
KARLSTAD
Våxnäsgatan 3, 2 tr
653 40 KARLSTAD
Tel: +46 54-10 03 20
LULEÅ
Bryggeriet
Västra Varvsgatan 3,
vån 3B
972 36 Luleå
Tel: +46 920-21 11 00
Nordenskiöldsgatan 6
211 19 Malmö
Tel: +46 40-660 81 40
Strandgatan 8
792 30 Mora
Tel: +46 250-158 58
NORRKÖPING
Skolgatan 1B
602 25 Norrköping
Tel: +46 11-13 46 60
SUNDSVALL
Storgatan 29
852 30 Sundsvall
Tel: +46 72-244 37 72
UMEÅ
Västra Norrlandsg. 11D
903 27 Umeå
Tel: +46 90-12 75 25
VÄNERSBORG
Sundsgatan 16
462 33 Vänersborg
Tel: +46 521-621 00
VÄXJÖ
Videum Science Park
P G Vejdes väg 15
351 96 Växjö
Tel: +46 470-74 60 60
ÖREBRO
Vasastrand 11
Box 493
701 49 Örebro
Tel: +46 19-10 01 20
ÖSTERSUND
Postgränd 8A
831 30 Östersund
Tel: +46 63-10 75 40
www.naisvefa.se

Swedish Property Market

Transcription

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