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Close up Akademiska Hus’ MD back in the industry

Sweden today MD of Jones Lang Lasalle on an attractive market

Investors Here are the biggest international investors in

Sweden

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f you want to establish your company in Northern Business Establishment & Relocation is a ”one-stop- IEurope, the Gothenburg Region is the place to go. shop” which aims at simp- Here we have ensured sustainable growth on each lifying the establishment process by offering: and every level. We can offer suitable premises and * Database for available land a well-established cooperation between commercial and premises and industrial life, universities and the public sector. * International Schools We continue to strive forward, towards even greater * Qualified Advisors growth and a brighter tomorrow. For you, your * Real Estate/Home Brokers business and for the environment. * Recruitment Consultants and much more!

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Annons_Fastighetssverige_480x285_3_2012.indd 1 2012-08-27 10:23:14 [ Editorial ] THE CO-PRINCIPLE: STICKING TOGETHER NO Hot Expo Real extends the summer for cold northerners MATTER WHAT. Now at the start of August I dropped down into my editing chair with a surprised expression on my face – what had happened? Were the holidays really finished? It felt as though they’d only just begun. The memory of sunny days by the sea and delicious barbeques still linger.

Now that the summer is most definitely over up here in the north (because it finishes in August, and September brings in the autumn), it feels good to have Expo Real to look For us up here, it’s forward to. For us up here, it’s virtually comparable virtually comparable to co- to coming down to the ming down to the Mediterra- nean for a few extra days – it VISIT US: Mediterranean for a is after all at least ten degrees few extra days. warmer in Munich than in Hall B2, Booth 234 Stockholm in October. stands, we’ll be present at the press booth and we’ll supply daily newsletters with the latest news, interviews and slide It’s not a complete shot in the dark to say that the discussion presentations directly from the trade fair floor. In short, at this year’s Expo Real will once again be characterised by everyone who wants to be updated as to what’s happening the global economic situation and the financing situation at this year’s Expo Real will be through one or the other of our – is it really reasonable for the banks to have tightened the channels. screws so hard and fast as they have done? See you at the trade fair! In any case, Fastighetssverige will find itself at the centre of the discussions, ready to capture the titbits and deliver them Eddie Ekberg to you as readers. We’ll also have leaflets on all newspaper Chief Editor at Fastighetssverige

publisher: Rolf Andersson, [email protected] publishing company: Fastighetssverige AB, Trädgårdsgatan 1, SE-411 08 Göteborg, Sweden. Phone: +46 31 13 91 16, e-mail: [email protected], www.fastighetssverige.se editorial staff: Eddie Ekberg, [email protected] • Nicklas Tollesson, [email protected] • Therese Aronsson, [email protected] guest author: Cecilia Hermansson administration: Therese Eriksson, [email protected] To attain a competitive edge, a good partner is essential. This is why PATRIZIA values long term personal advertising sales: Rolf Andersson, [email protected] and trustworthy client relationships. We only recommend investments to our customers which we ourselves Layout and production: Lokalförlaget i Göteborg AB: Tove Ekman • Eva Mellergårdh Wernersson • Joanna Nyholm printing: Billes Tryckeri AB are invested in – because we are convinced that respec t and responsibility are indispensable requirements Distribution: Posten and CityMail in providing sustainable growth and values. cover: David Schmidt

It’s authorised to quote from Fastighetssveriges articles if you adequately site the source. The permission from the publisher is required if you wish www.patrizia.ag/co-principle to reproduce articles or illustrations in full. The paper isn’t responsible for received material, which has not been ordered.

4 fastighetssverige #3/2012

RZ_Anzeige_Patrizia_240x285_en_1.indd 1 22.08.12 09:35 THE CO-PRINCIPLE: STICKING TOGETHER NO MATTER WHAT.

VISIT US: Hall B2, Booth 234

To attain a competitive edge, a good partner is essential. This is why PATRIZIA values long term personal and trustworthy client relationships. We only recommend investments to our customers which we ourselves are invested in – because we are convinced that respec t and responsibility are indispensable requirements in providing sustainable growth and values.

www.patrizia.ag/co-principle

RZ_Anzeige_Patrizia_240x285_en_1.indd 1 22.08.12 09:35 [ Xxxxxx av Eddie Ekberg ] 74

38 contents 28 . Macroanalysis 8 Swedbanks chief economist on Sweden’s economic development.

. sweden today A review of the Swedish property market.

. news in brief Latest news from the industry.

24. analysis What´s going to happen on the market the coming year?

2. close up Kerstin Lindberg Göransson is back in the property industry.

32. networks Acacia wants to see more women in top jobs.

36. the profi le Henrik Granström – the industry’s most tenacious MD? 10 3. transactions Current news from the transactions market in Sweden. 36 42. this is the swedish property industry A presentation of the key companies on the market.

66. legal matters Swedish property company risks major tax blows.

6. construction The construction of housing must increase in Stockholm.

2. alternative investment Clarifi cation makes wind power investments more attractive.

4. Housing Billions invested in housing in Uppsala.

32 Macro analysis Swedbank´s chief economist Cecilia Hermansson gives her view of Sweden’s economic position.

Swedish economy going well but could do even better

Is the glass half full or half empty? Sweden’s ping countries like China are also having problems maintaining economy can be viewed in different ways their growth. The financial stability is under threat in the Euro depending on whether you’re an optimist zone with countries burdened with debt and weak banks causing unease. The Spanish and Italian government bond interest rates or pessimist. have risen strongly and there is a risk that these countries will need help from the support funds set up by the Euro politicians f you see the glass as being half full, it may be because the and from the European Central Bank (ECB). However, there is GDP has grown by 0.8 percent and 1.4 percent respectively great uncertainty as to which frameworks will apply and the un over the first two quarters of this year, which is considerably certainty as to the future of the Euro is increasing. The investment fasterI than expected. The recovery is taking place on a broad climate is also deteriorating in Sweden and the labour market is front since both domestic demand and net export are supporting weakening once again. Swedish households will probably become the growth. The optimist focuses on the fact that Sweden is co more cautious as a result. ping well with the Euro crisis because the country has strong When the crisis releases its grip state finances, households with purchasing power and a com the most likely thing to petitive export sector that is aiming more and more at develo happen is that the Swedish on the surrounding world, it is likely ping countries. The low government bond interest rates and the economy will weaken during that more countries will have advan- stronger krona are the effects of Sweden turning into a refuge the next quarter but that it economy in which it is safer to invest than in countries affected will cope far better than the ced, says Cecilia Hermansson chief by crisis, primarily in the Euro zone. economies in the Euro zone. economist at Swedbank. That is when Sweden has a stronger star there will be a risk of us falling down those who are more likely to see the glass as being half ting point because we are not empty are concerned as to whether the GDP growth really is at the epicentre of the crisis. if we have been too complacent! sustainable, particularly if exports have slowed in spite of every It is possible for us to stimu thing and the strong contribution from net export is linked to late the economy using a monetary and financial policy while the the simultaneous fall in importation. When the recession starts confidence in households and companies is higher. to reach core countries such as Germany and France, it will be In the relative sense, things are going well for Sweden but difficult for Sweden to maintain the favourable trend, particularly the question is, could they not go better in the absolute sense? with the krona gaining in strength. The USA, Japan and develo Unemployment at around 7.5 percent is far too high and many

8 fastighetssverige #3/2012 Name: Cecilia Hermansson. Age: 49. Occupation: Chief Economist. At Swedbank since: 1999. Hobbies: Meets friends, practices yoga and does oil painting. Picture: Nicklas TollessonNicklas Picture: Swedish economy going well but could do even better

long-term unemployed people find it difficult to establish them selves on the labour market. When the growth slows down, unemployment ceases to fall. There is a risk that the Swedish krona will become so strong that some Swedish exporters will have problems with the competition, and this could increase unemployment. Since inflation is not achieving the target of two percent, the real interest rate ought to fall further. This would mean that the krona would weaken or be strengthe ned to a lesser extent and also lead to positive effects on the interest expenses for companies and households, which would lead to greater investments and consumption. The financial policy could also expand to cover more than it currently does, parti cularly since government bond interest rates are low at around 1.40 percent and the debt quota is on the way down towards 35 percent of the GDP – possibly an unnecessarily low level! In frastructure – including properties – and education are fields that need long-term investments, and the yield could then become greater than the loan expenses.

compared with the countries that have the greatest debt and with the Euro zone, which is also wrestling with institutional and internal competition crises, the discussion about how we can drive the economic policy to optimise the development is really a luxury discussion. However, this does not prevent us from doing Double vision. Swedbank’s chief economist Cecilia Hermansson thinks that it. The reform rate needs to be maintained because when the crisis Sweden’s economy can be seen as positive and negative. On the one hand we are releases its grip on the surrounding world, it is likely that more relatively speaking coping much better than many other countries in the Euro zone countries will have advanced. That is when there will be a risk of and on the other hand we can be anxious as to whether the GDP growth really is our downfall if we have been too complacent! sustainable, for example.

#3/2012 fastighetssverige 9 [ Xxxxxxsweden av today Eddie by Ekberg Eddie ]Ekberg ]

– an interesting destination for international capital

10 fastighetssverige #3/2012 – an interesting destination for international capital

He was involved in founding the etrade site Tradera and has worked at GE Capital Real Estate and at the Alfred Berg investment bank, but since the start of the year he has been the MD of Jones Lang Lasalle in Sweden. Daniel Gorosch guides you into the Swedish property market.

Jones Lang Lasalle’s MD Daniel Gorosch is in many ways an example of the way in which the Swedish consultancy industry

has changed in recent years. He graduated as an economist from Picture: Eddie Ekberg Handelshögskolan, has worked in the fi nance sector, and is rela But we’ll have tively young at the age of 41 to be a Managing Director. to wait a while for “Th e Swedish property industry has become more professional and more international, which has led to a dramatic increase in the opportunistic the options for investors. Catella and Leimdörfer used to be the investors, and that’s only players who acted as consultants, but now at least another handful are active. Not only that, the industry has been rejuvena because of the ﬁ nan- ted, which I think is a good vitalising factor compared with pre cing situation. viously when there were a lot of older men who all did business in roughly the same way. Younger people have now come along with a slightly diff erent view of how to do business, and I see that as a very positive thing,” says Daniel Gorosch.

how do you think the swedish property market has developed in recent years? Md. Jones Lang Lasalle’s “I think that it’s developed in two ways. Not only has it become MD Daniel Gorosch.

#3/2012 fastighetssverige 11 HEaltHY MarkEt. Daniel Gorosch thinks that Sweden’s property market is in a good position where international investors will choose to invest. This is partly because the country’s economy is in signifi cantly better shape than in many other countries in Europe. Picture: Eddie Ekberg very much more professional, which was a necessary adaptation was a good to make to an international standard, but it’s also possible to see a football plaYEr strong national dominance of major Swedish institutional players Name: Daniel Gorosch. age: 41. such as Vasakronan and AMF Fastigheter. It is of course linked family: Wife and three with the diffi cult prevailing fi nancial situation where the banks children. are extremely restrictive with their lending and also demand a occupation: MD of Jones Lang Lasalle in large share of equity. Th e “normal market” will not function for Sweden. a good while yet. One positive signal, however, is that American car: Volvo. Goldman Sachs recently made an acquisition in Paris. Th is means home: House on Lidingö in Stockholm. that that they’ve got back into gear and maybe they’ll soon start hobbies: “Taking the looking at Sweden again.” children to and from football training most What does the ﬁ nancial situation in sweden look like compa- of the time, but I do red with the rest of europe? manage to join my personal trainer a few “We recently had a European meeting at Jones Lang Lasalle and times at the gym every the situation in Sweden clearly stood out as being much more week.” bonus fact: Was a good stable than on most of the other markets. Fundamental econo football player in the mic foundations in Sweden are good as regards things such as Stockholm team AIK up employment, growth, GDP and interest level parameters, and we until junior level. know that investors look at these parameters when they are going to invest, so Sweden’s in a good position. Many people also think it’s positive that we did not join and are not aff ected by the Euro.

12 fastighetssverige #3/2012 facts Sweden

international investments in sweden

In short, Sweden is perceived as a very interesting destination for international capital. Not only that, several international investors such as Invesco, Rockspring and Grosvenor are extremely active type of byer on the Swedish market at the moment. Mind you, we’ll have to wait a while for the opportunistic investors because of the fi nan cing situation. I’m sure they’ll come though; in spite of everyth ing, Sweden is the fourth largest investor market in Europe, and those who have been here before have done very good deals and are very likely to return.” how healthy is the swedish property market compared with the rest of europe? “Th e Swedish market is very good, healthy and strong. We cleared type of seller out most of the bad investments through the big Kefren auction last autumn, for example. Several other markets such as Denmark and several other southern European countries have a very long way to go in that perspective.”

Which segments do you think the foreign investors will next look at in sweden?

“I think they’ll primarily be interested in commercial, ware Source: JLL housing and logistics.”

#3/2012 fastighetssverige 13 SWE

Picture: Eddie Ekberg

[ Xxxxxx avfacts Eddie Ekberg ] Sweden oﬃ cial name: The Kingdom of country in Western Europe. Sweden. forests: 53 %. Mountains: 11 %. capital: Stockholm. lakes and rivers: 9 %. Cultivated political system: Constitutional land: 8 %. Monarchy. language: Swedish. 85 percent of head of state: King Carl XVI Gustaf. Swedes aged over 15 also speak How do you population: 9.45 million. English, at least to conversational religion: 80 % belong to the level. Evangelical Lutheran Church of time zone: GMT + 1 hour (end Sweden. October–end March)GMT + 2 hour average life expectancy: Men 78 (end March–end October). want to years. Women 82 years. gdp per capita: $ 51,804 (SEK the proportion of adults aged 398,490/€ 35,864) Source: IMD – with higher education: 34,5 2009. percent. exchange rates: SEK 1 = € 0.11 live in later population density: 22 per km2 SEK 1 = $ 0.16 (15 feb 2011). area: 450 000 km2. Third largest currency: 1 krona = 100 öre.

invEstor guidE. Jones Lang Lasalle’s MD Daniel Gorosch would take an international investor to the area around the central station in Stockholm in the fi rst instance. years?

how come? oﬃ ce stock Sum of Total Stock (in ’000s) “Because the Swedish institutions didn’t earmark these particular Year 2012, Quarter 1 segments as prime target, which means that they feel no direct Paris ......  4 competition for the properties, plus the fact that the yield levels London ...... 0 19 Munich ...... 19 891 in these segments are higher than they are in the offi ce segment.” Berlin ...... 16 998 Madrid ...... 14 1 how can the swedish institutions have missed these seg- Hamburg ...... 14 31 ments? Moscow ...... 13 343 Brussels ...... 13 03 “It’s diffi cult to say. People have simply chosen their paths and are Milan ...... 1 31 focusing on offi ces. Competence in the organisations has been Frankfurt ...... 11 98 built up mainly on the basis of offi ce properties.” stockholm ......  26 Dusseldorf ...... 8 94 Amsterdam ...... 6 444 Where will most of the investments in the swedish property Barcelona ......  943 market come from? Lyon ......  44 The Hague ...... 4 396 “Primarily from Germany and the UK, and we can see a new Warsaw ...... 3 64 interest being awakened on the part of Norway. Th ose cases are Dublin ...... 3 619 concerned with good quality direct investments and secure, stable Rotterdam ...... 3 99 Luxembourg ...... 3 480 Ninety four percent* of people in Sweden believe cash fl ows as the primary objectives. We’ll also be seeing invest gothenburg...... 3 243 that the living environment of retirement homes ments from the USA and Canada, although in these cases, it will Budapest ...... 3 16 be a matter of indirect investments through funds and suchlike.” Prague......  814 influences the physical and mental health of the utrecht ......  14 elderly. The key is a sense of security and safety so, who are the potential investors who have missed swe- Edinburgh ......   Malmo ......  04 – as well as contentment and wellbeing. Hemsö are den? specialists in managing properties for community “Th ere are some extremely rich private persons and families top ten cities 2 and social services. In fact, it’s all we do. Regular around the world who invest enormous sums in properties, but (Deals over €mn) surveys confirm the value of our approach and this City ...... Volume Traded these haven’t ‘discovered’ the Nordic countries yet. It would be Greater London ...... 1. €bn gives us inspiration and motivation. In Sweden, we brilliant if they did. Th e fact is that we at Jones Lang Lasalle Paris ...... .9 €bn own and manage 350 properties in close on 90 have a special group of 15 people, International Capital Group, Moscow ...... 3. €bn stockholm ...... 2.4 €bn municipalities, and we have 17 retirement homes who work on a global level to attract that type of capital to new Manchester...... .1 €bn in Germany. What can we do for you? Visit us at markets, so when we have a sales mandate, we do of course con Frankfurt ...... .0 €bn hemso.se to find out more. tact our usual potential buyers, but we also check with ICG. Say Munich ...... 1.6 €bn St Petersburg ...... 1. €bn that the Waterfront Building here in Stockholm were to be sold, Oslo ...... 1. €bn for example. Th at would probably be a suitable property for that Berlin ...... 1.3 €bn type of investor.” Source: Jones Lang LaSalle

14 fastighetssverige #3/2012 *Source: survey*Source: by Novus 2012. SWE

Ninety four percent* of people in Sweden believe of people in Sweden believe Ninety four percent* homes of retirement that the living environment influences the physical and mental health of the key is a sense of security and safety The elderly. and wellbeing. Hemsö are contentment – as well as specialists in managing properties for community and social services. In fact, it’s all we do. Regular surveys and this of our approach confirm the value motivation. In Sweden, we and gives us inspiration own and manage 350 properties90 in close on homes retirement we have 17 municipalities, and What canyou? Visit us at we do for in Germany. hemso.se to find out more.

wantto years?

Howdo you

livein later *Source: survey by Novus 2012. Novus by survey *Source: [ Xxxxxx av Eddie Ekberg ]

WE NEED TO STOP LISTENING TO OUR CUSTOMERS

In 2008, no one asked for Green Leases. Today, more Removal when it is time for relocation. Green Office than 400 of our customers have signed one. The same Removal is part of the Vasakronan concept Green Of- goes for environmentally friendly office removals. fice which also includes Green Lease, Green Electricity Therefore we find it particularly pleasing to see that and Green facility management services as well as Sweden is perceived as an so many of our tenants actually choose a Green Office Green Carpool. extremely interesting destination for international capital. GREEN OFFICE Which challenges does the property industry in sweden face in the near future? “Th e key is defi nitely to initiate a functioning fi nancing market. Th at’s the most important thing of all, plus buyers and sellers need to meet at an appropriate price level where B location pro perties are concerned. It would then of course be good if a load of new, modern offi ce properties were to be built. Th e vacancy levels in Stockholm and Gothenburg are at historically low levels.”

If you were to take an international investor with you to sweden and give tips on a few really good investments, where would you go? “We’d go fi rst of all to the area around the central station here in Stockholm, which is an area that’s becoming more and more po pular. We’d then look at Kungsholmen and Lindhagenterrassen, and later on also the Norra Station area along with Torsplan. In 3 TiPS FOR Gothenburg, we’d go to Älvstranden and the area around Ullevi INVESToRS and Gårda, and in Malmö to Västra Hamnen.” daniel gorosch gives international finally, how do you see the consultancy market in sweden? investors who are considering investing in Is it saturated or is there room for more? sweden’s property market three tips: Make sure you have a professional “To begin with, it must be said that a large number of additio Green Carpool Green Electricity Green Office Removal Green FM Services Green lease and committed manager whose nal players has been established, which I think is a very positive . local basis is near the properties thing. Catella was very dominant a number of years ago, and you are buying. Things have been known to go completely to pot and people have there are now several other players. However, in the long term, By the way, did you know that 700 companies are moving in and out of our properties each year? It corresponds become careless about making their profes- I believe that consultants who are in the intermediate segment to approximately 300 trucks filled with office waste. By choosing Green Office Removal this waste may instead sional management arrangement. will be excluded. I think that blanket bureaux off ering all types turn into bicycles and domestic heating for a numbers of villas. Ensure in the meantime that you of propertyrelated services and that have good contacts with the can aff ord to invest in the pro- international capital will do well, and those whose niche is in a 2. perty you are buying, i.e. ensure you have margins for updates and renovations section of the market such as leasing will survive. On the other so you do not lose major, important tenants. hand, I think it will be very tough for those who lie in between, Join up with an advisor who can but I do think that there will be around the same number of help you throughout the deal people working in the industry in fi ve years as there are today 3. from the purchase, leasing and fi - because those who work at intermediate segment companies will nally to selling the property. This will make life simpler and the path will be easier to tread. move over to companies in the other two categories.”

16 fastighetssverige #3/2012 WE NEED TO STOP LISTENING TO OUR CUSTOMERS

GREEN OFFICE

Green Carpool Green Electricity Green Office Removal Green FM Services Green lease

By the way, did you know that 700 companies are moving in and out of our properties each year? It corresponds to approximately 300 trucks filled with office waste. By choosing Green Office Removal this waste may instead turn into bicycles and domestic heating for a numbers of villas.

[ Xxxxxx av Eddie Ekberg ]

news in BrieFby Nicklas Tollesson

catElla EntErs tHE loan MarkEt coMpaniEs Catella has decided not to sell Banque Invik. The bank will Stockholm property instead develop a specialist lending activity in coo- P ic tu re peration with : C a t e Catella’s l l a Corporate

sold for SEK .1 billion Picture: Åke Gunnarsson Finance opera- transactions The insurance company Folksam has bought Kungsbrohuset in central tions. Stockholm for SEK 2.1 billion from Jernhusen through KPA Pension and Folksam Liv. This will Kungsbrohuset was completed in 2010 and covers a good 26 000 m2. The property create the is currently fully leased. Johan Ericsson. opportunity to Kungsbrohuset is one of Sweden’s most environmentally profi led buildings. The off er fi nancing solutions through energy consumption is just 50 kWh per m2 and year. That is less than half of what an the bank to people such as Catella’s average newly-built offi ce building uses. customers in transaction advice. The building has achieved the Gold level in terms “This is a positive development of Environmental Building classifi cation, and for Catella and our customers. We’ll this sets strict requirements regarding energy be able to broaden and extend our consumption, material and indoor climate. range of off ers within both of our The building is also classed as satisfying the business categories. The provision Green Building and P marking. of credit will be an important issue “We’re committed to the matters that in the future. There is room for a the customers care about and we’re the- player like Catella on the lending refore building up long-term values by market and we see this as one investing in one of Sweden’s most further stage in the development of modern buildings with regard to our fi nancing services,” says Catella’s both environmental profi le and Group Manager Johan Ericsson. technical solutions,” says Catrina Ingelstam, CFO at Folksam. “We’re very pleased with Picture: Steen & Ström the fact that the value of the property has been strongly infl uenced by the property’s fantastic environmental profi le and its central location,” says Kerstin Gillsbro, MD of Jern- husen.

Kristianstad: New shopping centre. stEEn & ströM invEst billions in kristianstad dEvElopMEnt Steen & Ström, which is owned by French Klépierre and Dutch ABP, invests SEK 1 billion in a new shopping centre in Kristi- anstad. The decision to invest was formally made by the Group’s board last summer. The shopping centre covers approximately 28 000 m2 of commercial properties. Kungsbrohuset, one of Sweden’s most environmentally profi led properties, has sold for SEK . billion.

18 fastighetssverige# 1 Property #3/2012 Media in the Nordic Region – fastighetssverige.se short news

nEwsEc buYs out norwEgian coMpanY coMpaniEs Newsec now fully owns the company that was formed in 2010 by means of a cooperation with Norwegian Pictur e: N First Securities. ew se The company manages 350 000 m2 in c Norway and the Baltic countries. “With the now wholly-owned company as a platform and support from our Norwegian consultancy operations, our future ambition is to grow substantially in Norway,” says Björn Nordic players in new Pi c tu Björn Lindeborg. re : N Lindeborg, MD of Newsec Asset Management. o r environmental initiative d ic I n EnviroMEnt n 17 Nordic players have signed an ini- o v a

t i tiative, the Nordic Built Charter, which has high o n abErdEEn invEsts in Housing green construction sustainability targets. Nord- coMpaniEs Aberdeen has received SEK 970 million for its third isk Innovation, which is running the initiative, fund, the fi rst to specialise in the Swedish housing market. is a body that works to promote cross-border Ten or so institutional investors, mainly Swedish, have in- business and innovation and that comes under vested in the Aberdeen Residential Sweden fund, which has a the Nordic Council of Ministers. conservative investment strategy with a low loan to value ratio “Combining our diff erent strengths will enable Skanska’s Staff an Hag and that will be investing in high quality apartment blocks in us to make the Nordic countries the world leaders lind signing the Nordic growth regions. in sustainable and green construction. It’s beco- Built Charter initiative.

ming an important tool not just to develop the Picture: Unibail Rodamco Unibail Picture: industry, but also to reach out to the rest of the world with our ambitions Rodamco Unibail Picture: and our competence,” says Staff an Haglind, Green Business Offi cer at Skan- Täby centre. ska, which is one of the companies belonging to Nordic Built Charter.

tHE  plaYErs wHo HavE signEd tHE nordic built cHartEr initiativE: COWI, the Danish Energy Agency, Henning Larsen Architects, KAB, Velux, Pöyry, Uponor, Batteríið, EFLA Consulting, Government Construction Contracting Agency (GCCA), Iceland Green, the Building Council, Entra Eiendom, NCC Pro- perty Development, Snøhetta, Zero, Byggvesta and Skanska. sEpHora to täbY cEntrE rEnt The French beauty chain Sephora has chosen Täby centre Picture: Fojab in Stockholm for its fi rst point of establishment in Sweden. “Sephora challenges the beauty products market; its range and shopping experience are really impressive,” says Lars-Åke Tollemark, Director of Operations for the property owner Unibail-Rodamco.

niaM rEcEivEs sEk .2 billion coMpaniEs Niam has received SEK 1.2 billion into its new fund Nordic Core Plus, which is based in Luxembourg and which will be investing in properties in the Nordic countries. The capital in its fi rst closure comes primarily from German, Swedish, Finnish and French pension funds and fi nancial institutions. Max IV in Lund to become the best synchrotron light facility in the world with “We’re looking forward to broadening our investment unbeatable technical and scientifi c performance. operations to this strategy segment where we’re seeing many interesting acquisition opportunities,” says Johan Bergman, lease contract ready for max Iv CEO of Niam. dEvElopMEnt The Max IV research facility is currently being erected in Lund in southern Sweden. The facility covers 44 000 m2 and will be the best synch- Pict kungslEdEn lEavEs poland ure: Ku rotron light facility in the world with unbeatable technical and scientifi c ng s coMpaniEs le Kungsleden sells two properties d performance, and will set the standard for new, similar facilities in the world e n in the forthcoming decades. in Poland for SEK 104 million, thereby Max IV is owned by Peab and Wihlborgs through Fastighets AB ML4. leaving the country. When the facility has been completed, it will be leased to the University of “Our focus is on owning properties in Lund, which is the host university for the national research facility. The lease Sweden, so it was a natural decision to sell contract for the facility is now ready and the rent is SEK 100 million per year, these properties,” says Kungsleden’s MD, Thomas Erséus. corresponding to SEK 2 272 per m2. Thomas Erséus.

# 1 Property Media in the Nordic Region – fastighetssverige.se # 1 Property Media in the Nordic Region – fastighetssverige.se #3/2012 fastighetssverige 19 Quote [ Xxxxxx av Eddie Ekberg ] “It may be of benefi t to us if the Euro cooperation does break up. We have properties in the strong Euro countries of Germany and France and do our accounting in pounds news in BrieF Sterling. We could therefore make gains on the exchange rate.” Sten Mörtstedt, CLS Holding’s Swedish founder, is not afraid of any potential break-up of the Euro cooperation.

nlp on its waY to tHE swEdisH stock EXcHangE coMpaniEs Northern Logistic Pro- perty, with Peter Strand as MD, is looking at the options of becoming listed on the Stockholm stock ex- successful change and leaving the Oslo stock exchange. NLP’s head offi ce is in Lund and all ten employees are Swedish. start for Mood With the ambition of further developing the company, the company’s management has now stockholm begun an assessment for a potential listing on the Stockholm stock ex- sHopping Stockholm’s new inner city shop- change. NLP has engaged Pangea ping centre, Mood Stockholm, had almost as strategic and fi nancial adviser in one million visitors during its fi rst three this process. months. NLP was founded in March 2006, “It’s fantastic that Mood Stockholm is att- has been listed on the Oslo stock racting so many visitors. We’ve had a good exchange since June 2007 and is start and are convinced that the interest will the only listed property company continue. The visitor numbers show that the in the Nordic countries that is fully centre fulfi ls a need for everyone who works, devoted to owning and managing lives in and visits the city,” says Annika Ljung- logistics properties. NLP owns 19 berg, Mood Stockholm Centre Manager. properties in Sweden and one in Mood Stockholm off ers a good 60 shops Denmark. spread over three fl oors in the Norrlands- gatan/Regeringsgatan section and is owned by AMF Fastigheter. Picture: Therese Aronsson Picture: Peter Svenson/Vasakronan Mood Stockholm is one of Stockholm’s The leading real estate private equity firm in hottest shopping centres. Northern Europe foreign players cautious “europe’s ﬁ rst climate- during the second quarter neutral apartment block” Picture: NCC Platzer has bought Canonhuset in swEdEn The international investors were relatively EnviroMEnt Last summer, Gårda. cautious on the Swedish property market during housing minister Stefan the second quarter of the year. Attefall opened the Klyvaren platzEr buYs for sEk .5 The share of purchases by foreign owners con- section, which has been billion stituted just nine per cent of the total transaction called “Europe’s fi rst climate- transactions In recent months, volume compared with 31 per cent during the fi rst neutral apartment block”. Platzer has bought properties for quarter of the year according to Jones Lang Lasalle. In the operating stage, The Klyvaren section. SEK 1.5 billion in Gothenburg in two The largest transaction with an international the passive building will deals. The company – which is not buyer was when British Rockspring bought the need an energy supply of only 18 kWh per m2 and year. listed but plans to be – has bought whole of Dutch Redevco’s Swedish holding of six “Klyvaren’s a project that’s characterised by substan- three properties from Vasakronan retail properties in various places in Sweden for tial innovation within the environment and energy fi eld for SEK 565 million and six proper- approximately SEK 700 million. where partnering has been a precondition to achieving ties from Wallenstam for SEK 950 Swedish Vencom is a co-investor with Rockspring. the added values of the project for the proprietor and million. In the Wallenstam deal, The transaction volume on the Swedish property the tenants,” says builder NCC’s business manager Wallenstam became a part-owner market amounted to SEK 51 billion during the fi rst Thomas Karlsson. of Platzer by buying nine per cent of six months of the year. The fi gure for the fi rst quar- The property owner Vita Örn is now continuing with the shares for SEK 150 million. ter was SEK 26 billion. stage 2 of the project.

www.niam.se 20 fastighetssverige# 1 Property #3/2012 Media in the Nordic Region – fastighetssverige.se The leading real estate private equity firm in Northern Europe

www.niam.se # 1 Property Media in the Nordic Region – fastighetssverige.se [ Xxxxxx av Eddie Ekberg ] ... is what inter ikea is planning to invest in a major lowprice news in BrieF seK 9 Billion hotel and student apartments project in Europe.

go-kart track opEns Picture: Peab in sHopping cEntrE rEnt In October, O’Leary’s will open an electric 4 000 m2 go-kart facility in Kista Shopping centre. “It’s a unique feather in our cap. We’ll be the fi rst shopping centre in Scandinavia with a go-kart track. Not many people have this opportunity because it takes up a great deal of space,” says Jan Gösbeck, Centre Manager of Kista Shopping Centre, which is owned by Norwegian DNB Næringseiendom AS. Picture: Skanska

Bassängkajen.

big MalMö propErtY sold Peab’s Överby New Shopping Centre project in Trollhättan is to become one transactions Vasakronan buys the of the fi rst properties to be certifi ed to the new Swedish BreeamSE. Bassängkajen property in Malmö from Skanska for SEK 652 million. The property was erected in 2011/2012 and covers 16 700 m2 leasable area and the tenants include Malmö swedish version of Högskola, Visma and Awapatent.

offErs lEgal sErvicEs breeam approved subscription EnviroMEnt The Swedish version of the international energy consumption, material choice and indoor lEgal MattErs The two solicitors, environmen tal classifi cation system Breeam has been environment. Ludvig Blomqvist from Hannes approved by BRE Global in England. “There’s great interest in environmental certifi cation Snellman and Johannes Asp from What started out as an English system has been to Breeam-SE, and several projects are currently on- Ashurst, have formed the new revised for almost two years by members of the going that are waiting to be certifi ed to this method,” property and legal services agency Sweden Green Building Council and adapted to Swe- says Jonny Hellman, Breeam Manager on the Sweden North Law. The unique thing about dish legislation and Swedish methods and working Green Building Council. the agency is that it off ers its custo- practice. The Swedish adaptation means that it will The manual for Swedish Breeam has now been mers an annual subscription for the be easier and cheaper to environmentally certify buil- completed and translated into Swedish. It will then outsourcing of the company’s total dings. The requirements are approximately the same be referred to the members and also tested in pilot need for ongoing legal matters. in the Swedish as they are in the English version in studies. The Sweden Green Building Council has be- North Law has consciously chosen order to make international comparisons of buildings gun training assessors who can certify to the Swedish not to belong to Sweden’s Law possible. The biggest diff erences are in the areas of manual. Society, arguing that it “benefi ts their customers and enables them to off er expedient and fl exible price daMnE: “tHE pricEs HavE fallEn bY –5 pEr cEnt” structures and pay- transactions ment methods while Privately-owned CA Fastigheter left the Malmö market ten years ago, but is now back after 2 retaining a self-selec- having bought a commercial property covering 10 000 m . ted high ethical and “We’ve been relatively restrained in making acquisitions in recent years because the market’s been too professional expensive. We now feel that the prices have generally fallen by 10–15 per cent, so we feel the option of standard.” buying again has become more attractive,” says the company’s MD Johan Damne.

Johannes Asp and Ludvig Blomqvist. Picture: North Law

22 fastighetssverige# 1 Property #3/2012 Media in the Nordic Region – fastighetssverige.se # 1 Property Media in the Nordic Region – fastighetssverige.se [ Xxxxxxanalysis av by Eddie Eddie Ekberg Ekberg ] ]

How will the market develop in the coming year? What is happening to the rates, the vacancies and the return levels on the Swedish market? In short, how is the market aff ected by the fi nancial situation? We asked three experts on the fi eld to give their opinions.

Picture: CBRE how will the rents develop over the next year? pErnilla arnrud MElin CBRE “At the start of this year, we noted an increase in rents for some markets in Stockholm and Gothenburg but the rent level for av erage prime over the next year is expected to remain stable. Av how will the real interest rate (the erage prime has been stable in Stockholm CBD and is expected repo interest rate) develop over the to continue to remain unchanged, although the level of vacancies next year? is now below 5 percent and there’s a shortage of modern, fl exible “Th e global outlooks mean that the and effi cient premises. Th e companies are biding their time, in repo interest rate is expected to remain fl uenced by the uncertainty in the global and in particular the low over the next year. Th is is in line European economies, along with the knowledge of forthcoming with Riksbanken’s statement on the latest interest information vacancies in CBD where the banks’ administrative sections are ( July 4) when the interest remained unchanged at 1.5 percent.” moving out so the companies are choosing to extend existing contracts.” how will the vacancy levels develop over the next year? “We’ve seen a fall in the level of vacancies in the majority of major how will the yield levels develop offi ce markets in Stockholm and Gothenburg up to and incl. Q1 over the next year? The global 2012. Th e vacancies in some submarkets increased slightly at the “Th e banks’ increased margins and outlooks mean that end of the fi rst six months. Th e vacancy trend is being aff ected in more restrictive/selective lending line with the fact that new projects are starting to be completed has clearly had an eff ect on mainly the repo interest and companies are continuing to move to more spacesaving pre the secondary yield. Th e buyers of rate is expected to mises. Th e vacancy trend over the next year will depend on which prime often have a large share of remain low over the geographical area people are looking at and which standard the equity. Th e things that are relevant buildings and the premises are given. ” now and will be over the next year next year.

24 fastighetssverige #3/2012 are prime assets and prime borrowers. Th at said, I think that pri which is what has driven the rents. In line with the increase in me within offi ce, retail, logistic and residential will remain stable rents in Stockholm CBD, we’re seeing greater interest in the rest over the next year. What happens to us obviously depends on how of the inner city. We think that the world around us develops.” the level of vacancies in CBD will remain low but will fall no The level of how will the international investments develop over the further over the next year. At vacancies in Stockholm next year? the end of the fi rst six months CBD is at an historic “Sweden’s European investment turnover ranking was 4th place of 2012, the level of vacancies in in 2011, a position that has started to be awarded frequently over CBD lay at 4.3 percent. In the low, which is what has the past few years (exception in 2009 when Sweden was in 7th rest of the inner city, the vacan driven the rents. place). Sweden has sound government fi nances, a low govern cies over the past year have fallen ment debt and a relatively liquid property market that attracts from 7.4 to 4.6 percent. In this many people. Th e activity has increased once again among the respect, we think that the vacancies will continue to fall. We’re international investors, who were buyers or sellers of one quar seeing greater interest in Solna in line with the completion of ter of the transaction volumes during the fi rst six months. We’ve Arenastaden in Solna. We think that we’ll also see a fall in va seen that retail and logistics are the primary markets in which cancies here.” the international investors are suffi ciently aggressive to win a bid. Where prime offi ce space is concerned, the international insti how will the rents develop over the next year? tutions and pension companies have been too eager and pushed “Due to the prevailing unease surrounding fi nancial matters, down the yield limits as far as the low 4 percent.” many companies are seen to be watching over their expenses. Someone can actually halve his rent by moving out of CBD to Picture: Adam Nilsson

Åsa lindEr the edges of city or just outside. We think this will lead to a limi Jones Lang Lasalle ted rental development in CBD whereas we’ll see an increase in the rent levels in the rest of the inner city and in attractive sub markets outside the city. We’ll see no major adjustments over the how will the real interest rate (the next year though.” repo interest rate) develop over the next year? how will the yield levels develop over the next year? “Due to a continued low level of infl a “We’re currently seeing the yields for prime properties level out tion, we believe that the real interest at an historic low. With regard to offi ce space, Stockholm’s cur rate will remain unchanged at the cur rent prime yield is around 4.75 percent, which is a fair way below rent low level over the next year.” the historic average of around 5.5 percent. On the other hand, we’re seeing an increase in the yields for secondary properties how will the vacancy levels develop over the next year? and properties in secondary locations, primarily due to a grim “Th e level of vacancies in Stockholm CBD is at an historic low, fi nancing climate.”

#3/2012 fastighetssverige 25 Illustration: Diakrit [ Xxxxxx av Eddie Ekberg ]

how will the international investments develop over the is focused mainly on high quality space in good locations. Th is next year? speaks in favour of falling vacancy rates in the inner city and “Over the past year, we’ve seen an increase in activity from in attractive suburban locations. Th e overall Greater Stockholm international investors with retail properties at the top of the vacancy rate is however more likely to remain stable.” agenda. Th e uncertainty surrounding the crisis in the Euro zone has aff ected the foreign investors and thereby their appetite and how will the rents develop over the next year? the opportunities to invest. However, there is still a very good “Prime offi ce rents in Stockholm stand at SEK 4,700 per sqm underlying demand and substantial interest in Sweden among per year, up from 4,600 in the the foreign investors, and many see Sweden as an interesting beginning of 2012. Although destination in which to invest their capital. Given that the fi construction activity will re We expect prime nancial unease on the European markets is stabilising, there are turn somewhat over the coming oﬃ ce rents to remain good opportunities for good transaction activity from the foreign years, the pipeline in 20122015 stable or rise some- investors over the next year as well.” corresponds to less than 3 per cent of the existing stock. We what in the short term. Picture: TorbjörnPersson expect prime offi ce rents to re karin witalis DTZ main stable or rise somewhat in the short term. However, demand is very patchy and in less Torsplan, sTockholm attractive locations rents are more likely to remain stable than how will the real interest rate (the rise, and they may even fall should the fundamentals deteriorate.” repo interest rate) develop over the next year? how will the yield levels develop over the next year? “Following disappointingly weak “Demand for prime property remains strong and prime offi ce It’s what we do GDP growth towards the end of 2011 yields continued to harden in Q2. According to DTZ’s Investor the Swedish economy outperfor Survey for Q3 2012, conducted in June, not a single investor ex Meet us at med expectations both in Q1 and Q2. pects offi ce yields to compress this autumn. Instead 81 percent of that counts Expo REal Should this trend continue, the Riksbank will have to adjust its the respondents opt for stable yields.” stand A2.421 GDP forecasts accordingly, and then it will be hard to motivate As community builders, we have a great responsibility for how the future city will look like. Therefore, how will the international investments develop over the any cuts of the repo rate in the short term. Th e most likely sce NCC focuses on developing our own production as well as reducing the carbon footprint in our projects’ nario is an unchanged repo rate at 1.5 percent until early 2014, next year? lifetime. This means that we create products which allow the next generation to continue to contribute followed by a gradual increase.” “When the world economy is insecure, as today, it is natural for towards a better environment, even after our work is completed. investors to increasingly target their home market – the market The ambition to reduce climate impact continuously leads us into new exciting paths. Among other how will the vacancy levels develop over the next year? they know best instead of going abroad. For this reason we do things, all of our commercial properties are certified in accordance with the environmental certification “Employment forecasts for Sweden are pointing at zero growth not expect any large wave of foreign money into Swedish real system BREEAM. One example is Torsplan, the office and trading house we are now developing in in 2012 and 2013. However, Stockholm’s labour market may well estate in the near future, even though the Swedish economy looks Stockholm’s new inner city district Hagastaden. perform stronger, being the engine of growth. Occupier demand far healthier than many others.”

26 fastighetssverige #3/2012 ncc.se Illustration: Diakrit

Torsplan, sTockholm It’s what we do

Meet us at that counts Expo REal stand A2.421 As community builders, we have a great responsibility for how the future city will look like. Therefore, NCC focuses on developing our own production as well as reducing the carbon footprint in our projects’ lifetime. This means that we create products which allow the next generation to continue to contribute towards a better environment, even after our work is completed. The ambition to reduce climate impact continuously leads us into new exciting paths. Among other things, all of our commercial properties are certified in accordance with the environmental certification system BREEAM. One example is Torsplan, the office and trading house we are now developing in Stockholm’s new inner city district Hagastaden.

ncc.se [ close up by Eddie Ekberg ]

Has gonE full circlE. Kerstin Lindberg Göransson has previously been the chairperson of a board at Capona and a board member at Tornet. She was also involved in creating the property company Hotellus. She has also been the deputy MD and Head of Finance at Scandic Hotels. She is now back in the industry as the MD of Sweden’s second largest property company, Akademiska Hus.

Reads a great deal of novels Name: Kerstin Lindberg Görans- son. age: 56. family: ” Ye s ”. grew up in: Hudiks- vall. lives: House in Täby and overnight fl at in Gothenburg since February this year. car: Volvo V60. studies: University studies in Sundsvall (which was then a part of Umeå University) and a degree in Economics from Umeå in 1979. career in brief: FFV Aerotech 1982-1991 (Assistant Project Manager in the JAS project and later Director of Finance), Director of Finance at Becker Industrial Coatings 1991-1992. Director of Finances at Scandic Hotels 1992-1998, Director of Finance at Telia IT-service 1998-99, Airport Director of Stockholm-Arlanda Airport 1999-2011. MD of Akademiska Hus since autumn 2011. reads: Daily newspapers, Fokus, business papers and food magazines plus loads of novels, the latest being Bengt Jangfeldt’s biography of Raoul Wallenberg. Watches on the tv: News and QI on the BBC.

28 fastighetssverige #3/2012 Kerstin Lindberg Göransson has a history in the property industry, inclu ding as board chairperson and member of major property companies. The circle is now complete. She returned to the industry a year ago as the MD of Sweden’s second largest property company Akademiska Hus – and she´s getting on like a house on fi re. “It’s great to be back in the property industry, and I’m getting on really well here at Akademiska Hus.” The circle is complete the Md of akademiska Hus has returned to the property industry

Just about one year ago, Kerstin Lindberg Göransson changed business, and we have some very exciting years ahead of us that I’d her job as airport director at Swedavia, which she was involved very much like to be a part of,” says Kerstin Lindberg Göransson. in creating from Luftfartsverket, for the job as MD of Sweden’s second largest property company, Akademiska Hus – a choice Why did you change your job? that she has no regrets about making. “I was airport director at Arlanda for twelve fantastic years. It “Th e job as MD of Akademiska Hus gives me a good feeling was very hard work for a few years but also very, very enjoyable. A and has an extra dimension, i.e. it’s not “just” about properties, major airport is like a town and a great deal happens in one day. which are in themselves challenging enough with the major Approximately 65 000 people pass through Arlanda every day. management and project portfolio we have – Akademiska Hus, Th ere are 80 or so airlines that fl y to 180 destinations in Sweden, with its specialist competence in knowledge Europe and the rest of the world. Th is environments, is also part of the work with After twelve years at the same creates a fantastic pulsating atmosphere. putting Sweden on the map as a world class job, in spite of everything I felt it After twelve years at the same job, in knowledge nation. In our surroundings, a spite of everything I felt it was time to great deal happens that has a bearing on our was time to do something new. do something new.”

#3/2012 fastighetssverige 29 [ Xxxxxx av Eddie Ekberg ]

goEs Hiking. A passion of Akademiska Hus MD Kerstin Lindberg Göransson is to go hiking. Every summer, she pulls on her boots and goes hiking in the Alps. “Hiking gives me a perspective on my existence,” she says.

how has your ﬁ rst year at akademiska hus been? What previous experience do you have of the property in- “It’s been intensive. I’ve visited many of the 29 places in dustry? which we are active and met lots of people, customers and col “At Arlanda, around half of all the income comes from commer leagues. cial leasing and the airport owns all of its properties so I’m not a ”We’ve started a major change process in our way of working, complete stranger to the logic behind the industry. I’ve also been all for the purpose of developing ourselves as a whole. We want to the chairperson of the board for the property company Capona see ourselves in partnership with our customers and to represent and a board member for Tornet. And, during my time as deputy proactive expertise.” MD and Director of Finances at Scandic Hotels, I did plenty of “What hits you is the incredible amount of competence there work with properties in Sweden and the rest of Europe, including is within the company, but also the sense of pride among our col helping to form the Scandic Hotels property company Hotellus, leagues – it’s an excellent basis to build on.” in my role as director of fi nance and economy at Scandic.”

What do you think of the property industry after being What are your total working hours? back? “Up to 50 hours a week.” “I think it’s really interesting – I thought it would be hard to fi nd an industry that I’d be passionate about in the same way as I was What do you do when you’re not at work? about Arlanda and the aviation industry, but the way things are “Read. I’m an avid reader of novels. Opera and ballet are things looking so far I seem to have succeeded!” that I try to make time to enjoy. I’m also a passionate cook and

30 fastighetssverige #3/2012 Petter Stordalen. We’d have so much to talk about and he’d have thousands of ideas on how we could get away from there. And at least  of those would work! About who she would take with her to a desert island.

quick questions What makes you angry? 1. “Spineless people.” If you received seK  million and . you had to invest it immediately, what would you do? “I’d give half to Hand in Hand and the rest would be split between a leisure property in the Stockholm archipelago and investments in properties in Stockholm.” What’s your greatest extravagance? 3. “Clothes and good food made from good raw ingredients.” do you believe in god? 4. “Not directly, but I’d certainly like for there to be some reason for our existence.” What’s your favourite gadget? . “My fantastic Kenwood chef machine.” grEEn fingErs. One of Kerstin Lindberg Göransson’s absolute favourite hobbies describe yourself in three words is gardening, something which she spends a lot of time doing at her house in Täby. 6. that capture the essence of the md and the private person, Kerstin lindberg göransson? very interested in gardening. I travel a lot, hike in the Alps for a “Singleminded, solutionorientated and re week every summer and spend a lot of time with good friends. lationship builder.” And, in between these things, I try to keep myself fi t, which is What’s your best purchase? something that’s becoming more and more important for my . wellbeing.” “My house in Täby.”

What’s your worst purchase? Why hiking? 8. “Probably some really expensive party “For me, hiking is the ultimate relaxation. It’s pretty challenging dress that I’ve only worn once.” where fi tness is concerned, plus it’s a fantastic way of fi nding time to think about things – things that have happened and things do you give money to beggars on that are expected to happen, and thereby gain a perspective on 9. the street? your existence.” “No, not generally. I try to contribute in a more structured way, but I have given a few Who in the property industry would you take with you to a times.” desert island? do you have any tattoos? “Th e hotels king Petter Stordalen. We’d have so much to talk about and he’d have thousands of ideas on how we could get away 10.“No.” from there. And at least 100 of those would work!” [ Networks by Eddie Ekberg ] They want to promote the women in the industry

How do we promote more women and ensure that we get them into management positions in the property industry? A few people who have taken the matter into their own hands are the 35 industry’s women in the Acacia network.

The well-known saying is “if you want something If a top job is Jacobsson, Ingela Lindh, Marita Loft, Siv done properly, do it yourself ”. That may just be Malmgren, Jeanette Saveros and Marie Wall the case and, if so, the women in the Acacia net vacant, it is often hammar. There are also plenty of women who work are right on the spot. Around one and a associated with a are part of the management groups at their half years ago, it was tax lawyer Leonie Selting’s recognised name, so companies. idea to create the network, which rapidly filled up to its 35 member maximum limit. having many contacts “since one of the aims of Acacia is to The stated objective of the network is to creates possibilities. promote the careers of its members, it is im promote women in the property industry, to Leonie Selting portant for those who are in the network to be promote one another’s professional careers and, well-established. We have in fact been able to in the long term, contribute towards a positive see several of our members climbing the career development in the property industry. And there are plenty of ladder since we started. It is of course difficult to say how far this valuable contacts in the network, with the title of MD after se is specifically linked with membership of Acacia, but it’s quite veral of the names on the members’ list. These include Agneta obvious that the contacts here are valuable. If a top job is vacant,

32 fastighetssverige #3/2012 Pictures: Eddie Ekberg

nEtworkErs. Marita F Hellsten, Marie Harder, Leonie Selting and Kristina Cedrins are four of the members of the women’s industry network Acacia. They hope that the network will lead to more women in the property industry being appointed to management positions. They also want to promote a positive development in the property industry.

Fastighetsjuridik Från grunden Sedan många år räknas vi som en av landets främsta inom entreprenadrätt. Vi har byggt vidare och är idag drygt 30 jurister specialiserade inom entreprenad- och fastighetsrätt. Kunskap, erfarenhet och branschkännedom gör att vi kan erbjuda våra kunder rätt kompetens inom all juridik för bygg- och fastighetsbranschen.

Titta in på www.advokatag.se och läs mer om oss. [ Xxxxxx av Eddie Ekberg ] The members of Acacia Anne Areström, approved accountant, bureau manager of Air Redovisningsbyrå Annika Arnström, tax lawyer and partner at Ernst & Young Anna Berfenstam, analysis manager at Tenzing Kristina Cedrins, project manager at Hifab Annika Ekström, property manager at Hemfosa Fastigheter Christina Gotting, authorised auditor at Gotting Revision Marie Grenholm, authorised auditor at Ernst & Young Christina Gustafsson, MD of IPD Norden Marie Harder, marketing coordinator at Fastigo Marita Flodström Hellsten, CFO at Diligentia There is a tradition of being good at Agneta Jacobsson, MD of DTZ Barbro Jansson, tax lawyer at Ernst & networking, and the property industry has an Young Jannice Johansson, business area historical, well-embedded structure where other manager of furnishings at Tengbom Åsa Linder, analysis manager at Jones men are appointed to management positions in Lang Lasalle the different companies. Ingela Lindh, MD of AB Stockholmshem Kristina Cedrins Marita Loft, MD of Storebrand Fastig- heter Anna Lööv, lawyer, partner, commercial law at Kompass Lawyer it’s often associated with a recognised name, so having plenty of Siv Malmgren, MD of John Mattson contacts creates possibilities,” says the lawyer and initiator for Fastighets, board member at several other companies Acacia, Leonie Selting. Susanne Malmgren, property manager It is no surprise that the property industry is male-dominated. at Akademiska Hus All you have to do is look at the companies’ management groups Anette von Mentzer, property director at KLP Fastigheter and boards to see clear proof of this. However, at the same time, Ywonne Nilsen, property manager team the corridors of property companies, consultants and other play Stockholm, Newsec Asset Management Johanna Olsson, lawyer, property and ers active in the property industry seem to be undergoing gender commercial law at Bird & Bird emancipation and rejuvenation. The recently-created networks Louise Richnau, senior partner at are the ones that are particularly pursuing this development. Leimdörfer Mia Räikkönen, project manager Apart from Acacia, of course, the networks include Equator, Fas at Fastighetsnytt tella, Byggare Berit and The Network 100%. Jeanette Saveros, MD of Hifab Leonie Selting, lawyer, tax law, Advokat- Why are Acacia and similar networks actually needed? firman Leonie Selting Camilla Skoog, head of advertising at “There’s a tradition of being good at networking, and the property Fasticon Kompetens Birgitta Stenmark, Folksam, respon- industry has an historical, well-embedded structure where other sible for their indirect property investments men are appointed to management positions in the different Kristina Söderman, lawyer, partner, tax and commercial law at Ahlford Advokatbyrå companies. What we want to do is to create something similar Cecilia Ulfhielm, project manager for women so that we can hopefully see more capable women at Fastighetsnytt in highly-qualified positions in the industry in the future,” says Marie Wallhammar, MD of S:t Erik Markutveckling member Kristina Cedrins, who is also a project manager at Hifab. Katarina Wallin, MD of Evidensgruppen Initiator and lawyer Leonie Selting bears witness to the way Ulla Werkell, tax lawyer at Fastighets in which membership of the network has actually tangibly pro ägarna Line Zandén, lawyer at Fastighetsägarna moted her business. Erika Åslund, lawyer, partner, property “It’s been nothing but a positive factor for my business. I now and commercial law at Advokatfirman Cederquist have several tax assignments related to properties,” she says.

34 fastighetssverige #3/2012 Why are you a member of Acacia? Picture: Stockholmshem Ingela Lindh, 52 Picture: Liedberg Niclas Agneta Jacobsson, 55 Picture: Eddie Ekberg MD of Stockholmshem MD of DTZ in Sweden “Networking is a natural part “Acacia is one of the industry’s of the working life of today. networks with an exciting Being able to get in contact with distribution of people who have someone in private and bandy a different training, experiences question with someone you’ve and ages. Being part of this makes known for a while is invaluable. it possible for you to broaden The exciting thing about Acacia is your contact network, which is that it gives you an opportunity to valuable.”

obtain these contacts right across Picture: John Mattson the industry, not just in your Siv Malmgren, 52 own section. Acacia spans the MD of John Mattson full range from management to “I’m not in favour of women’s legal matters, from competence networks. I prefer diversity in matters to qualified consultancy most contexts. However, after a services, etc..” little persuasion, I attended an Kristina Cedrins, 35 Project manager at Hifab Picture: SEB Acacia meeting and encountered Marita Loft, 52 really pleasant, interesting and “Acacia has what I’m looking for MD of Storebrand Fastigheter competent ladies, so that gave from a women’s network. The “It’s a network of qualified me the appetite. It’s valuable to breadth and balance of various participants that covers many have the opportunity to exchange competences creates a platform areas in the property industry. work life experiences and to ex- that functions for business and A great amount of professional tent your contact network in the career and knowledge develop- knowledge and experience is industry ready for future business ment. The form of the network exchanged and the network is of opportunities.” creates commitment among all a limited size, which increases the of the members and makes every personal commitment.” occasion unique and inspiring.”

Things are moving fast

Things are moving fast. Rapid growth. Property being built, sold, managed and invested in. ICA Real Estate is one of the largest retail properties companies in Scandinavia. Our business concept is to offer purpose-built, strategic business sites by developing, buying, selling and actively managing real estate. We offer premises to ICA-related companies and establish retail parks at the most attractive sites. Having an ICA store in a shopping center raises the property’s value, which benefits ICA as well as others.

The ICA store often serves as a magnet for shoppers. For this reason, ICA Real Estate develops retail parks with high-volume retailers near or directly beside large ICA stores. The concept is called “Good Neighbors,” and the neighboring stores include both national chains and local retailers. For more information, visit us at icafastigheter.se w

skiEr. Henrik Granström did “Vasaloppet” in March in 4 hours, 33 [ the profi le by Nicklas Tollesson ] minutes and 39 seconds, putting him in 561st place. He belonged to a training group that consisted of company managers, all of whom had the aim of entering the best 1 000 bracket. The group was led by household skiing names Jerry Ahrlin and Magnar Dalen, among others. Granström was the best in the group. “I also had a slightly higher goal than the others since I was aiming for the top 900 after having come 1 100th some time ago,” says Granström. Tenacious winner Henrik granström belongs to “the toughest of the tough” He is guaranteed to be one of the industry’s most tenacious people. “I also fi nd it useful at work. Building companies requires tenacity – it’s not a sprint fi nish to the line,” says Henrik Granström, new MD of Newsec, Sweden’s largest consultancy company.

Henrik Granström grew up in Vilhelmina in Lapland and sees tains with a total climb of 4 600 in altitude. Th e course’s slogan was himself as a typical Norrlander: likes hunting, fi shing and mountain ‘for the toughest of the tough’, and it really was hard.” hiking. Over the years, Henrik Granström has also done “Vätternrundan” “Yep, I’m one of those who drive around with three extra lights a number of times, “Vasaloppet” and the Ironman Triathlon (which on my car,” he laughs. started with 3.8 km of swimming, after which we cycled 18 miles Th e Norrlander is also stubborn with a winner’s mindset, which and fi nished by running a 42km marathon). has got him to the top of Newsec and through physical challenges that most of us think are quite insane. “but the triathlon’s not actually my thing. We Norrlanders “Th e most extreme thing I’ve done was probably the “Styrke never go swimming, but cycling and running are fi ne by me,” says prøven” tour, a 54mile cycle ride from Trondheim to Oslo. It took Henrik Granström, who trains fi ve to ten hours a week. more than 20 hours and it rained for the fi rst 35 miles. Th e last “Training is a good way of giving your brain a rest from business few hours were absolutely terrible. Another comparable ride was plans and strategy thinking. At the same time, the training means “Jotun heimen Rundt”, 43 miles long and up into three high moun that it’s easier to focus when you need to.”

36 fastighetssverige #3/2012 w Picture: David Schmidt

EXPERIENCE FRoM LoNDoN AND PARIS Name: Henrik Granström. age: Will be 40 in November. family: Wife Sara and the children Hugo, 7, Linus, 5, and Oskar, 3. lives: In Sollentuna. career: Four years as a consultant at McKinsey: “It was also a question of ownership and strategy issues and also gave me international experience. The places I worked in included London, Paris, Bryssel and Amsterdam.” He then went on to start at Stronghold as an executive trainee in 2002. He was the MD of the subsidiary, Datscha, between 2003 and 2008, when he returned to Stronghold where he spent a good two years before being appointed as deputy MD.

Henrik Granström is now focusing on two diff erent roles you started the job on  July, a few days after it became offi cial – alongside his position of MD of Newsec, he still plays the role of that you were going to be the md. how long before this did deputy MD at the holding company Stronghold. you know for defi nite? “Th e roles merge into one another while the workload fl uctuates “We were in dialogue during the spring, but the actual decision as time goes on. During some periods, such as when there are lots wasn’t made that much earlier.” of board meetings, my focus is completely on Newsec. When it’s quieter, I can spend more time on the Stronghold matters. Th e new your role is diff erent from the one played by the former md organisation will mean that the Newsec role won’t take up 110 per patrik enblad. how do you view your role in the new organisa- cent of my time.” tion? Since the former MD Patrik Enblad fi nished at Newsec in “My role is to create conditions for each company to be able to earn March, the company has been decentralised and more responsibi as much money as possible. Th e work can be done by increasing lity has been given to the national managers at the various Newsec crossborder cooperation, for example; if we have a good customer companies. in one country, we ought to have that company as a customer in Th e work has been carried out primarily by the founder, Urban the others as well.” Edenström, along with Henrik Granström, among others. “Urban and I have worked together closely and with the board What is your vision for Newsec? and the national managers on putting the new organisation to “I have the same vision as Urban and everyone at Newsec; we gether. It’s an entrepreneurial organisation that suits the colleagues want to become leaders in all segments on all markets we’re active we currently have at Newsec,” says Henrik Granström. on.”

#3/2012 fastighetssverige 37 [ transactions by Eddie Ekberg ]

[ Xxxxxx av Eddie Ekberg ]

questions for Thomas Lindström, MD of the Carlyle Group in Sweden, which tops the list of the foreign players who have made the greatest investments in Sweden over the past year. Picture: Carlyle Group 5What does being at the top of the list say to you? “Th at there hasn’t been that much foreign investment activity over the past year. We’ve certainly executed a major transaction with Nacka Strand, but we defi nitely wouldn’t have come top of this list with just one such transac tion a few years ago. It shows that It shows that the the transaction intensity in Swe den is low.” transaction intensity in Sweden is low. how has the past transaction year been for carlyle? “It’s been a year where it’s been generally diffi cult to fi nd trans actions, although we did of course come across Nacka Strand, which took a long time, but there’ve been very few attractive opportunities over the past year.”

how much will carlyle be investing in sweden in the coming year? “I don’t know. No rate or volume’s been established. It just depends on what sort of transactions we can fi nd. Th ere may be another Nacka Strand or nothing at all.”

What is carlyle’s transaction philosophy? “Our philosophy is to fi nd deals where we can use our own work to create added value over time and thereby deliver a reasonable, riskadjusted yield. At the moment, we’re looking at slightly larger portfolios with relatively substantial development potential.” MadE tHE biggEst invEstMEnt. Thomas Lindström is the MD of Will you be at the top of the list next year as well? the Carlyle Group (one of the world’s largest fund managers) in Sweden and has been behind the largest foreign investment in Sweden over the “I hope so, but doubt it. We’re less likely to fi nd another Nacka past year, Nacka Strand, which was bought from Vasakronan in January Strand deal in the current business climate.” of this year.

38 fastighetssverige #3/2012 top  foreign buyers during  h +  h

THE CARLyLE GRouP managing director: Thomas Lindström. volume: 2 950 MSEK.

The Carlyle Group, one of the world’s largest fund managers with more than 150 billion USD in managed capital, acquired Nacka Strand from Vasakronan in January 2012. The area, which had been owned by Vasakronan for 20 years, was sold for close to 3 billion in a transaction that took place off market. Nacka Strand covers approx. 250 000 m2, 80 percent of which around is leasable area and 20 percent garage space. The leasable area consists largely of offi ces, but also of residences, schools, hotels and conference premises. At the time of the sale, there were a signifi cant number of vacancies in the offi ce holding.  Picture: Vasakronan

GLITNIR BANK KLP EIENDoM md: Kristján Óskarsson. group manager: Gunnar Gjørtz. volume: 2 300 MSEK. 3 volume: 1 640 MSEK. 2 In March 2012, Icelandic Glitnir Bank’s Luxembourg-based subsidiary KLP Eiendom, wholly-owned by KLP which is Norway’s largest life assu- Glitnir Bank Luxembourg took over Bovista Invest from the Danish com- rance company, has implemented two deals during the analysis period. The pany Centerplan Nordic A/S for the purpose of securing loans issued to the company has a pronounced strategy of increasing its property holding on bankrupt Danish company. This meant that the bank became the owner of a the Swedish market. In August 2011 the Klockan 1 hotel property situated at property portfolio of 370 000 m2, mainly made up of residential properties in the Vasagatan/Kungsgatan junction in Stockholm was acquired. The property southern Sweden. The transaction covered 2.3 billion in loans and equity. includes Scandic Grand Central with 400 rooms, two shops, 18 apartments and the premises where Vasateatern was last situated. In March 2012, the offi ce property Såpsjudaren 15 situated on Birger Jarlsgatan in central Stockholm was acquired.

#3/2012 fastighetssverige 39 [ Xxxxxx av Eddie Ekberg ] top  foreign buyers during  h +  h The #1 Property Media House RoCKSPRING CoRDEA SAVILLS md: Robert Gilchrist. Nordic countries’ manager: Håkan Blixt. 4 volume: 1 020 MSEK.  volume: 650 MSEK. Brittish Rockspring made its debut on the Swedish property market in In September 2011, Cordea Savill’s new German property fund offi ce acquired in the Nordic Region November 2011. Two properties situated in Segeltorp south-west of Stockholm the Bryggaren 16 property, situated on Kungsgatan in Stockholm CBD, from were acquired from Deka Immobilien. At the properties there are two logistics Diligentia. In May 2012 Cordea Savill’s fi rst stage of Tornby Handelsgårdar out- buildings of 15 000 m2, fully leased to Posten. Six months later in May 2012, side Linköping was acquired from NCC. The project will be completed during Redevco sold a portfolio of retail properties in southern and central Sweden. the fourth quarter of 2012 with access planned from 1 October 2012. The total Rockspring, together with Vencom as the local operating partner and co- surface area is 11 200 m2 and tenants taking out contracts at the time of the investor, was the purchaser. acquisition included XXL Sport, Vildmark and Elgiganten. In August 2012, NCC, which is responsible for the leasing, signed an agreement with Lager 157 for the remaining surface areas. INVESCo REAL ESTATE managing director: Andy Rofe. volume: 1 010 MSEK. uNIBAIL-RoDAMCo 5 md: Guillaume Poitrinal. Over the space of two days in May 2012, Invesco Real Estate communicated volume: 630 MSEK. two acquisitions on the Swedish market, adding up to just over 1 billion. The Stadium Distribution Centre in Norrköping was acquired from Fortin Proper- In January 2012, Råsta Holding, which is jointly owned by Solna Stad, Fabege 2 2  ties. The facility covers 36 000 m and is being extended by a further 12 700 m and Peab, sold land to a value of 630 million intended for the construction during 2012. In Barkarby, just north of Stockholm, the retail property Barkarby of the Mall of Scandinavia shopping centre to Unibail-Rodamco. Mall of Retail Park from was acquired Commerz Real. The property has four big boxes Scandinavia, which is being built next to the new National Arena in Solna, will and anchor tenants include Media Markt and Mio. be northern Europe’s largest indoor shopping centre. The centre will have a surface area of around 100 000 m² and include 230-250 shops and exhibition premises spread over 3 fl oors. NEVS board chairman: Karl-Erling Trogen. volume: 750 MSEK. WARBuRG-HENDERSoN md Henning Klöppelt. 6National Electric Vehicle Sweden AB (Nevs), which is owned by Chinese Na- volume: 560 MSEK. tional Modern Energy Holdings Ltd (NME Holdings) and Japanese Sun Invest-  ment LLC, won the battle for Saab Automobile in June 2012. As a part of this In August 2011, German Warburg-Henderson, owned by Henderson Global 2 deal, Saab Automobile Property containing the 483 000 m Saab factory was Investors and M. M. Warburg & CO, acquired the shopping centre section of acquired. The sellers were SAAB’s bankrupt estate (49.9 %) and the consortium Tuna Park in Eskilstuna from Alecta for 558 million. The shopping centre covers of Trollhättan Property Investors (50.1%) with Hemfosa as the largest owner. 16 400 m2, includes 55 shops and was opened in 2005. There is an option for an The consortium acquired a 50 % share one year previously 255 million plus a additional future 7 600 m2 development. rent-free fi rst year for Saab Automobile.

SCHRoDERS Nordic countries manager: Ketil Petersen. volume: 550 MSEK.  Schroders is the investor that has made the most acquisitions during the analysis period. From November 2011 to February 2012, the company was the purchaser in three transactions. A newly-built Coop Forum shop situated in Helsingborg was acquired from Alecta in November 2011. An offi ce property in Hyllie, Malmö was acquired from Annehem, a subsidiary of Peab, in January 2012. A retail property in Arninge, Stockholm was acquired from a Danish K/S company in February 2012.

Source: Newsec lokalMaRkNadsdageN

40 fastighetssverige #3/2012 The #1 Property Media House in the Nordic Region

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[ Xxxxxx av Eddie Ekberg ]

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42 fastighetssverige #3/2012 tHis is an ad

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In Sweden 85 persons in four (excluding affi liates) worldwide. Jones Lang LaSalle manages offi ces deliver valuation, investment Whether it’s a local, regional or sizeable offi ce properties in all agency, retail, and agency/tenant global assignment, CBRE applies major metropolitan areas in Sweden, services. insight, experience, intelligence, and is also one of Sweden’s most In Sweden, DTZ has received mul- and resources to help clients make experienced and capable retail pro- tiple awards, such as ranked number newsec informed business decisions. Through perty consultancies with full country one in valuation for the seventh year Newsec – The Full CBRE our clients gain the global coverage. The fi rm is frequently in a row by Euromoney Magazine. In Service Property reach of the world’s largest real estate engaged by owners and occupiers as 2010 the Capital Markets team car- House in services fi rm, combined with the advisor in transactions. 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#3/2012 fastighetssverige 43 This is the Swedish Real Estate industry

[ Xxxxxx av Eddie Ekberg ]

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Through expertise encompass: Property membership in Transactions, Corporate Finance, NAI Global (consisting of 5000 Property Financing and Strategic professionals working out of 325 Advisory. offices in 55 countries throughout the Savills world), NAI Svefa can also offer a vast Aberdeen Asset Management Contact: Erik Eliasson Savills Swedish array of services on the international Aberdeen Asset +46 8 53 52 45 11 team of highly property market. Management is [email protected] experienced an independently www.leimdorfer.se NAI Svefa offers today a broad professionals range of cutting-edge consultancy operating asset provides a wide services on the real estate market, management range of such as Valuation, Analysis, Property group, which has Ulf Nilsson expertise to both Information, Investment, Leasing, Göran Bengtsson been listed on local and Land Acquisition and Property the London Stock international clients. They offer Development. NAI Svefa consists of Exchange since 1991. The Company advanced advisory services including was originally founded in Aberdeen, Colliers International approximately 130 employees and property sales and acquisitions, Scotland, in 1983. The Group has 30 Colliers the Operating Managers are: Mikael corporate finance, valuation, analysis, offices in 23 countries and over 1,800 International in Lundström (CEO), Mikael Holmström, property management, project staff located around the world. Sweden is part of Lars Haag, Åsa Henninge, Peter Möl- management, due diligence and Aberdeen invests worldwide on Colliers ler, Christer Skagerlind, Gustav Källén leasing. Savills plc is a leading behalf of clients across its major asset International, and Ylva Melhus. property advisor with businesses in classes - equities, fixed income and one of the Europe, US, Asia and Australia and property as well as alternative invest- Dan Törnsten world’s largest Contact: Mikael Lundström through partnership in Africa. Being ment strategies. The Company has commercial real +46 705 148 028 part of the international Savills [email protected] assets under management of €205.8 estate organizations with 522 offices Group facilitate the business to draw www.naisvefa.se billion (As at 30 June 2011). in 62 countries. upon advice relating to property In property alone, Aberdeen Colliers knows how important investors from rest of the world, and manages some €23.7 billion (As at 30 in-depth local knowledge is to the provides a broad client base to June 2011) of assets through property clients. However, being an integral support the services in Sweden. funds and separate account man- part of the newly aligned Colliers Additionally, our Swedish clients can dates. Clients are solely third party International also gives their clients benefit from the vast knowledge of NIRAS clients and primarily institutional access to over 12,500 professionals the property market that has been With around 1,300 investors. They are served by some around the world and allows them accumulated in Savills over the past employees NIRAS 300 property professionals at offices to share comprehensive market 150 years. Savills have in excess of 20 is one of Northern in 12 European offices as well as in knowledge and intelligent insight 000 employees around the world. Europe’s leading Singapore and Philadelphia. into market trends globally as well The 90-strong team in Sweden is consultancies in We provide domestic and interna- as important relationships across the headed by Ulf Nilsson, Managing property, tional investment exposure to property International marketplace. Director, Johan Bernström, Head of infrastructure and by offering a wide range of investment The Nordic Colliers branches Markus Davelid Investments, Petter Klingofström, the environment, products and services. These are all co-operate in finding and executing Head of Leasing, Lars Rickardson, with operations in Denmark, Sweden, supported by rigorous investment pro- successful transaction deals all over Head of Consulting & Analysis, Karin Finland, Poland, Estonia, Ukraine and cesses, independent in-house research the Nordic and Baltic region. The Col- Zakariasson, Head of Valuation, Peter Russia. Total company sales are just and local active management. liers EMEA network also strengthens Wiman, Head of Research and Anders over €120 million. and enhances the organization with Nyström, Head of Property The business concept in Sweden Contact : Göran Bengtsson first-class intelligence, marketing management. is to create long-term profitability +46 8 412 8000 support and clients. In 2010, Colliers goran.bengtsson@ through leading consulting services in strengthened its brand and unified aberdeen-asset.com Contact: Ulf Nilsson real estate business, premises, urban all the offices world-wide with one www.aberdeen-asset.se +46 8 545 854 60 planning, environment and climate. www.aberdeen-asset.com name, one logo and one shared [email protected] We have branches throughout Our 150 employees are located in vision. www.savills.se Stockholm, Gothenburg, Malmö, Norr- Colliers offers a range of services köping, Linköping, Uppsala and Umeå. within the office, logistics & industrial, Sweden and the Baltic States Our customers include small to residential and retail markets. Ser- medium-sized companies, publicly vices include leasing, development, Riksbyggen listed companies, banks and retailers transaction, tenant ownership con- Welcome to When you consult us you will always have the best business law expertise at hand. with operations in Sweden and version and asset-/property manage- Riksbyggen! abroad, as well as the public sector, We have around 200 lawyers in 18 offices throughout Sweden and the Baltic States, ment. In addition Colliers has a strong Founded in 1940, including government authorities, Corporate Solutions team including Riksbyggen has all committing themselves to your case. Wherever you are. municipalities and county councils. Tenant representation to handle operated within NIRAS in Sweden is part of GVA globally contracted clients, but also the field of Built Worldwide, an international organiza- to offer the market a professional and Sten-Åke Karlsson Environment and www.glimstedt.se

44 fastighetssverige #3/2012 We have branches throughout Sweden and the Baltic States

When you consult us you will always have the best business law expertise at hand. We have around 200 lawyers in 18 offices throughout Sweden and the Baltic States, all committing themselves to your case. Wherever you are. www.glimstedt.se this is the swedish real estate industry

[ Xxxxxx av Eddie Ekberg ]

Property Management for over 70 tenzing Nordstjernanhuset and carried out from the real estate market. We years. Our original mission of expan- Tenzing is a 100s of valuations for Sweden’s provide expert assistance with ding opportunities for homeowner- top-ranked largest real estate owners. everything from tenant representa- ship through housing development advisory fi rm Nordier Property Group is led by tion, green leases and legal and in Sweden has grown to include specialized in CEO, Andreas Eneskjold fi nancial advice to relocation projects nationwide provision of Property Ma- signifi cant and contract management. nagement and Services for all types property and contact: Andreas Eneskjöld Tenant & Partner started in 1989 of properties. Our 2 500 employees Tom Lindahl capital market +46 8 6115900 and is now the market leading [email protected] are dedicated and have long expe- transactions. www.nordier.se tenant representative in Sweden. Our rience of developing and managing Tenzing´s business concept is to corporate culture is characterised buildings and their surrounding initiate and assist in the completion by cooperation and the desire to environment. And most important – of transactions in the Nordic property understand our clients’ operations. we have 70 years of experience of the and capital markets. We have offi ces in Stockholm and preferences of the people living and Tenzing represents a wall-to-wall pangea property partners Gothenburg, but operate throughout working in those buildings. Sweden. We can also help our clients assortment of expertise, meaning Pangea Property Our customers range from private overseas through our membership that they off er all types of transac- Partners is a home investors and tenant-owners in AOS Studley, an international net- tion advise in the range from stock leading and associations to private property work for real estate consultants. exchange operations to disposal of independent owners, property investors and single properties – and always with full-service clients within the public sector. Our contact: Torbjörn Eriksson the goal to deliver the best solutions Nordic corporate operational concept and organization for the clients. +46 70 920 39 39 Bård Bjølgerud fi nance/advisory torbjorn.eriksson@ allow us to tailor our off er to suit your Tenzing has a Nordic coverage fi rm focusing on tenantandpartner.com business and your requirements. with 34 people in offi ces in Sweden the property sector. The company www.tenantandpartner.com Please contact us at phone +46 and Finland. In Norway, Tenzing has currently covers the Nordic region 771 860 860 for more information on a close cooperation with the leading from offi ces in Stockholm and Oslo. what we can do for you. investment bank Arctic Securities. The 40 employees have a variety of Clients are major Nordic and non- backgrounds all being experienced contact: Sten-Åke Karlsson Nordic institutional investors, funds, from the property sector in various +46 8 698 41 13 public and private property companies [email protected] roles. www.riksbyggen.se as well as construction companies. Pangea Property Partners off ers clients genuine and proven transac- agl contact: Tom Lindahl tion skills combined with in-depth Since 1994, AGL +46 8 407 36 05 has been an [email protected] -commercial expertise. The cross- www.tenzingab.se border research team is closely follo- advisory partner wing the Nordic property and capital to more than 100 markets and provide an independent real estate cushman & wakefi eld up-to-date view on real estate. The companies in the Cushman & nordier property advisors company’s assignments are primarily Linus Ericsson Nordic region in fi nancing and Wakefi eld assist Nordier Property within property transactions and fi nancial risk management. Today we clients in every Advisors is part development, strategic and fi nancial are 15 consultants advising more than stage of the real of Nordier advisory including IPOs, restructur- 60 clients on a regular basis. estate process, Property Group. ing, equity capital markets and debt The key to a success for our representing The company´s capital markets. clients is to adopt a structured Magnus Lange them in the senior partners approach to fi nancing and risk buying, selling, Andreas Eneskjöld all have contact: Bård Bjølgerud +47 48 40 80 80 management. AGL off ers services in fi nancing, leasing, managing and extensive [email protected] the entire service chain. We assist valuing of assets, and providing experience from Sweden´s real www.pangeapartners.se with strategic advice as well as the strategic planning and research, estate market. Nordier Property operative implementation. Our portfolio analysis, site selection and Advisors off ers high quality services advice is always based of the con- space location, among many other within the real estate advisory ditions relevant in each individual advisory services. By continually business including Capital Markets, case. To ensure that best value is seeing past the immediate ”deal” and Leasing, Valuation and Investment achieved we support our clients instead determining the highest and Advisory Services. In close tenant & partner with ongoing analysis, reporting best use of property in every cooperation with the Investment Tenant & Partner and benchmarking of their debt and situation, in every corner of the bank ABG Sundal Collier, we also is the tenant’s derivative portfolios. world, they provide the greatest off er one of the Nordic Region’s loyal representa- Our independence, strong access maximum opportunity for owners, most comprehensive ranges of tive. We help our to local fi nancial markets and use of occupiers, and investors, as well as services within Investment Banking clients to real time market information ensure their communities and society as a and Corporate Finance. Nordier’s maximise the that our clients achieve the best whole. partners have completed real estate benefi ts and fi nancial solutions available. transactions to a value of more than Torbjörn Eriksson returns of their AGL is authorised to engage in contact: Magnus Lange Eur 10 billion and have carried out +46 8 545 677 14 premises while minimising the costs. securities operations in accordance real estate valuations to a value of [email protected] Our strength lies in the wide-ranging with the Financial Markets Act and more than Eur 50 billion. During www.cushwake.com body of expertise we have built up 2011, we were exclusive sales advisor in-house − from business administra- in relation to more than 100 assets; tors and legal advisors to civil fully leased the #1 asset in Sweden, engineers with a deep experience

46 fastighetssverige #3/2012 This is an ad

under the supervision of the Swedish project for a production cost of Basale Sverige Ekan Financial Supervisory Authority. approximately SEK 980 million. By Basale is one of Ekan is a remaining independent from specific the largest management Contact: Linus Ericsson contractors, financiers, architects, property consultancy who +46 8 5450 1700 consultants and suppliers we are management for the last 25 [email protected] www.agl.se able to manage projects maintaining companies in the years has helped full focus on our clients’ needs. Our Nordics, the real estate commitment generally starts from Jimmy Axdorff managing Dag Larsson sector develop the very outset of a project and conti- 2.100.000 sqm and grow. We nues through to its final completion. commercial real estate valued at 3.5 offer services within performance We lead the various stages of the pro- billion euro. As an independent management and business FERAX – AKSP AB ject – planning, design, procurement, property management service development as well as procurement construction, installation and tenant FERAX – AKSP AB provider we deliver long term quality and implementation of ERP systems. fit-outs – acting as the developer’s offers together assured solutions in property Amongst other projects, in the last representative, coordinating and ma- with partners management, technical, economical few years we have completed naging all contractors to successfully complete and administrative management, assignments involving comprehen- complete the project. support for leasing, due diligence, property sive strategic initiatives in operations property owners development and project manage- monitoring, energy management and Contact: Bengt Johansson ment. Our mission is to provide high maintenance planning. Careful Lars Ellsäter and companies +46 (0)70 497 89 00 quality services thru a systematic, analysis and evaluation allows us to who are seeking [email protected] premises. Ferax has substantial www.forsenprojekt.se responsible, uncomplicated and get to know you and your business. experience with many years on the structured way to work. We are experts at identifying your property market and understands unique qualities and providing you better than most the property Contact: Jimmy Axdorff with the tools to develop them in the +468-456 96 03 strive for excellence. Our clients are owner’s situation and driving forces. [email protected] Over the years, Ferax has implemen- www.basale.se both companies specialising in ted a very large number of leases, commercial real estate as well as and this has also given the company others with a focus on residential a perspective on the way in which Cronholm property. After 25 years, we are very companies searching for premises Cronholm proud over the confidence and trust reason and prioritise. Ferax works on Kommersiella has we have been given by a considera- Vencom Property Partners ble number of successful key players the basis of the following motto: A been active for Vencom Property Partners is an good transaction has two satisfied more than 90 in the real estate industry. Our offices investor and asset manager focusing are located in Gothenburg and parties. Contact us and we’ll be years. We are on the real estate market in the Nordic pleased to prove it. located in Malmö Stockholm and our consultants can countries. Vencom’s core business be found wherever our clients need Christer Cronholm and Helsingborg is strategic asset management and our services. We cordially invite you Contact: and are probably development in partnership with inter- Lars Ellsäter, the oldest property consultant in to contact us with your challenges +46 706116558 national real estate investors. Further- and opportunities. [email protected] Sweden. The company has a unique more Vencom has extensive know- Anette Ellsäter, +46 705682868 continuity and is still owned and ledge and experience from the retail Contact: Dag Larsson [email protected] operated by the same family. industry, which has been valuable in www.ferax.se www.aksp.se +46 (0)31-761 60 05 Our focus is primarily property retail related investments and projects. [email protected] transactions, mainly in southern Swe- Vencom is actively searching for www.ekan.com den in the dynamic Oresund region. new investment opportunities and We have a widespread network of acts as a local advisor, asset manager Forsen Projekt investors both domestic and interna- and co-investor, taking on an overall Forsen Projekt AB tional. Our clients range from listed responsibility for the acquisition is independent companies to private local property phase as well as the value creation and has owners. and all aspects of the exit strategy. specialized in Please contact Cronholm Kommer- As an operating partner and co- Angermann project siella when you want a dedicated and investor Vencom is responsible for the Since 1953, management efficient team that loves challenges. fulfilment of the agreed business plan, Angermann has Bengt Johansson and construction with full responsibility of the asset ma- been consistently management in Contact: Christer Cronholm nagement as well as the development focused on the +46 40 25 07 90 more than 400 projects. of an investment. For further informa- needs and By offering unparalleled and in- [email protected] www.acronholm.se tion please see www.vencom.se. requirements of dependent expertise in project- and Cristopher af Trampe major investors, Construction Management, Forsen Contact: industry and Project AB generates added value for Johan A. Gustafsson medium-sized enterprise sector. property owners, large numbers of +46 (0)8 4100 9399 Angermann operates within the stakeholders, including clients, the +46(0)70 847 9399 [email protected] segments real estate advisory business people and residents whose Kristofer Prander services, investment banking, everyday environments we develop +46 (0)8 4100 9386 management consultancy and and improve. A good example is the +46(0)70 847 9386 machinery & equipment. Real estate remodeling of Stockholm’s Central [email protected] www.vencom.se advisory services include property Station where, in cooperation with transactions, valuation & advisory, us, the property owner Jernhusen is project development, real estate conducting an exciting and complex Property Partners AB marketing, letting and strategic

#3/2012 fastighetssverige 47 This is the Swedish Real Estate industry

[ Xxxxxx av Eddie Ekberg ]

advisory. Headquarters of the including owners, banks, tenants, Vistra Luxembourg is very pleased to flexibility and competence. We Angermann-Group is Hamburg. consultants, agents and other announce the recently established explain openly how we work and we Further locations are Berlin, Hano- advisers. We conduct new business Nordic Team (composed of Swedish are always prepared to change our ver, Stuttgart, Prague and Stockholm. together with investors by and Finnish nationals) working clo- way of delivering services, when our The office in Stockholm was opened identifying, analyzing and coordina- sely together to manage a portfolio client’s needs changes. during spring 2009 and focus on pro- ting the whole process. This includes of client structures. The team is very Examples of Hestia customers are perty transaction services. The team selection and identification of experienced with large and complex Cornerstone, BGP Investments, JP offers full range advisory services investment objects through to due real estate administration manda- Morgan, Barclays Bank, Aberdeen, Jo- within all property types, compre- diligence, financing, asset manage- tes, servicing a number of top tier nes Lang LaSalle and Newsec. Hestia hensively supporting and maximising ment and final sale. The total market Nordic clients with pan European today delivers services in 30 towns the returns for property owners and value of properties under manage- (and Global) investment activities. and cities in Scandinavia from Vojens investors. The Swedish management ment since year 2000 exceeds SEK 16 Additionally, the team works closely in Southern Denmark to Haparanda team consists of Christopher af billion. with the majority shareholder of in Northern Sweden. Trampe and Claes Virgin. Vistra - IK Investment Partners. Contact: Henrik Jussi-Pekka Contact: Gunnar Isaksson Contact: Christopher af Trampe +46 70 607 86 30 Contact: +46 (0)73 357 26 26 +46 (0)70- 556 99 77 [email protected] Charlotte Lahaije-Hultman [email protected] [email protected] www.mollerpartners.se +352 422 229 335 www.hestia.se www.angermannab.se [email protected] Alan Botfield +352 422 229 207 [email protected] www.vistra.com

SkandiaMäklarna Ebab SkandiaMäklarna With 30 years in is one of the Vistra Real Estate Service Teams property leading real development and construction estate brokers in Turako Fastighetsutveckling management, Sweden. The Turako is a and with 140 headquarter is developer with employees, Ebab Fredrik Kullman based in focus on Kaarel Lehiste is one of the Stockholm, with properties within leading consulting companies in our 78 local offices around Sweden. We Charlotte Lahaije- Alan Botfield the public sector. Hultman field in Sweden. The accumulated are specialized in selling commer- We are a partner Vistra is a leading independent skills and experiences within the cial properties and to help Magnus Widén to municipalities provider of corporate and fund Ebab business group, allows us to construction companies sell their with a need for administration services offering offer our clients a unique expertise in newly produced residentials. Our new schools, pre-schools or senior registered office and experienced project and real estate development, strength is to provide a high quality care. We are also a partner to managers to special purpose vehicles through all phases of the building service for a successful real estate investors that seek stable long term (Luxembourg, the Netherlands, process. Our specialists in energy transaction. return at low risk from property Germany, Jersey etc) required from a design and management offers investments in the public sector. cross border tax structuring and cutting edge solutions that can Contact: Fredrik Kullman Turako manages all sizes of projects +46 733 67 98 00 optimisation perspective. reduce energy needs in existing and is responsible for the entire [email protected] Vistra Luxembourg offers a truly buildings by up to 80%. www.skandiamaklarna.se development process. There are knowledgeable and experienced The Ebab group operates primarily several private schools, architects and service team and a full service in and around the largest cities in construction companies in our offering to Fund and Corporate Sweden, with offices in Stockholm, network to make sure that we can structures (both regulated and non- Gothenburg and Malmö. Our clients offer tenants and investors high Möller & Partners regulated). are property owners in both the quality properties designed for the Möller & Partners Luxembourg is the main Fund and private and public sector and their actual purpose at best possible price. offer property- Holding jurisdiction in the Group for reasons for signing Ebab to their related Real Estate clients and as such the projects varies. Some need help with management Contact: Magnus Widén Vistra Luxembourg office has almost +46 706851849 ideas to rejuvenate older buildings or services to both 100 staff and approximately 50% of [email protected] unused properties, while others need national and our client base is Real Estate related www.turako.se our knowledge in managing the Henrik Jussi-Pekka international – our Real Estate strategy is to offer construction of new office buildings, investors on the a complete service solution in other multifamily homes of industrial facili- Swedish property market. M&P’s Holding jurisdictions and also target ties for production. founders and employees have long, investment jurisdictions. broad-based experience in the Additional services include Contack: Kaarel Lehiste property sector. The company has Process Agent services and comp- +46 8 600 82 40 worked in asset management since Hestia +46 70 743 10 09 lying with tax advisors instructions [email protected] 2000. The business concept is to act of establishing and evidencing Hestia is the first www.ebab.se as a representative for the investor substance, including seconded property and be the investor’s extended arm, employees. management generating a high, risk-adjusted yield Vistra fees represent our confi- company in through proactive management. The dence in providing efficient adminis- Scandinavia to company’s success can be attributed trative solutions in a controlled and combine in part to its strong network, secure environment. Gunnar Isaksson transparency,

48 fastighetssverige #3/2012 This is an ad

Restate Bjurfors Isaksson Brolin AB development and market analysis. enormously valuable, both on a ton and has offices throughout the Restate is the As our client, you can rest assured human level and in a business United States and Europe. largest converter that we always do our best to help context. This insight made us start in Sweden of you in your matters concerning your Struktur 1991 and begin life as Contact: Peter Lilja rented apartment retail premises. Sweden’s first (and so far only) +45 33 44 94 44, +45 29 45 86 01 [email protected] into condomini- consultant within all areas of www.situs.com ums. In addition, Contact: Fredrik Widing workplace improvement. Petter Brolin we offer full +46 8 586 134 02 Get us to do a single project within [email protected] service in the www.gate46.se one of our three business areas; following range of products: Premises, Working environment • Transactions and Service Management. Or the Hifab Group whole lot. Whichever you choose, • Facility management (economical Hifab Group is we promise that you will end up and technical) listed on the with a new workplace that makes an • Project management OMX First North impression – far from your average • Investment advice Nordic PM stock exchange. standard office. • Law We at Nordic PM Hifab was Since the start of 1991 we have As an owner of commercial estates are real estate founded in 1947 we know that you want to maximize implemented over 2,400 projects consultants that Jeanette Saveros and has 350 em- of various sizes. Today there are 115 yield in short term as well as long manages and ployees working of us employees (Aug 2012) with a term. That is why we have collected develops in 17 offices in Sweden and abroad. turnover of MSEK 237 (2011). Struktur the experts you need under one roof. properties as if The Group’s annual revenue amounts At the same time as we take has offices in Stockholm, Göteborg Joakim Orthén they were our to around 400 MSEK. and Malmö. care of your stock, we help you own. Our Hifab is Scandinavia’s biggest decide what to buy, what to keep, activities are mainly focused on the project management company Contact: Kristina Englund what to develop and what to sell. If four business areas: Property and works within the construc- developing is suggested, we can take + 46 (0) 8 555 443 48 Management, Letting, Real Estate [email protected] tion, infrastructure, installation and care of the actual project. If selling is Development and Transactions. www.struktur.nu environment sectors. The business advised, we suggest whether to sell We believe that the road to suc- concept is to offer project manage- commercially or to condominium cess goes through personal contact ment and advisory services globally and then perform the selling. This and fast action on site. Thus we can for a sustainable development and holistic view, we believe to be unique capture the opportunities and grab Situs optimization of clients’ resources. in the business. the challenges before they become Situs provides Hifab is the ideal partner for clients We are situated in an attractive problems. This is where we create advisory and and employees, and is setting the office in central Stockholm at Kungs- tangible results and value for our outsourcing standards in the profession. gatan 26. clients. It is reflected in our motto solutions for Internationally, Hifab is working ”Always on Site”, which permeates commercial real with several international financing Contact: Petter Brolin everything we do. institutions such as Sida, the World +46 735 33 10 00 estate lenders [email protected] We tailor-make solutions for each Peter Lilja and investors. In Bank, Europe Aid and the regional www.restate.se assignment and offer everything our Copenhagen development banks. Hifab Internatio- from temporary to long-term office, we focus on advisory and loan nal is currently working in around 20 solutions. We may as well take total servicing for commercial real estate countries around the world. responsibility for a portfolio, as sup- loan portfolios in the Nordic area and Hifab’s environmental staff are port specific activities of a customer’s the Baltics. Our pan-Nordic team working nationwide with environme- existing organization. comprises of 21 financing and real ntal investigations and environmen- Gate46 Our operations are located where estate professionals, who have tal impact assessments. Gate46 has a the property owners who are our in-depth knowledge of the various clear mission - customers are. Currently mainly legal jurisdictions and markets and Contact: Jeanette Saveros Adding Real in the Stockholm area, Södertälje, have access to an extensive local +46 10 476 66 57 [email protected] Estate Value. Uppsala and Västerås. network in these markets. As part of a www.hifab.se Gate46 has a global company, Situs provides market leading Contact: Joakim Orthén access to a network of international Fredrik Widing position in +46 8 688 80 01 investors with an interest in acquiring [email protected] Sweden with a www.nordicpm.se loan portfolios and properties. wide range of specialized services for Through this network we also can the retail industry. Our staff have a provide accelerated exit solutions for wide spread expertise in all areas loan portfolios. Deloitte concerning premises for retail, which, On a worldwide scale, Situs is the Deloitte has been combined with the right networks, premier provider of commercial real Struktur rewarded as the guarantees you a complete and estate and loan advisory services leading firm in Between the comprehensive advice. and integrated solutions to leading tax services in ages of 20 and 65 Our clients are large, internatio- financial institutions, investors, Sweden by the we humans nal retail brands as well as small, owners and developers. Our business International Tax spend the exclusive shops and property provides customized solutions that Review. Deloitte majority of our Kent Åkerlund owners with national and inter- mitigate deal execution and operatio- provides services waking hours at national focus. In the services for nal risk for clients while maximizing in audit, tax, consulting and financial Kristina Englund work. So property owners we offer income operating margins. Established in advisory to public and private clients anything that and cost analysis, tenant search 1985, Situs is headquartered in Hous- spanning over multiple industries. We can improve the workplace is and relocations, leasing, property

#3/2012 fastighetssverige 49 this is the swedish real estate industry

[ Xxxxxx av Eddie Ekberg ]

have more than 3 000 real estate development issues such as the valuation, deal support, real estate svalner skatt & transaktion professionals in Europe, the United rebalancing of debt to equity ratios economics and strategy develop- Svalner Skatt & States and the Asia-Pacifi c region. and the wave of new fi nancial ment advisory services. Our Transaktion is a Amongst our real estate clients regulation. integrated industry approach ensure tax advisory fi rm are some of the most well-known you to stay one step ahead when it providing Swedish and international real estate contact: Björn Flink comes to complex transactions and corporate clients +46 8 723 9482 companies. Through our strong real +46 70 539 9482 decision-making in local or with high end tax estate client base and our industry bjorn.fl [email protected] international business environments. Viktor Sandberg advice. The focus, we establish deep and broad www.kpmg.se Across our network, more than services are industry knowledge. The benefi ts of 163,000 people in 151 countries share focused on transaction tax services, our broad experience are realized th- our thinking, experience and e.g. purchase/vendor tax due rough our global knowledge-sharing solutions to develop fresh perspecti- diligences, and tax structuring. Some network. ves and practical advice in order to of Svalner’s prominent advisors At Deloitte we give you best create added-value for our clients. within the real estate sector is Jan practice, top thinking and effi ciency, Kleerup, Hans Tegnander and Viktor thanks to the importance we place Ernst & Young, real Estate contact: Robert Fonovich Sandberg. Svalner is considered as +46 709 293364 on communication, global coordina- Ernst & Young is a [email protected] one of the leading tax advisory fi rms tion and knowledge-sharing gained global leader in www.pwc.com/se in Sweden. As a member of the WTS by the professionals in our real estate assurance, tax, Alliance, an international cooperation industry practices. transactions and of independent tax fi rms, cross advisory services, border assignments form an integral contact: Kent Åkerlund worldwide 152 part of the range of services off ered. +46 75 246 31 06 Ingemar Rindstig 000 people. Their +46 733 97 11 06 [email protected] special industry contact: Viktor Sandberg www.deloitte.se group focused on real estate, + 46 8 528 01 265 construction and infrastructure [email protected] grant thornton www.svalner.se embraces more than 7 700 specialists Grant Thornton in a seamless organization globally Sweden is one of and 300 of them in the Nordic the country’s countries. Their services include real leading fi rms in kpMg estate strategy, analysis and audit, tax and KPMG Sweden is valuation, transaction advice, real advisory services consultant one of the estate administration, risk manage- Andreas Adolphsson to the property – rEtail leading ment, corporate real estate, fi nancing, industry. We infrastructure advice (PPP), professional combine our specialist knowledge as optimal services fi rms in sustainability, due diligence, audit advisors to a large number of the area of and assurance, fi nancial reporting property companies with our Björn Flink fi nancial and property tax, VAT and income tax extensive experience in auditing and information. for real estate businesses. managing administrative functions. KPMG International provides Audit, Among our clients you will fi nd many Tax and Advisory services and contact: Ingemar Rindstig of the most well-known Swedish real +46 8 520 590 00 industry insight to help organizations [email protected] estate companies. As a member fi rm negotiate risks and perform in the www.ey.com/se of Grant Thornton International we dynamic and challenging environme- are part of one of the largest Optimal – your partner on the nts in which they do business. KPMG organisations of independently Swedish market when it comes to operate in 152 countries and have owned accounting and consulting development and leasing! 145,000 people working in member fi rms in the world. Optimal, a runner up on the fi rms around the world. In Sweden The property group at Grant Thorn- Swedish property market, working they are 1600 co-workers at 60 offi ces ton Sweden consists of a team of con- pwc with development and leasing, on spread throughout the country. KPMG PwC is Sweden’s sultants with extensive experience small sites as well on big sites. All our Sweden’s long lasting and strong leading of property-related questions within partners have a long proven track re- presence in the real estate industry is professional consulting, tax, reporting and audit. cord of developing shopping centers, manifested by the fact that KPMG services fi rm with The depth and knowledge within the department stores as well as big box audit major Swedish property 3,600 staff group gives you a complete solution solutions. Our mission is to off er you companies such as Castellum, members in 125 and ensures that you have access to a one stop shop! You can get it all; Hufvudstaden, Kungsleden and Stena offi ces spread the specifi c help that you need. Robert Fonovich full market analysis, conceptualiza- Fastigheter and service a number of across the tion, leasing of premises as well as leading international investors such country. This ensures a geographical contact: Andreas Adolphsson property management. Give us a call as Aberdeen Asset Managers, Union coverage and range of expertise that +46 8 563 070 00 [email protected] and we’ll make things happen! Investment and GE Capital Real Estate. few can match. In addition to www.grantthornton.se During 2011 and 2012 KPMG Sweden auditing, our services include, tax contact: Optimal AB also advised a number of leading advisory services, corporate fi nance / Sveavägen 47 domestic and international real estate M&A, transaction services, accoun- 113 59 Stockholm investors on transaction-oriented ting, risk management and advisory Sweden +46 834 54 55 issues. The global KPMG Real Estate services. Our Real Estate Industry www.optimalprogress.se network provides instant access to Group off er some of Sweden’s most the most current information on experienced specialists within the important international industry areas of fi nancial analysis, M&A,

50 fastighetssverige #3/2012 This is an ad

Centrumutveckling financing. Per O. Dahlstedt, Head of than SEK 45 billion. Among these Centrumutveck- Corporate Clients, manages a team Legal Firms transactions are the sale by Centeni ling is property of account managers, credit analysts, of several shopping centres in the Mannheimer Swartling development valuers and lawyers in Stockholm, Stockholm area and the purchase Mannheimer consultancy com- Gothenburg and Malmö. The team by ALM Equity of the property Timo- Swartling has the pany for offers specialized expertise, a lean tejen. In addition, Lindahl advises ambition to be shopping centres and speedy organisation and tailor- international banks, such as Aareal the leading firm Hanna Eidem and multi-use- made solutions to clients. SBAB has Bank and Deutsche Pfandbriefbank, as regards real centers with the been instrumental in many of the on a regular basis. Lindahl has also estate transac- longest experience in the Nordic major Swedish property transactions advised in several of the largest real tions and related region, with 43 years in the business. completed in recent years. SBAB also Jesper Prytz estate reconstructions during 2011. legal issues in Centrumutveckling work from initial offers competitive deposits to private The firm’s success is believed to be Sweden. By gathering more than 65 concept to project completion with individuals and corporate clients. based on closeness to the business, lawyers in the real estate group, we total project management, concept with vast industry knowledge and ex- provide a combined knowledge of all development, market analysis, Contact: Per O. Dahlstedt perience, in combination with the full relevant legal areas, thereby giving letting, architecture, design and +46 8 614 43 51 service concept. Lindahl takes pride [email protected] our clients access to a team of administration. They are also a in providing not only top quality www.sbab.se lawyers with a clear focus on creating management and specialist services within transactional work, business value. The number of consultant that can contribute with but also to provide genuine expertise transactions we advise on year after their considerable specialist expertise in fields such as lease law, asset and year is a guarantee that the lawyers in sub-projects, and offer investment property management, construction are updated on all the latest advice when buying and selling law and environmental law. Deutsche Pfandbriefbank developments and challenges in the shopping centres. Centrumutveckling pbb Deutsche Swedish real estate market. We also have a staff of 16 specialists including Contact: Jörgen Sandquist Pfandbriefbank is have a strong presence in other the management team of Hanna +46 8 527 70 854 a leading European real estate markets, such as [email protected] Eidem, Monica Bruvik, Ann-Marie European the German and the Russian markets. www.lindahl.se Johansson and Håkan Karlsson. specialist lender Our client base include major real Centrumutveckling ́s head office is for Real Estate estate companies, real estate in Stockholm. Since 1969 Centrumut- Anders Tägt and Public Invest- developers, real estate funds and veckling has worked with 500 ment Finance. financial owners, states, municipali- shopping centre projects in 17 The core funding vehicle is the ties and many more. countries. German Pfandbrief where the bank is The real estate group is lead by one of the largest providers on the Jesper Prytz (Göteborg, chairman of Glimstedt Contact: Hanna Eidem market. As an established finance +46 8 5580 54 00 the group), Klas Wennström (Stock- The Stockholm partner, we have many years’ [email protected] holm) and Johan Granehult (Malmö). office of www.centrumutveckling.se experience and extensive knowledge During 2011 Mannheimer Swartling Glimstedt, led by of the international real estate advised on real estate transactions managing partner business. We focus on our customers. to a value of SEK 20 billion, and was Jan Litborn, has With funding solutions tailored to listed as on of the top legal advisor specialized in real meet the individual needs, the bank based on transactions. estate transac- offers optimal funding solutions for Jan Litborn tions since many professional national and internatio- Contact: Jesper Prytz years and that makes Glimstedt one of nal real estate clients. This includes +46 709 777 672 the foremost and dependable firms in real estate companies, institutional [email protected] www.mannheimerswartling.se this area of practice. investors and real estate funds. We The legal firm Glimstedt is, with its Banks & Credit focus on investment funding in 18 offices in Sweden, the Baltic State Germany and on the European, Institutions and Belarus, proudly one of the leading Pfandbrief-eligible core markets. business law firms in Sweden. Their Scandinavia and the United Kingdom SBAB Bank overall objective being to continuously are particularly relevant, as well as Lindahl SBAB Bank, with supply their clients with appropriate France, Poland and the Czech Lindahl has more its 420 and efficient advice based on the Republic. than 300 employees, is employees in six client´s specific needs in order to arrive wholly owned by at constructive and useful solutions, Contact: Anders Tägt offices in the Swedish +46 8 440 10 61 Sweden. leading to successful business deals. Government. +46 733 50 80 17 The real estate Glimstedt has a total of 260 Per O. Dahlstedt The owner s [email protected] employees including 30 specializing www.pfandbriefbank.com Jörgen Sandquist team of Lindahl mandate to consists of more within the real estate area. SBAB is to act to ensure diversity than 40 lawyers. The real estate and competition in the Swedish team is headed by partner Jörgen Contact: Jan Litborn +46 8 566 199 00 residential mortgage market whilst Sandquist (Stockholm), partner Per obtaining a return on investment in [email protected] Bäcklund (Gothenburg) and partner www.glimstedt.se line with market rates. SBAB’s market Staffan Brandt (Malmö). share is about 10 percent within the Lindahl has established itself mortgage market. SBAB also provides as one of the top three-four firms corporate clients with loans and on the Swedish real estate market, credit facilities for the purpose of advising during 2011 in transactions residential and commercial property with a total transaction value of more

#3/2012 fastighetssverige 51 This is the Swedish Real Estate industry

[ Xxxxxx av Eddie Ekberg ]

Vinge larly act for lenders, borrowers, equity Sweden. Delphi’s real estate practice on the divestment of various retail Vinge’s property investors and potential purchasers in regularly advises national and properties occupied by Mekono- and environmen- restructuring and refinancing of pu- international investors, real estate men; Länsförsäkringar Liv, one of tal law group is blic and private property companies. companies, developers and the largest insurance companies considered one municipalities in connection with the in Scandinavia, on its disposal of of the most Contact: Erika Åslund purchase and sale of individual several properties in Stockholm, with prominent in +46 8 522 065 30 properties, real estate companies as a total value of approx. EUR 680m; [email protected] Patrick Forslund Sweden and is www.cederquist.se well as real estate portfolios, real and Unibail-Rodamco in connec- consistently estate consortiums/joint ventures, tion to the development of Mall of ranked in the top tier in international real estate financing, commercial Scandinavia, the largest shopping as well as national surveys, such as lease law, rights of use and other mall in Scandinavia as well as on Chambers, Legal 500 and PLC Which special rights, legal due diligence, the sale of four shopping centre Lawyer?. Their clients include MAQS Law Firm construction law and environmental properties to Grosvenor Fund. Other law, including advising Acta in clients include The Carlyle Group Swedish and international property MAQS Law Firm connection with the sale, with a deal where Linklaters acted in connection companies, traditional industrial is one of the top value of approximately SEK 7 bn, of to the acquisition of two retail malls companies and governmental law firms in residential properties to Willhem AB, in Västerås from the Boultbee group, authorities. They also represent Sweden within a subsidiary to Första AP-fonden as well as Commerz Real where we several international investment real estate law (AP1). Delphi’s Stockholm office has advised on its SEK 4.35bn divest- funds, financial institutions, and transactions. rating agencies and others. Vinge recently strengthened its real estate ment of the office, shopping and Patric Olofsson Our experienced practice by recruiting Magnus residential property Klara Zenit in have a total of 330 lawyers, and highly Björkander as partner and head of central Stockholm to Vasakronan, the with around 30 being specialised in recommended team act in big ticket the real estate practice and Erika largest single property transaction the property and environment field. real estate transactions on a regular Rosenberg as senior associate. ever in Sweden, and its divestment The leading lawyers of this group are basis. We acted on the largest purcha- Magnus Björkander has extensive of a retail park in located in Barkarby, Stefan de Hevesy and Patrick se of a real estate property group in experience from real estate Stockholm.. Forslund. During the last year Vinge Sweden ever with a transaction value transactions at other law firms and is Real Estate group head and main has acted for the Carlyle Group on of approx. 4 billion Euros. We have regularly ranked by independent contact is Magnus Lidman, a Linkla- the acquisition of Nacka Strand from also acted in public offers of listed legal benchmarking publications. ters partner with more than 25 years Vasakronan, Willhem AB (owned by real estate companies and in the Erika Rosenberg is formerly an of legal experience. the First Swedish National Pension largest solitary real estate transaction in-house lawyer at a real estate Fund) on several acquisitions of to date in Sweden. company with extensive experience Contact: Magnus Lidman residential portfolios, in addition to a MAQS Law Firm is a groundbrea- host of other premium mandates. from real estate transactions. +46 8 665 6740 king and dynamic full service firm [email protected] within the field of business law. www.linklaters.com Contact: Contact: Patrick Forslund Our integrated and tailored teams +46 8 614 30 69 Magnus Björkander (Stockholm) [email protected] provide concrete total solutions that +46 8 677 55 96 www.vinge.se develop and protect the business [email protected] affairs of both Scandinavian and Anders Hulegårdh (Gothenburg) +46 31 10 72 07 international companies. At MAQS [email protected] we are more than 330 people working www.delphi.se Wistrand in Sweden, Denmark, Estonia, Latvia Wistrand is a and Lithuania. In Sweden we are 175 full-service law Cederquist employees, with 125 of them certified firm with a strong Cederquist is a lawyers. focus on M&A, leading business corporate, real estate, dispute law firm in Contact: Patric Olofsson Linklaters +46 8 407 09 21 Lennart Ernstson resolution, Sweden and is [email protected] Linklaters is a law energy and consistently www.maqs.se firm that environment and banking and acknowledged as specialises in finance. With a workforce of over 180 Erika Åslund being a top tier advising the in Stockholm, Göteborg and Malmö, legal provider. world’s leading Wistrand is acknowledged as The firm comprises approximately 95 companies, pre-eminent on the Swedish market. lawyers, and has a dedicated real Magnus Lidman financial They provide solid support in the estate practice which is recognized as institutions and acquisition, ownership and leading within its field. investors on their most challenging conveyance of real estate. Where With relevant knowledge and Delphi transactions. The firm has 27 offices Wistrand’s real estate group truly experience, combined with effective Advokatfirman in major business and financial excels is in their ability to advise project management and an excel- Delphi is a centres and is the only leading global domestic and international clients on lent teamwork, Cederquist assures full-service law firm with a significant presence transactions, due diligence and you that each assignment is staffed commercial law in the Nordics. financing, construction and property with required expertise. firm with offices Linklaters Swedish Real Estate development as well as commercial Over the past years, our real estate in Sweden’s practice advises both internatio- leases. practice has acted for a variety of do- Magnus Björkander major business nal and domestic investors and Headed up by Lennart Ernstson, mestic and international sellers and centres: has acted on some of the most Tommy Grönberg, Nils Sköld and buyers of real estate in several of the Stockholm, Göteborg, Malmö and complex deals in the market. Recent Fredrik Råsberg, the real estate group largest and most complex property Linköping-Norrköping. Delphi is transactions include advising AXA in Stockholm has a client base rang- transactions in Sweden. We also regu- among the top three law firms in Real Estate Investment Managers ing from listed real estate holdings,

52 fastighetssverige #3/2012 This is an ad

banks and financial players through M&A, corporate, construction, lities and municipal companies on, logistic properties. Property matters to private investors. banking and finance. DLA Nordic also among other things: often have M & A, tax, construction or has specialist lawyers in IT, • Acquisitions and transfers of real financing dimensions. Grönberg’s Contact: Lennart Ernstson intellectual property, tax, private estate companies specialists within these areas can +46 8 5072 00 23 equity, litigation, insurance, transport • Commercial tenancy provide both the advice and the [email protected] www.wistrand.se and logistic, life sciences, EU and • Real estate financing actions required. Should a dispute regulatory, insolvency and • Property development occur our litigation experts will employment. The law firm is part of • Construction provide high quality advice. Examples DLA Piper Group, an exclusive • Environmental issues of recent transactions in which alliance of international law firms • Land parcelling issues Grönberg has advised are the Baker & McKenzie with over 5100 lawyers in 41 countries development and sale of a retail park in Europe, USA, Asia, Australia, Africa Contact: Per Månsson in greater Stockholm and the Baker & and the Middle East. Consistently +46 8 505 501 95 disposals of a portfolio of retail McKenzie Stock- [email protected] ranked as the world’s top real estate properties and logistics properties as holm, part of one www.hamilton.se practice by leading industry research well as the refinancing of the Swedish of the world’s firms, DLA Piper Group continues to part of a listed property fund. leading and most diversify its real estate practice by Grönberg is also highly expe- internationally expanding its global capabilities rienced in handling property related Jan Alexanderson diverse law firms through the addition of leading insolvency issues. We assisted in the with a unique practitioners throughout the world. Trägårdh Advokatbyrå financial re-construction of Russian global perspective. Among their With more than 550 real estate Trägårdh Law Real Estate Investment Company AB clients are many of the leading lawyers throughout the world, the Firm is an (“Ruric”) as administrator, the liquida- Swedish and international compa- firm provides a full range of independent law tion and sale of the Landic VII portfolio nies, banks and organisations, as well transactional and advisory services to firm specialized and the liquidation of Myrtleville AB, as public institutions. They are part of real estate-related firms, such as in Real Estate law, which owned about 48,300 sqm of an extensive global law firm, linking developers, investors, lenders and M&A and centrally located commercial premises with offices spanning six continents asset managers. The firm also Thomas Enckell Insolvency law. as well as in the bankruptcy of Kefren to provide their clients with provides advice relating to We advise e.g. on Properties IX AB involving public auc- a seamless combination of local and acquisitions, dispositions, financing, real estate transactions, corporate tions of more than 130 properties with global expertise. leasing, entitlements, economic transactions, real estate investments, more than 800,000 sqm premises. Baker & McKenzie Stockholm incentives, corporate facilities and re-organizations and other real estate Grönberg has strengthened its offers the benefit of working with related legal services to its clients. and corporate matters. In recent real estate team in 2012 by recruiting local lawyers who have a strong in- years, our lawyers have been involved Nicklas Hansen from Kooperativa ternational outlook, operating within Contact: Anders Malmström in several of the major real estate Förbundet/COOP. an organisation with a distinctive, +46 8 701 78 46 transactions on the Swedish market. business friendly culture and a re- [email protected] The firm’s lawyers have long expe- www.dlanordic.se Contact: putation for quality and commercial rience within our core areas and from Roland Sundqvist, Anders Hedman or pragmatism across the world. major international law firms as well Nicklas Hansen Their Global Real Estate Prac- as from the private enterprise sector. T: +46 8 614 49 00 tice includes more than 175 locally [email protected] Our office is located on Citykajen in [email protected] experienced, globally knowledgeable the central business district of Malmoe [email protected] lawyers familiar with all aspects of pro- and we focus mainly on the market www.gronberg.se perty development, sales, acquisitions, in southern Sweden. Our experience, leases, property management and the specialization and network together provision of security in commercial, Hamilton Advokatbyrå with our in-depth market knowledge retail, industrial, residential and mixed- Hamilton enable us to provide the best possible development markets. Advokatbyrå is a legal service to our clients. leading Swedish Gernandt & Danielsson Contact: Jan Alexanderson law firm with 60 Contact: Thomas Enckell Gernandt & +46 8 566 177 20 lawyers +46 70 545 01 06 jan.alexanderson@ Danielsson practicing from [email protected] bakermckenzie.com www.tragardh.se (“G&D”) is a the office in www.bakermckenzie.com Per Månsson leading Swedish Stockholm. The law firm. G&D’s firm’s size, together with its real estate longstanding practice, enables us to Bob Johanson practice group provide general corporate and Grönberg Advokatbyrå possesses broad commercial law service, as well as to Grönberg is DLA Nordic expertise in real estate-related law, render high-quality specialist highly DLA Nordic is everything from ongoing tenancy capabilities in what are essentially all experienced in one of the largest issues to how to best structure and major areas of corporate and the legal fullservice law finance acquisitions of real estate commercial law. questions arising firms in Sweden. companies in the multi billion kronor Hamilton has a long and extensive from developing, The Stockholm scale. experience of the real estate industry. Nicklas Hansen transferring and office employs Within the group, there is also We advise a variety of stakeholders financing Anders Malmström approximately in-depth expertise regarding environ- in the real estate industry such as properties. Grönberg regularly assists 125 people, of mental law. Swedish and foreign real estate and domestic and international clients in which 85 are lawyers. DLA Nordic G&D’s leading expertise on the real estate companies, real estate property transactions and has provides a full range of services in transaction side covers acquisitions funds, shopping centre companies, extensive experience in real estate commercial law, such as real estate, of property portfolios and real estate- construction companies, municipa- transactions involving retail and

#3/2012 fastighetssverige 53 this is the swedish real estate industry

[ Xxxxxx av Eddie Ekberg ]

owning companies. We have partici- setterwalls and consultancy law, which has been residential, commercial and mixed- pated in some of recent years’ largest confi rmed by our ranking by leading use condominiums and planned unit real estate transactions in Sweden. legal ranking institutions such as developments. G&D’s experience is more exten- Legal 500. We have expanded and We have experience in land use sive than just handling purely legal today we are a midsized law fi rm regulation. Our practice includes issues. Our in-depth knowledge of representing clients from the real the preparation and processing of the real estate market also means estate market with legal advice in all local, state, and federal permit that we can contribute with advice Lennart Iwar Assur Badur Anders Heintze both development projects as well as applications relating to land use and with respect to strategic and structu- Our real estate practice group has a management of property and environmental regulation of develop- ral issues. strong industrial focus and consists of day-to-day business. When it comes ment projects. Our client base includes both more than 30 highly experienced and to real estate transactions we Swedish and international parties. knowledgeable specialists. We represents clients both in purchase contact: Magnus Andersson G&D has represented a number of provide tailor-made solutions in and sale of individual properties as +46 8 22 09 00 magnus.andersson@ diff erent investors in connection with complex transactions. Our specialists wells as shares in portfolio hellstromlaw.com real estate transactions in Sweden. In are used to handle matters relating to companies. With our in-depth legal www.hellstromlaw.com addition, we often represent banks general real estate law, construction knowhow and experience from in the fi nancing of real estate acqui- projects, commercial lease matters working with companies within the sitions. Among others, G&D regularly and transactions. construction and real estate industry represents DnB NOR, Fortin and Einar The real estate group is located at we can put together tailor made Mattsson in real estate transactions. three offi ces in Sweden; Stockholm, teams with the expertise required for foyen the transaction in question. Gothenburg and Malmoe. We are key Foyen’s with a contact: Bob Johanson Read more about us at www.advo- suppliers of legal advice to some of solid background +46 8 670 66 63 the largest real estate companies in katag.se. For more information about [email protected] from construc- legal advice in relation to real estate www.gda.se Sweden (both privately owned and tion and real transactions please contact: owned by governmental bodies) estate law which also includes several interna- Cecilia Hautamäki regularly assist in tional real estate companies active in + 46 (0) 8 677 17 48 Anders Janson real estate Sweden. [email protected] transactions www.advokatag.se We have leading individuals concerning individual property´s as who are used to handle complex well as entire real estate companies Hannes snellman transactions such as IPO: s, sale- and Hannes Snellman and large portfolios. They have a vast leaseback and portfolio disposals. experience representing clients in is a Nordic law We will give you exactly the help you fi rm with a strong substantive real estate transactions, need at any given time. which gives them knowledge and Russian foothold. The real estate group is lead by We focus on experience that is important also Lennart Iwar together with Assur when assisting in matters regarding Transactions and Hellström law Badur and Anders Heintze. smaller objects. Safa Mahmoudi Dispute Hellströms team Foyen represent clients not only Resolution in contact: of lawyers works with acquisitions but also in restruc- Stockholm, Copenhagen, Helsinki, Lennart Iwar, Assur Badur, with real estate turing real estate portfolios within Moscow and St. Petersburg. Hannes Anders Heintze transactions and T: +46 40 690 04 12 corporate entities and groups of Snellman’s real estate practice is other real estate T: +46 8 598 89120 companies. The advice in such mat- unrivalled in terms of specialization T: +46 31 7011728 legal issues on a ters do not only comprise agreement and expertise in the Nordic and M : +46 706 37 11 12 Magnus Andersson daily basis. We M : +46 702 939083 negotiations but also fi nancial issues, Russian markets. We have an assist clients in M : +46 7029974 63 service agreements, take-overs, outstanding record of experience and the negotiation and closing of real [email protected] employed staff , legal issues regarding knowledge in real estate transactions [email protected] estate acquisitions and sales, tenancy rights, dealing with securities and PPP projects. A deep bench of [email protected] including the preparation of and mortgages, contracts with autho- highly accomplished resources purchase agreements, conveyance rities and construction disputes. This enables us to work on even the most documents, financing documents, makes Foyen a long-term valuable complex domestic or cross-border tax-deferred and multiple-party partner for improving real estate transactions. Our Real Estate exchange agreements, escrow business. Transactions team provides a full instructions and other related range of legal services regarding documents. contact: Anders Janson transactions, as well as commercial The firm has a varied and sophis- +46 8 506 184 00 tenancy law and property manage- andersson gustafsson ticated leasing practice. Our lawyers +46 733 22 84 20 [email protected] ment. With an emphasis on teamwork, advokatbyrå represent both landlords and tenants advice on corporate and fi nancing Andersson and have significant experience in matters, as well as construction and Gustafsson leasing transactions, including retail real estate related disputes, form an Advokatbyrå is a leases, ground leases, build-to-suit integral part of our services. law fi rm focusing leases, office leases, industrial leases on clients in the and subleases. contact: Safa Mahmoudi construction and The fi rm assists clients in all types +46 (0) 760 000 008 real estate safa.mahmoudi@ Cecilia Hautamäki of real estate development, including hannessnellman.com industry. For shopping center, industrial, residen- www.hannessnellman.com many years we have been considered tial, hotel and downtown develop- as one of the leading law fi rms in ments. We have extensive experience Sweden in the fi eld of construction in the creation and operation of

54 fastighetssverige #3/2012 This is an ad

development around Sweden and black box and restaurant, Jönköping, Equator Stockholm Architectural several urban and office develop- Sweden, 50 million Euro. Equator is an Firms ment projects in the Stockholm area. “Kuggen”, Chalmers University of architectural firm Technology, an energy efficient lear- that combines Tengbom Contact: Göran Ekeroth ning facility (55kW/sqm), Göteborg, regional as well +46 (0)8 586 176 00 Sweden, 10 million Euro. as international Tengbom, one of [email protected] the largest www.strategiskarkitektur.se “Sven-Harry’s (art museum)”, gal- experience with architectural lery, museum and housing in Stock- Annica Carlsson a strong business firms in Europe holm, Sweden, 15 million Euro. focus. The office with 500 “Victoria Tower”, high rise hotel has a firm market position in the employees in 11 and office building, Stockholm, Swe- commercial and residential sectors, Magnus Meyer Swedish cities, den, 50 million Euro. and is well-suited to manage has the mission These buildings were all comple- complex large-scale and mixed-use to create proactive and creative ted in 2011. projects. With a deep understanding architecture with buildings and White “We aim to give our clients what of the conditions of the retail market they did not know that they desired.” environments that people want to White arkitekter and the requirements and visit, live, and work in. The in-depth is one of expectations from investors as well Contact: Gert Wingårdh and extensive expertise within Scandinavia’s as municipalities, Equator provides +46 31 743 70 00 clients individual advice and ideas architecture, urban design, landscape leading [email protected] architecture, interior architecture and architectural www.wingardhs.se throughout the entire design and project management make the firm a practices and building process. With experienced, knowledgeable and creative full-service provider of architecture. Monica among the ten Founded in 1906 by Ivar Tengbom, an von Schmalensee largest in Europe. employees coming from all parts of innovative and accomplished For us, the world, Equator are well prepared architect within Swedish society, the architecture is the framework for to meet the demands of local as well Erséus Arkitekter AB as international clients. These architectural firm is one of the oldest sustainable living and well-being. We Erséus Arkitekter unique qualities result in architectu- in Europe. focus on people, and go beyond the AB has, by rally successful projects achieving In 2011 Tengbom’s entry Sino- traditional role of the architect - crea- competing commonly established goals while Swedish Eco-City Wuxi became ting places, urban environments and successfully and maximizing value for our clients. The the winner in the Future Projects buildings where people feel and by carrying office has a long history and Awards under the category Big Urban perform better. We apply a truly through several expertise in working with Projects in the award held by the interdisciplinary approach by prestigious Peter Erséus sustainability in our projects. Architectural Review in association combining the best architects in the projects that Recently, Equator completed with MIPIM. field with competences such as have attracted much attention, Liljeholmstorget, a large mixed use anthropologists, engineers, established itself among the leading project and the first LEED platinum Contact: Magnus Meyer ecological specialists, researchers and architect´s studios in Sweden. The +46 8 412 52 12 artists. As an employee-owned certified project in Europe. [email protected] company employs about forty people www.tengbom.se company we choose to reinvest 25% at the two offices in Gothenburg and of the profits in our own research. Contact: Annica Carlsson Stockholm, and the commissions are +46 8 5060 25 14 That is how we create bespoke spread all over the country. The [email protected] solutions that are sustainable, business emphasizes urban planning, www.equator.se appreciated and equipped to meet housing, commercial buildings and future needs. Strategisk Arkitektur public buildings. Another important Strategisk sector is projects regarding Contact: Monica von Schmalensee restoration and renovation of historic Arkitektur was +46 8 402 25 84 founded in 1991 [email protected] buildings, where our main costumer Tema and is today one www.white.se is the National Property Board. Tema is the of Sweden’s Current projects to mention, among fourth largest larger architectu- others, are the extension of architecture and Göran Ekeroth ral firms with Gothenburg´s City Library, a new project some 65 Student´s Building at the University management employees. The company is located of Stockholm and city development practice in of the Gothenburg riverside. Sweden. Tema in central Stockholm and specialises Wingårdhs Håkan Persson provides in five business segments; office We are 170 Contact: Peter Erséus dependable consulting services that development, retail, tenant premises persons, 76 +46 31 10 95 00 span from conceptual design all the development, residential and urban female, 94 male, [email protected] way through construction oversight development. A value driven 84 architects www.erseus.se and project completion. Thorough approach to architecture together (MA), 28 building collaboration within Tema ensures with a method based on close engineers, 16 that we achieve better, smarter communication with the client Gert Wingårdh interior architects solutions. Our mission features a deliver functional identity, corporate (BA), 1 urban balance between aesthetics, value and long-term business profit. planner, 13 3d wizards, 1 civil engineer functionality, sustainability, and Strategisk Arkitekturs projects (ME), 1 writer (PhD), 5 IT, 2 model economy. include office and retail development makers, 5 administration and 15 Recent and ongoing projects in Sweden and Norway. On going trainees. include Täby Centrum (Strabag), the projects include tenant premises for “Spira”, a cultural centre with a 900 inside of Tele2 Arena (Stockholm Skanska HQ, Nordea and SJ HQ, retail seat concert hall, 450 seat theatre,

#3/2012 fastighetssverige 55 This is the Swedish Real Estate industry

[ Xxxxxx av Eddie Ekberg ]

Globe Arena), Ribersborg boardwalk We see our offerings as strategic Midroc Property Development (Malmö stad), Arlanda terminal 2 Construction tools for our customers. The concept From concept to (Swedavia), Gå-City (Västerås Stad), company Future Office by NCC® is based on finished property Östra Sala Backe (Veidekke and Upp- extensive studies and experiences of – Midroc sala kommun) and parts of the new future workplaces and environments. Property Slussen project (Stockholms stad). Skanska The aim is to promote creativity and Development Our belief in the importance of Skanska is one of reduce stress, which among other develops and close dialogue with the client has the world’s things contribute to higher efficiency Magnus Skiöld manages been at the heart of our business leading project and fewer days of sick leave. We see commercial since the start in 1957. Our clients’ development environments and facilities as an premises as well as residential knowledge of their own operations and construction investment – not as a cost! properties. We work with a variety of combined with our creativity and groups with Four years in a row, we have projects ranging from land experience creates the right condi- Jan Odelstam expertise in been awarded the best property acquisitions to finished property. Our tions for successful projects that are construction, developer in the Nordic countries by portfolio currently includes just over sustainable from an ecological, social development of commercial and the international financial magazine 679 000 square meters of building and human perspective. residential projects and public-priva- Euromoney. rights for residential and commercial te partnerships. Based on its global space to an assessed project value Contact: Håkan Persson green experience, Skanska aims to be Contact: Robert Hägg totalling SEK 14 billion. The property 08-690 28 00 the clients’ first choice for Green [email protected] portfolio is centred in Stockholm and [email protected] solutions. The Group currently has +46 (0)8 585 523 72 www.temagruppen.se www.ncc.se Skåne with the head office located in 50,000 employees in selected home Malmö. markets in Europe, in the US and Some current development pro- Latin America. Headquartered in jects include: Stockholm, Sweden and listed on the • 7 000 m2 office premises in central Stockholm Stock Exchange, Skanska’s Stockholm revenue in 2011 totaled SEK 122 2 Ahlqvist & Almqvist Architects • 52 000 m office/store/premises and billion. 1 200 residences, Malmö Ltd JM Skanska Commercial Development • 100 000 m2 commercial premises, Ahlqvist & JM is one of the Nordic initiates and develops offices and hotel, Lund Almqvist leading property projects in offices, logistics • 1 300 residences, 34 000 m2 commer- Architects AB has developers of centers and retail warehouses. Office cial and service premises, Kävlinge more than 25 housing and operations focus on the three large • 29 000 m2 hotels, residences, cinema years of residential areas metropolitan regions in Sweden, the complex, offices and store premises, experience in in the Nordic Copenhagen region in Denmark, Helsingborg analysis, program Johan Skoglund region. Annual Britt Almqvist Helsinki region in Finland and Oslo in studies, planning sales 2011 totaled Norway. The development of logistics Contact: Magnus Skiöld and design in Sweden and abroad. SEK 12 billion, with 2,400 employees. centers and volume retail properties +46 10 470 74 05 In addition to the design of Operations focus on new produc- is conducted in strategic locations [email protected] houses, apartment blocks, schools tion of homes in attractive locations, mpd.midroc.se in Sweden, Denmark, Finland and and offices, we have great experience with the main focus on expanding Norway. of sustainable urban planning inclu- metropolitan areas and university ding visionary studies, master plans, towns in Sweden, Norway, Denmark, Contact: Jan Odelstam detail plans, design guidelines and +46 10 448 00 00 Finland and Belgium. We are also environment impact studies. [email protected] involved in project development of In all our work we aim at the grea- www.skanska.com commercial premises and contract test possible sustainable solutions work, primarily in the Greater Stock- in terms of social, economic and holm area in Sweden. environmental goals. We have signed We promote long-term quality Owner/ the Climate Pact Stockholm and and environmental considerations investor have experience in delivering LEED & NCC in all our operations. Environmental NCC is one of the BREAM certified projects. priorities are: Energy consumption, Vasakronan leading Choice of materials, Building waste, Realized projects in Europe and Vasakronan is the construction and Transport and construction machi- China have given us valuable interna- leading property property nery and Contaminated soil. tional experience. We are members of company in development Perspective, Europe’s largest network Sweden. The companies in the Contact: Johan Skoglund of architects with over 400 employ- focus is on office ees in 12 countries. Robert Hägg Nordic region. +46 (0)8 782 87 00 www.jm.se and retail We have consciously widened the NCC had in 2011 Fredrik Wirdenius premises sales of fully SEK 52,5 billion, with scope of our work and strengthened supplemented by 17,000 employees. NCC develops and our competence. For that we have a wide range of services, and the core sells commercial properties in received several awards and won business activity is commercial defined growth markets in the Nordic many competitions. property. region, Baltic States and St. The company has operations in Petersburg. Contact: Britt Almqvist Sweden’s major growth regions: +46 8 556 96 880 Our extensive experience has Stockholm, Uppsala, Gothenburg, [email protected] resulted in a process where deve- www.ahlqvist-almqvist.se Malmö and Lund. The property port- lopment and construction is faster, folio comprises 192 properties with a better and safer at a lower price, with total area of approx. 2,560,000 m2. environmental sustainability in focus.

56 fastighetssverige #3/2012 This is an ad

Many of the properties are situated Klövern focus on public properties such as in central Stockholm and in Solna in clusters and offer supplementary The listed geriatric care, schools and health- and Sundbyberg just outside the city. services to the tenants. The property property care, is 50:50 owned by Kungsleden The enhancement of our premises is portfolio is valued at SEK 80.3 billion. company Klövern and AP3 (the Swedish Third Pension an important part of our business (as of March 2012). shall with Insurance Fund) since 2009. From the model and means developing and Central Stockholm and other closeness and first Interim Report 2012 onwards, carefully conserve the existing prime locations in Stockholm area commitment only wholly owned properties and potential of the properties. In all account for almost 80 per cent of the Rutger Arnhult meet the modular buildings are considered in aspects of our business and rental income of the portfolio. customer’s needs the portfolio. Indirect properties as enhancement we keep a high Environment and climate work of premises and services in Swedish Hemsö are additional. sustainability focus. are highly prioritized. Vasakronan is growth regions. Klövern’s business The management team is Thomas We offer our tenants attractive and a carbon neutral company and is ISO model emphasises orientation Erséus, Eskil Lindnér, Åke Theblin, unique premises and maintenance 14001 certified. We are also Sweden’s toward the development of Cecilia Gannedahl, Ylva Sarby -West- of the highest quality. Through good first property company to offer green community strength. Klövern has a man and Per Johansson. For more cooperation and dialogue we build leases and green offices. vision of creating the communities of information www.kungsleden.se long term relations with our custo- The number of employees is ap- tomorrow. Klövern’s personnel work mers and an engagement in their proximately 325. Vasakronan is jointly according to the motto of ”making Contact: Thomas Erséus business development, we also give owned by the First, Second, Third the customer’s day easier every day”. +46 8 503 052 04 great care about the local community [email protected] and Fourth Swedish National Pension Klövern’s business units ensure the www.kungsleden.se that they operate in. Funds. day-to-day management of the properties. The market value of Contact: Per-Arne Rudbert Contact: Fredrik Wirdenius Klövern’s properties was at the end of +46 8 678 92 10 [email protected] +46 8 566 205 10 June 2012 SEK 21,5 billion and the [email protected] www.humlegarden.se www.vasakronan.se company comprise a staff of 178 co-workers. Klövern’s management team is headed by Rutger Arnhult, Castellum Britt-Marie Einar, Mikael Forkner, Castellum is one Hans Lindh, Elisabeth Norling, Mattias of the major Rickardsson and PG Sabel. listed real estate Akademiska Hus Fabege companies in Environments for Fabege is one of Sweden higher education, Sweden’s leading Contact: Rutger Arnhult +46 723 015 331 operating solely research and property [email protected] Håkan Hellström in this sector. The innovation. That companies www.klovern.se real estate is what we are focusing mainly portfolio is owned and managed by involved in. By on office six subsidiaries with strong local Kerstin Lindberg focusing on the Christian Hermelin premises and presence in five growth regions. The Göransson academic world property Castellum share is registered on we have development. Fabege offers Kungsleden – facilitating NASDAQ OMX Stockholm AB Large gathered experience that will be of attractive and efficient premises, opportunities Cap. Castellum holds a real estate considerable benefit to our mainly offices but also retail and Kungsleden is a portfolio with a fair value of approx. customers throughout the country as other premises. property SEK 34 billion and a total lettable we join forces to develop Sweden as Fabege manages a well positio- company that is area, commercial premises, of approx. a nation of knowledge. With a ned property portfolio that is con- always open to 3.4 million square metres. Operations property value of SEK 52 billion and tinually being developed through new business focus on cash flow and earnings net revenue of SEK 5 billion we are improvement projects, sales and opportunities. growth, which provide the the second largest property company acquisitions. Thomas Erséus Our main mission preconditions for good, long-term in the country. Demand for The concentration of properties is to own and growth in the company, while knowledge environments is to well contained clusters brings manage properties with satisfied shareholders can be offered a increasing steadily and with a project the company closer to its custo- costumers. Our starting-point is high competitive dividend. portfolio of nearly SEK 23 billion we mers, which, coupled with Fabege’s and stable returns for the long term, have an exciting future ahead of us to extensive local expertise, creates a with risk diversification as a key Contact: Håkan Hellström say the least. Read more about us and solid foundation for efficient property ingredient. +46 31 60 74 56 knowledge environments at management and high occupancy. [email protected] akademiskahus.se. Facilitating opportunities www.castellum.se Property portfolio includes some 100 describes the way we want to stand properties in the Stockholm region out in the property sector. What our Contact: Kerstin Lindberg Göransson to a market value of approximately customers emphasise is all about our +46 31 63 24 60 SEK 31 bn. kerstin.lindberggoransson@akade- entrepreneurship. That we´re there, miskahus.se innovative and easy to deal with. akademiskahus.se Contact: Christian Hermelin Kungsleden’s objective is always to Humlegården +46 8 555 148 25 Humlegården operate close to the market and see [email protected] Fastigheter AB is www.fabege.se new patterns that can be developed a real estate to benefit customers and sharehol- company that ders. owns and As of 31 March 2012, Kungsleden’s manages over 60 property portfolio consisted of 317 properties. We properties with a book value of SEK Per-Arne Rudbert acquire, enhance 15,533 m. Hemsö Fastighets AB with and manage office properties mainly

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Jernhusen tise, Sveafastigheter has generated Diös warehouse and industrial properties, Jernhusen owns, best-in-class returns for investors on Diös Real Estate offices and retail. manages and realised transactions in Fund I and II. Group is a develops one of Sveafastigheter has executed some property Contact: Andreas Nelvig Sweden’s most 80 investments at an aggregate management +46 60 777 03 01 [email protected] exciting property property value of EUR 2.2 billion. company with www.np3fastigheter.se holdings of Sveafastigheter has been awarded palcering in Kerstin Gillsbro stations, offices, by Euromoney, ‘Best Real Estate Christer Sundin northern railway depots Investment Manager in Sweden’ in Sweden. The and land holdings for conceivable 2005, 2006, 2007, 2009, 2010 and 2011; company was founded in 2005. future development close to stations ‘Best Real Estate Investment Mana- Our main campuses are Falun, throughout the Swedish railway ger in Finland’ in 2011. Gävle, Sundsvall, Östersund, Umeå system. We are a real estate company and Luleå. in the transport industry. Jernhusen Contact: Simon de Château The portfolio includes 384 AMF Fastigheter will contribute towards a more +46 8 54507500 centrally-located properties with [email protected] AMF Fastigheter streamlined transport sector, www.sveafastigheter.se shops, offices, industrial and storage is one of promoting increased travel by public and housing of approximately 1.5 Sweden’s largest transport and increasing rail freight million square feet. Headquartered property volumes, all on a commercial basis. in Östersund and the company has investment and As the natural public transport a total of 150 employees. Diös shares development hub, Jernhusen has a dual role. On are quoted on the Nordic Middle Mats Hederos companies, the one hand we offer traffic ope- Cap list of the Stockholm Stock focusing mainly rators and maintenance companies Ikano Fastigheter Exchange. on urban commercial office and retail functional stations and railway Ikano Fastigheter Diös will acquire management, premises in Stockholm and depots, while on the other we meet is a long-term add value and sell properties with Gothenburg, with its main travellers’ needs for security and property owner good returns on the market north of investment focus on Stockholm city service in stations and the opportu- and project the Dala River. The overall objective centre. The company manages nity for efficient travel. Common to developer in the is to generate good profitability in approximately 630 000 sq m of all our properties are their attractive retail, office and the property portfolio, which gives commercial real estate. Some of the locations, their history, and their shareholders a high and stable Daniel Skoghäll residential sector. best known properties are the well future potential. We aim to be return on equity. The vision is to be- established and successful shopping Jernhusen’s property holdings en- where people shop, work and live. come one of the leading real estate centre Gallerian situated in compass approx. 250 properties. The Ikano Retail Centres creates players in our selected geographic downtown Stockholm and the total market value of our property shopping centres and retail parks in markets. pioneering retail development, holdings is estimated at SEK 11,5 bil- the Nordic region together with IKEA. MOOD Stockholm. lion as at June 30 2012. The company Friends and families come here from Contact: Christer Sundin AMF Fastigheter is the real has 262 employees and the main +46 706887283 near and far for convenient shopping. [email protected] estate arm of the insurance company office is situated in Stockholm. Ikano Kontor operates in the www.dios.se AMF which manages assets totaling Öresund region. The offices are de- approx. EUR 47 bn (SEK 390 bn) on Contact: Jernhusen AB signed to generate energy, creativity behalf of 3.8 million pension-savers. +46 8 410 626 00 [email protected] and new ideas. AMF has also substantial exposure www.jernhusen.se Ikano Bostad owns, develops and in the residential sector through the builds condominiums and rental company Rikshem, a joint venture apartments in Stockholm, Mälar- with The Fourth Swedish National dalen and the Öresund region. Our Pension Fund. ambition is to offer great homes at NP3 The estimated portfolio market reasonable prices. NP3 is a Swedish value, including ownership of the re- Sveafastigheter We own and manage 223 000 sq unlisted property sidential company Rikshem, is about Sveafastigheter is m within retail, 63 000 sq m offices company EUR 4,5 bn (SEK 38 bn). a leading Nordic and 4 600 apartments, and have focusing on high property fund several large, ongoing projects. Our yielding cash Contact: Mats Hederos manager that has property portfolio has a market value flow properties in +46 8 696 31 83, Andreas Nelvig growth regions in +46 70 260 93 46 launched three of 14 000 MSEK. We have over 300 [email protected] funds since 2003. employees in the Nordic region. CEO Northern www.amffastigheter.se Simon de Château In February 2011 of Ikano Fastigheter is Daniel Skog- Sweden. The company provides a Sveafastigheter häll. We are part of the Ikano Group, stable return through proven closed its latest fund – Sveafastighe- which is owned by the Kamprad business talent and local presence. A ter Fund III. The fund has equity family. relatively high transaction rate commitments of EUR 317 million and creates further opportunities for focuses on property acquisitions in Contact: Daniel Skoghäll good returns. The property portfolio the Nordics primarily in Sweden and +46 46-286 47 06 is currently located in Sundsvall, Fastighets AB LE Lundberg [email protected] Härnösand, Gävle, Östersund, Finland. The fund’s investment www.ikanofastigheter.se Fastighets AB L E strategy is opportunistic with a Örnsköldsvik, Falun and Borlänge. Lundberg is one value-added approach to asset NP3 owns 23 properties with a total of the major management. area of approximately 130,000 square private real estate By utilising hands-on asset mana- meters and a rental value of owners in gement know how, underwriting as approximately SEK 120m. Category Sweden. The real well as structuring and finance exper- focus is primarily within in logistics, Peter Whass estate portfolio

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consists largely of centrally located leased closed to 60,000 sq. retail HEBA On 4 July 2012, the property residential, office and retail area, whereof approximately 18,000 HEBA Fastighets portfolio consisted of a total of 55 properties. With strategic positions in sq. remains within our own portfolio. AB is a Swedish properties, eight of which are project several of Sweden’s expansive Recently the company has finalized property properties, to a book value of SEK 6.0 municipalities, the company is well the third phase of their project in company billion. positioned for continued strong Luleå on behalf of eight of the market focusing on growth. leading actors. rental residential Contact: Per-Gunnar Persson The real estate holdings include RED’s philosophy is to consti- Lennart Karlsson properties. The +46 31 631216 [email protected] 156 wholly and jointly owned ma- tute the creative link in the refining business concept www.platzer.se nagement properties in 15 muni- process of properties, with the vision is to offer the tenants a high level of cipalities throughout central and to continuously create surplus values service, an attractive and safe southern Sweden, with particular to for the benefit of the relevant housing with focus on the Stockholm focus on major metropolitan areas property and the proprietor. RED is region and with a long-term and university cities. The portfolio engaged in its own projects as well ownership, engaged property also includes about 70 development as consulting assignment in terms management and active property objects. Most of the holdings in the of acting as Letting Agent. RED has development. Corem real estate portfolio were built during an exceptional network within retail, HEBA Fastighets AB owns 60 Corem is a listed the construction-intensive years both international and national, and properties consists of approximately property of the 1960s and 1970s, and consist we work closely together with insti- 3000 housing and 300 premises. company that largely of structures built on a pro- tutional as well as private investor, Since 1994 HEBAs share are quoted owns, manages prietary basis. The division between which in turn facilitates the financial on the Mid-Cap list of the Nasdaq and develops residential and commercial proper- feasibility in both small and large OMX Stockholm. warehousing, ties is relatively even at 46% and 54%, projects. The management team is Lennart Eva Landén logistics, respectively, of rental value. Karlsson CEO, Frank Sadleir CFO, Jan industrial and The operations of Fastighets AB L E Contact: Ronald Rico Lundin Property Manager, Marcus retail properties in central and Lundberg have been quality certified [email protected] Tärnåsen Project Manager and Ann- southern Sweden and in Denmark. www.ricoestatedevelopment.se Our vision is to become the leading in accordance with ISO 9001:2008 +46708991010 Marie Severin CEO Assistant. since 1998. Since March 1, 2010, the property company within these company has also been environmen- Contact: Lennart Karlsson segments. Since the end of 2007/start tally certified in accordance with ISO +46 8 442 44 40 of 2008, Corem has made acquisitions 14001:2004 and energy certified in [email protected] and supplementary investments www.hebafast.se accordance with SS-EN 16001:2009. worth a total of more than SEK 2 The company’s property mana- billion. The total property value gement is divided into four regions: Hemsö amounts to SEK 5.6 billion, with a Gothenburg, Stockholm, Western Hemsö is a real leasable area of approximately 827 and Eastern. The management group estate company 000 m2 divided among 133 includes the President, Vice President, focused on properties. We are working actively to regional managers, financial director, public service Platzer Fastigheter combine marketing management project development manager and properties in Platzer within our segments and to provide a rental administration manager. Sweden and Fastigheter is a market-level yield. Corem is listed on Per Berggren Germany. Hemsö Swedish property the NASDAQ OMX Stockholm Stock Contact: Peter Whass owns, manage company that Exchange as a Mid Cap company and +46 11 21 65 00 and develops properties for public owns, manages has a market value, as of 30 Jun 2012, [email protected] service within the areas elderly care, and develops a around SEK 2.3 billion. www.lundbergs.se schools, health care and other public Per-Gunnar Persson property services. With a property value of portfolio of Contact: Eva Landén over 21 billion Swedish Kronor Hemsö around 400 000 m2 in the Gothen- +46 8 503 853 33 [email protected] is the leading company within the burg area. Platzer’s overall objective www.corem.se Public Service Properties Industry in is to run long-term commercial Sweden. operations and, in so doing, create Hemsö’s objective is to always lasting value for the owners. RED – Rico Estate Development operate close to our customers for Platzer’s organisation is divided Rico Estate obtaining a good dialogue and tailor into two geographically separate Development AB made customer solutions. Hemsö has market areas, City and Storgöteborg. NREP (RED) is a more than 20 offices all over Sweden Each of the market areas has its own Nordic Real privately owned for serving our tenants. The head management organisation. Estate Partners real estate office is situated in Stockholm. Projects and operation/mainte- “NREP” is a top development In the end of 2011 Hemsö had 350 nance are run by two operational tier Nordic Ronald Rico company properties in Sweden and 17 proper- units. All operations are performed Private Equity (Developer), with ties in Germany. by Platzer’s own personnel. Platzer’s Real Estate its main focus on commercial Hemsö is owned by the Swedish Group and staff functions consist Rickard Company with a Svensson - Dahlberg properties (within retail). We have Third National Pension Fund and the of the MD, business development, target of long experience of working with real estate company Kungsleden. economy, finance, communications delivering the retail and have worked with a great CEO is Per Berggren. More informa- and the environment. best risk adjusted returns in the number of Retail Parks all over tion at www.hemso.se. Platzer’s vision is to be the leading industry, by working with focused Sweden. property company within commer- thematic value-add investment RED started its business during cial premises in the Gothenburg area strategies. NREP has to date primarily the worldwide financial crisis in – the natural first choice. focused on modern logistics, autumn 2008. Since then, RED has necessity driven retail, self-storage

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and to a lesser extent residential. 500,000 square metres rentable area a strong identity; it will be the mitment to sustainable development, NREP has raised €500 million for with a market value of approxima- consumer’s first choice and be profi- more than 65 % of Pembroke’s these strategies across six funds. tely 7 billion SEK. The property portfo- table for all parties concerned. portfolio is environmentally certified, NREP employs +30 professionals lio is concentrated both geographi- including the first property in Japan across its three offices in Copenha- cally and to type of property. Contact: Wilner Anderson to achieve LEED certification for gen, Stockholm and Helsinki and is Prioritized areas are; Stockholm, +46 8 508 99 909 New Construction. As a long-term [email protected] fully owned by its partners. Gothenburg, Malmö and the www.steenstrom.com investor, Pembroke operates with a Mälardalen region. More than 90% of strong sense of accountability to our Contact: Rickard Svensson-Dahlberg the total property stock is retail investors, our tenants, and the com- +46 8 678 16 61 property. Another, and equally munities in which we operate. [email protected] www.nrep.com important, part of our business is the Pembroke established its Stock- development and renewal of shops holm office in 2010 and oversees a for Coop and other cooperative NIAM 190,000 m2 Nordic portfolio. The of- companies. We supply everything Niam is the fice is led by Erik Gustafson, who has from an identified new location to a leading real managed Pembroke’s investments in fully turnkey and operational shop. estate private the Nordics since 2007. When we are creating attractive equity firm in SveaReal marketplaces our aim is to be the Northern Europe Contact: Erik Gustafson SveaReal is a real player that best integrates them with total AUM of [email protected] www.pembrokere.com estate company with other parts of society as well as Johan Bergman €3.3 billion. Niam focusing on the contribute to a sustainable develop- offers financial logistic, office, ment. We can achieve this through our institutions the opportunity to invest warehouse and knowledge and competence as buil- in the Nordic and Baltic property industry sectors. ders, managers, property owners and markets. Since inception in 1998, Claes Malmkvist We currently retail centre developers. KF Fastigheter Niam has invested over €5.5 billion have 77 estates has approximately 110 employees. through its own funds or on behalf of with a total space of 706 000 m2 at a its financial partners and has Bonnier Fastigheter market value of 4.465 MSEK. Our Contact: Bernt-Olof Gustavsson generated a realized gross leveraged We know the estates are mainly located in growth +46 10 743 43 01 IRR of 31%. Niam is headquartered in meaning of areas i southern and mid Sweden, [email protected] Stockholm with satellite offices in long-term close to major transport routes and www.kffastigheter.se Oslo, Helsinki and Copenhagen, and commitment, transportation hubs. We focus on has a fully integrated investment having devoted future sustainability of our estates team of 40 dedicated real estate ourselves to our and have during 2011 recieved several professionals. Niam’s experienced Tomas Hermansson tenants for more GreenBuilding certifications by senior management team has on than 200 years. It decreasing energy consumtion and Steen & Ström average over 20 years of direct real applies to everything from our costs. Steen & Ström is estate investment and development relationship to clients to the SveaReal also focus on close and the leading experience. For more information, renovation and maintenance of our long term relationships with our shopping centre please visit www.niam.se. properties. Unlike many other customers and on understanding developer in the property owners, we take care of our our customers´ needs. With an Nordic countries. Contact: Johan Bergman buildings ourselves. Who better to experienced organisation deeply We are a +46 (0) 8 5175 85 95 ensure that our premises and Wilner Anderson professional and +46 (0) 708 24 40 95 committed to meet our customers´ [email protected] properties remain top class? Our requirements, SveaReal also custom profitable owner www.niam.se own personnel manages and the properties so that the customers and manager of the leading shopping develops properties; furthermore we can achieve profitability and improve centres in the most attractive retail are very selective in our choice of their brand and business. areas in the Nordic countries. contractors and suppliers. In such a SveaReal has a portfolio of develop- Along with our owners Klépierre way, we can maintain our values ment properties with a market value and ABP, we are able to ensure long- while simultaneously taking into term success through our economic consideration the needs of our of approx. 100 MSEK. This secures a Pembroke Real Estate good longterm growth in the future. strength and in-depth knowledge of tenants. Quite simply, we believe in Pembroke Real shopping centre operations. long-term relationships. Estate is an Contact: Claes Malmkvist Steen & Ström has developed By taking responsibility for all are- international real +46-31 63 65 90 into a shopping centre company as, together with city authorities, our estate advisor [email protected] with many strong local brands. tenants and other property owners, www.sveareal.com that provides Our success is based on our own we develop meeting places, old and investment, asset management philosophy and tools. new, for everyone’s benefit. We are a management We deliver optimum results through Erik Gustafson force for good in our neighbourhoods. and develop- developing existing and new shop- By seeing properties as much more ment services to our investors, FMR ping centres in accordance with our than just buildings or financial assets, LLC (Fidelity Investments) and FIL own shopping centre model. we take responsibility for contributing KF Fastigheter Limited’s (Fidelity International). Our vision is to enrich modern shop- to the interaction between people, KF Fastigheter Pembroke invests private capital into ping by giving our owners, tenants properties and the urban environme- manages and superior, long-term opportunities in and visitors added value. Our ambition nt. We call it Property Ecology and it is develops a major global cities. is to provide the best possible quality a natural way of managing property geographically Pembroke currently manages on every occasion at each and every for anyone who loves their buildings. strategic more than 650,000 m2 in 10 cities one of our shopping centres. We believe in the classical principles of portfolio of retail in Europe, North America, Asia and A shopping centre managed professional pride and local presence. Bernt-Olof property of over by Steen & Ström will always have Australia. With a longstanding com- Gustavsson

60 fastighetssverige #3/2012 This is an ad

Today and in the future. Brostaden business concept and our strategies Ernst Rosén Bonnier Fastigheter is part of Brostaden is a as a starting point, we focus firmly on Ernst Rosén the Bonnier Group, a global media wholly owned being the obvious choice for anyone develops and corporation. In total, the company subsidiary of in need of commercial premises in manages real presently owns and manages approx. Castellum AB, Gothenburg. The vision is to be the estate in the 300 000 m2 of commercial property, which is one of ”best in class”; the most appreciated central areas of the majority being offices located in the major listed and sought-after real estate provider Gothenburg, central Stockholm. Anders Nilsson property in our sector. Eklandia Fastighets AB Thomas Lundh Alingsås and companies in is a wholly owned subsidiary of Lerum. Contact: Tomas Hermansson Sweden. Brostaden operates in the Castellum AB, which is quoted on the Showcased by the unique Nääs +46 8 545 198 03 area of Greater Stockholm, Sweden. Nasdaq OMX Stockholm AB Large Fabriker Hotel and Restaurant, the tomas.hermansson@bonnierfastigheter.se The estate portfolio consists of 100 Cap list. The president of Eklandia Nääs Fabriker business park is a www.bonnierfastigheter.se properties with a total area of 573,000 Fastighets AB is Tage Christoffersson. notable part of the portfolio. The square meters comprised exclusively company is involved in construction of commercial properties. These Contact: Tage Christoffersson through its wholly-owned subsidiary, are strategically located outside +46 31 744 09 04 Flodén Byggnads AB, and also owns [email protected] of central Stockholm, adjacent to www.eklandia.se Aranäs AB, the biggest single thoroughfares and with excellent property owner in Kungsbacka, in communication infrastructure. partnership with Ivar Kjellberg DNB REIM The estate portfolio consists of Fastighets AB. (DNB Næringseiendom AS) larger office units located in the Ernst Rosén’s operations are DNB REIM is one Stockholm communities of Mariehäll, founded on long-term return on of Norway’s Kista, Johanneshov and Skärholmen/ investment and customer satisfac- largest private Kungens Kurva, the neighbouring tion. Including its 50 percent holding property municipalities of Sollentuna and Husvärden in Aranäs, the company owns a total managers. We Sundbyberg, and the city of Solna. Husvärden AB is of about 100 properties (240,000 manages A number of warehouse and indu- a property m2 residential and 120,000 m2 com- Gro Boge properties with a strial properties are located in the management mercial) with an estimated value of total value of NOK Stockholm communities of Botkyrka, company in SEK5 billion. 42,7 bn and 1.5 million square metres Veddesta/Lunda and Rosersberg. Mölndal, After 60 years, Ernst Rosén is a so- including 1600 leases in Norway. DNB Our goal is to always maintain Sweden, which is lidly established enterprise owned by close contact with our customers. the fourth generation of the family. REIM is located with offices in Bergen Lennart Larsson specialized in and Oslo and have 100 employees. Familiarity with their activities, daily projecting and Focused on growth, the company Our owner; DNB Livsforsikring (DNB routines and hopes for the future, is development. The company was is open to new opportunities and Life) is Norway’s largest private life and a prerequisite for being a valuable founded in 1993 by Lennart Larsson acquisitions in the Gothenburg area. pension insurance company. The pro- business partner. Therefore, we make and has today 15 employees. The ducts provided by DNB include a va- continuous dialogue with our custo- property portfolio contains approx. Contact: Thomas Lundh mers a priority. +46 31 80 60 80 riety of saving products allowing DNB 130 000 sqm office space owned by [email protected] to benefit from the expected strong Husvärden AB. The property portfolio [email protected] growth in private savings. DNB´s dist- Contact: Anders Nilsson also includes the first Green Building www.ernstrosen.se +46 8 602 33 19 ribution network has become a major [email protected] classified building in the community channel for the products of DNB Life. www.brostaden.se of Mölndal. More than 1 000 000 individuals are Our next exciting project is New insured through DNB the Company Krokslätt which is a large area on a The property portfolio consists of historic site in Mölndal/Gothenburg. offices, 9 shopping centers and 20 ho- Here we are creating the future ”city tels. The locations are in Norway (Oslo, within a city” with offices, housing Bergen and Trondheim) and Sweden Lantmännen Fastigheter Eklandia Fastighets AB and service. The overall vision is an (Stockholm, Gothenburg and Malmö). Lantmännen Eklandia environmentally friendly lifestyle for DNB Scandinavian Property Fund Fastigheter AB is Fastighets AB is both the living and working in the is an open ended core fund with 51 a Real Estate one of field. % co-investment by General Partner, company within Gothenburg’s Our goal is to both businesses and DNB Life. The fund targets Scandinavia the Lantmännen largest private people should leave as little ecologi- which is perceived to have better pro- group. The real estate cal footprint as possible - while the spects than the Euro zone due to well quality of life increases. We will start Mikael Nicander company owns Tage Christoffersson companies with a balanced economies, healthy demo- approx. 1 300 000 broad range of construction of the New Krokslätt graphics and strong labour markets. sq. Meters in Sweden, the bulk of attractive premises in Gothenburg. with an office building along Göte- The fund is designed for life-insurance properties are situated in the regions Our commercial properties have total borgsvägen of about 12 000 sqm. and pension schemes in particular. of Mälardalen, Örebro, Öresund, floor space in excess of 550,000 m² One of the main benefits of the fund is Stockholm and Gotland. The and comprise offices, stores and Contact: +46 31 678700 the co-investment with DNB Life. www.husvarden.com company is also a big developer in industrial, logistics and warehousing www.nyakrokslatt.se the area of housing where plans for facilities. Eklandia’s business concept Contact: Gro Boge approx 1500 units are under is to pursue the long-term manage- +47 918 95 551 development. [email protected] ment, ownership and development Lantmännen is one of the largest www.dnb.no of its property holdings with a strong groups in the food, energy, machi- emphasis on the customer, quality nery and agriculture industries in and the environment. Using the the Nordic region. Lantmännen’s

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brands include Axa, GoGreen, Gooh, 1994 it has established a presence in investorpartner in close dialogue with our clients. Hatting, Kronfågel and Kungsörnen. a number of regions with signifi cant InvestorPartner RBS Nordisk Renting owns pro- Lantmännen is owned by more than expansion along the E4 motorway A/S is managing perties to the value of approximately 37,000 Swedish farmers. It has more corridor from Luleå in the north to the property and SEK 17 billion in the Nordic countries than 10,000 employees, operates in 18 Hamburg in the south. Norrporten’s investment and is a fully owned subsidiary to countries and has a turnover of SEK 36 properties are mainly located in cen- port folio of Ole The Royal Bank of Scotland which is billion. Lantmännen operates throug- tral positions and comprise attractive Vagner and family. one of the largest fi nancial services hout the entire food processing chain and well-maintained offi ce and retail Ole Vagner With more groups in the world. – from fi eld to fork. For more informa- premises. than 10 years tion, visit www.lantmannen.com All of Norrporten’s business re- experience in the Swedish real estate Contact: gions represent an individual market. market we invest in Swedish proper- Lennart Ingefeldt Contact: Mikael Nicander In every market region you will fi nd ties aff ected by a distressed situation +46 8 506 198 08 [email protected] mobil: +46 708 70 35 91 an associated organisation with a such as loss of funding, lender’s or [email protected] Ian Harcourt www.lantmannen.com modern and marketing-focused owner’s bankruptcy, high vacancy or +46 8 506 198 03 way of working. The local offi ce is mismanagement in general. [email protected] responsible for hiring, maintenance InvestorPartner invests directly www.rbsnordiskrenting.com and servicing of properties. or through partnerships with other The properties have a total fl oor investors. space of 1.1 million square meters, a Most recent investments count rental worth of 1.9 billion SEK and a Malmö Studenthus, a student Galären total worth of 25 billion SEK. housing project with renovation Galären is a property eurocommercial properties and reconstruction of 670 modern Contact: Anders Wiklander management Eurocommercial student homes and Nya Katrinelund, +46 60 64 12 20 group with Properties is one a multi use property in Malmö under [email protected] offi ces in Luleå of Europe’s most www.norrporten.se development combining a shop- and Stockholm. experienced ping center with offi ce facilities and In Luleå, Galären owners of further an offi ce building in Timote- Gunnar Tåhlin specializes in shopping jen, Stockholm residing Ericsson. Our team comprises of 7 dedicated upgrading and managing residential Martin Bjöörn centres. Founded and commercial properties, and in 1991, the senior level real estate professionals. urban development from a green Company invests in retail properties perspective. We have 25 employees in France, Northern Italy and Sweden Contact: Ole Vagner +45 4025 4113 and total assets amounting to about with a total value of €2.5 billion. vasallen [email protected] one and a half billion kronor. Eurocommercial has deliberately Vasallen is one of Galären currently manages pre- restricted the number of countries the leading mises totalling 140,000 m2 and owns in which it invests so that it can property and manages 415 dwellings. ensure maximum local knowledge development Galären is the only property and expertise in its markets, and gain companies in management company in Norrbotten the best reputation among retailers. Sweden. Our with GreenBuilding partner status The Company has selected France, Leif Rytter company, which under the European Commission’s Northern Italy and Sweden because was founded in rBs nordisk renting GreenBuilding Programme. We have they are the core European markets 1997, specializes in large, complex RBS Nordisk also won several distinctions for our where turnover rents, and therefore projects that demand expertise and Renting is the work with sustainability, including monthly turnover disclosure, are innovative thinking, from concept to leading renting the prestigious Energipriset (Luleå most widespread. implementation. company in Energi) and Stora Byggpriset (Norr- Eurocommercial is listed on NYSE Our business concept is to buy Sweden and bottens Byggmästareförening). Euronext Amsterdam. buildings or areas, develop them Finland with As a company, assuming social with a mix of services, housing and Lennart Ingefeldt more than 25 responsibility is fundamental to our Contact: Martin Bjöörn businesses, and sell when everything Ian Harcourt years of operations. We wish to be perceived +46 8 678 53 60 is up and running and can easily [email protected] experience from as a good member of society, both be administered by the purchasing www.eurocommercialproperties.com the Nordic property markets. RBS in the community and by our co- party. Nordisk Renting business concept is workers. For us, diversity is an asset, Our portfolio currently consists of to acquire, own and develop and we view people’s diff erences as approximately 300,000 square metres properties for long-term leasing to an opportunity to improve the qua- of business premises. Furthermore, fi nancially strong private and public lity of the services we provide. there is also development land for sector clients. By leasing property in homes and business premises. the long term from RBS Nordisk norrporten Contact: Gunnar Tåhlin Among the current housing projects, Renting, rather than owning it, +46 920 – 235151 Norrporten is one the most interesting are in Vaxholm companies create room to expand [email protected] of Swedens in the Stockholm archipelago and and develop their regular operations. www.galaren.se largest real estate Strängnäs. With our knowledge and contact organisations networks we off er our clients that acquires, Contact: Leif Rytter competitive leasing solutions with develops and +46 19 764 86 20 the opportunity for growth and de- Anders Wiklander manages high [email protected] velopment of core activities. We are quality www.vasallen.se an experienced team with offi ces in commercial properties. Stockholm and Helsinki and we work www.galaren.se Since Norrporten was founded in

62 fastighetssverige #3/2012

This is the Swedish Real Estate industry

call us +46 8 454 40 00 newsec.com this is where it all comes together. Newsec – The Full Service Property House in Northern Europe – is the broadest-based and by far the largest property advisor and asset manager in Northern Europe. You will find, collected under one roof, all the property expertise that you require.

The first issue of the comprehensive market analysis Newsec Property Outlook was published in 2001. Get your own copy of the latest edition at www.newsec.com/npo

The full service properTy house This is the Swedish Real Estate industry

[ Xxxxxx av Eddie Ekberg ]

Granen consists of around 100 people, Specialfastigheter Since our inception in 2003 we Granen is a operating from nine offices across We like to have completed commercial real privately owned Europe. Schroders have been active describe estate transactions with a cumulative property in the Nordic region since 1989. The Specialfastighe- value of over 1.1 billion euro. Our investment Nordic property team operates out of ter as a safe, current assets have a total investment company, with the Stockholm office and manages secure, pro-active value of approximately 770 million current some £180 million in gross property property owner euro. The portfolio includes a diverse Mounir Tajiou investments in assets, invested through two funds, Peter Karlström and administra- selection of office, retail and logistics the Swedish the Nordic Core Fund and the EuroLo- tor that focuses assets in Finland, Sweden, Norway market. Founded approx. 30 years gistics Fund. on long-term relations. We define and Lithuania. ago, Granen’s investments ranges today’s and tomorrow’s demands in Genesta’s offices are located in from property management of Contact: Christoffer Sundberg close collaboration with our tenants. Stockholm, Helsinki, Oslo and Lux- commercial properties to residential + 46 8 545 13668 Specialfastigheter owns and embourg and our management team +46 70 60 28110 developments in the urban regions of [email protected] manages everything from correctio- consists of David C Neil, Jonas Berg Sweden, primarily Stockholm and www.schroders.com/property/home/ nal facilities and courts of law to and Carl-Henrik Roselius. Malmö. Following divestments of police properties and juvenile care major parts of its property portfolio homes – special activities that place Contact: Jonas Berg during the years 2005-2007, Granen’s high demands, not least on security. +46 70 366 01 53 [email protected] strategy the upcoming years is to We are state owned and ad- www.genesta.se significantly increase its asset value Prologis ministered through the Ministry under management through Prologis, a S&P of Finance. Our owner imposes acquisitions and to continue focusing 500 company, is requirements on our operations, on residential developments, the leading and these govern our objectives and primarily in the Stockholm region. As global provider strategies. We currently have over 100 a result of the new strategy, Granen employees spread across four regions Victoria Park of industrial real Victoria Park AB is has appointed Mounir Tajiou as CEO from north to south. Our head office estate, offering a listed Swedish (previously real estate M&A lawyer at is in Linköping. Allan Lavén customers property Linklaters Law Firm) and Gunilla Specialfastigheter’s property approximately development Högbom as Head of Asset Manage- portfolio has a total floor space of 52.9 million square meters of company ment (previously CEO of Locum AB, just over 1.1 million square metres distribution space in markets across dedicated to publically owned real estate with a market value of SEK 17.2 billion. the Americas, Europe and Asia. resort-style company with 2 million sq.m under Our biggest tenants are the Swedish Greg Dingizian The company leases its operating residential management). Prison and Probation Service, the portfolio of approximately 3,100 indu- projects. The company has been National Police Board, the National strial facilities in 21 countries to 4,500 listed on the OMX/First North stock Contact: Mounir Tajiou Board of Institutional Care and the customers such as manufacturers, exchange since November 2007. +46 8 545 67 317 Swedish Armed Forces. Read more at [email protected] retailers, transportation companies, Victoria Park has developed a, www.specialfastigheter.se. www.granen.se third-party logistics providers and for Northern Europe, unique living other enterprises with large-scale concept consisting of apartments Contact: Peter Karlström distribution needs. +46 (0)13 24 92 00 with a large common amenities – for As of June 30, 2012, Prologis mana- [email protected] simpler life with convenient proxi- ged $43.9 billion in combined total www.specialfastigheter.se mity to recreation, activities, services assets. The company offers its custo- and social interaction. Schroders mers and investors the most modern The first of several planned Schroders is a and geographically diverse platform Victoria Parks is currently being built British asset of distribution space in the world, in Malmö, Sweden, with 200 tenant- management enhanced by unparalleled customer Genesta owned apartments and 270 residents. company, with service and an unwavering commit- Genesta Property The first residents moved in summer main goal of ment to sustainable development. Nordic is an 2009. The company is planning for long-term Prologis has established 10 independent real rental apartments properties in the logistics facilities in Sweden offering Christoffer Sundberg profitability for estate fund Victoria Park-area. its clients. a total floor space of 354,000 m², on manager that The company is based in Malmö Schroders has £200 billion in assets strategic locations in Gothenburg, invests in in Sweden at the heart of the fast- under management, covering most Stockholm, Örebro, Jönköping and Jonas Berg commercial expanding Oresund Region. The asset classes within equities, fixed Norrköping. assets in the company’s intention is to acquire income and alternatives. Schroders Nordic region. Through our local properties for development, sale and employ some 3,000 people Contact: Allan Lavén expertise combined with our rental of apartments according to its +46 (0)31 335 4812 worldwide, operating from 33 offices +46 (0) 705 38 11 54 international capabilities, investors lifestyle concept and management for in 26 different countries. Established [email protected] get the combined benefits of first the operation of service operations. in 1804, Schroders have been www.prologis.com class asset management and investing for over 200 years. Schroder in-depth market knowledge together Contact: Greg Dingizian Property has managed property with solid experience in the capital +46 733-98 40 00 [email protected] funds since 1971 – today a broad markets and fund management. www.victoriapark.se range of open and closed ended Genesta has a hands-on-approach property funds. The company has responsibility for the quality of all our some £10 billion of gross property key functions – analysis, acquisitions, assets under management fund- and asset management servi- worldwide. The property team ces to our clients.

64 fastighetssverige #3/2012 This is an ad This is the Swedish Real Estate industry

and fosters opportunities for the business. The Federation also initiates advice to investors and newly esta- Organisations development of sustainable solutions, and supports research and blished companies in the region. from buildings to communities to the development activities within the Business Region Göteborg is a SIPA urban scale and beyond. By supporting, property field. Internationally, the one-stop shop for companies who Scandinavian assisting and promoting networking Federation is a member and founder want to establish themselves in International between our members, we help of the European Property Federation, the region. We provide confidential Property Swedish companies and organizations EPF. The Swedish Property Federa- consultancy which is free of charge. Association is an define and reach their environmental tions MD is Reinhold Lennebo. In order to help companies, we have exclusive goals. Beyond our borders, we look to produced a toolbox consisting of organization for increase the competitiveness of Contact: Reinhold Lennebo databases, networks and experts. major property Elinor Fors Swedish innovation, technology and +46 8 613 57 10 investors with [email protected] know-how in an increasingly global Contact: Petra Sedelius interests in the Nordic countries and www.fastighetsagarna.se marketplace. We also provide the +46 31 367 61 30, +46 705 260 828 was established in 1989. SIPA offers a [email protected] public with clear, concise information unique network, combining the Roger Strömberg regarding the environmental +46 367 61 22 Mobil +46 705 428 901 members’ outstanding knowledge of performance of buildings. Sweden [email protected] the property markets and the excellent Green Building Council operates in www.businessregion.se experience from the members’ accordance with the regulations and investments across the world. intentions of the World Green Building Stockholm Business Region The Association is exclusive and Council (World GBC). Stockholm open only to those that through their Business Region size or their activity type can play Contact: Bengt Wånggren promotes a essential role on the North Euro- +46 708 63 49 96 business and pean property markets. SIPA offers [email protected] tourism in www.sgbc.se a unique gateway for those that are Stockholm. ULI interested in the dynamic property Olle Zetterberg The Stock- ULI- the Urban markets in the Nordic countries. holm Region is Land Institute is a The Association and its members marketed under the common brand non-profit works for a more property friendly cli- Stockholm – The Capital of Scandi- research and mate on their respective homemarkets. navia. Stockholm’s aim is to become education Throughout the years SIPA has Europe’s leading sustainable growth organization developed to be a natural partner region by 2020 and the city’s Vi- Max Barclay supported by its The Swedish Property Federation for foreign investors to find their way sion2030 is A World Class Stockholm. members. The Swedish into the Nordic property markets. Stockholm Business Region co- Founded in 1936, the institute now has Property The SIPA members represent the ordinates investment opportunities more than 34,000 members Federation is an largest and most important players through Stockholm Business Alliance, worldwide representing the entire interest based on the Nordic markets. The majority of an assembly of 50 municipalities from spectrum of land use and real estate organization and the members are coming from Den- Greater Stockholm working together. development disciplines, working in trade association mark, Finland, Norway and Sweden. Stockholm Business Region Deve- private enterprise and public service. Reinhold Lennebo that promotes a The total property value represented lopment is the official investment pro- As the preeminent, multidisciplinary smoothly by the majority of SIPA’s members ex- motion agency of Stockholm providing real estate forum, ULI facilitates the functioning real estate market. Our ceeds EUR 60 billion. SIPA has around qualified support regarding investment open exchange of ideas, information 17,000 members – organized in one 40 members. SIPA’s MD is Elinor Fors. opportunities within the region. and experience among local, national of Sweden’s 4 regional property Please feel free to contact me for and international industry leaders and associations – are owners of premise Contact: Elinor Fors further information. policy makers dedicated to creating +46 8 10 09 60 and apartment rental buildings, better places. The mission of the [email protected] industrial properties and tenant www.sipa.nu Contact: Olle Zetterberg Urban Land Institute is to provide owners’ associations. We are by far +46 8 508 28 010 leadership in the responsible use of the largest property owners’ [email protected] land and in creating and sustaining www.investstockholm.com organisation in Sweden. This means thriving communities worldwide. we can both assist the individual Members say that ULI is a trusted idea members and have the ability to place where leaders come to grow influence the society to promote professionally and personally through Sweden Green Building Council private property ownership. The sharing, mentoring, and problem Sweden Green objective of the Federation is to make Business Region Göteborg solving. With pride, ULI members Building Council is management of property in private Business Region Göteborg AB is a commit to the best in land use policy a non-profit ownership a more efficient and non-profit company representing 13 and practice. ULI Sweden was founded organization generally better reputed line of member municipalities. We work to 2005 with the purpose to offer a founded in 2009 business, that offers improving strengthen and develop trade and powerful and interesting forum for and owned by its service to tenants. The Federation industry in the Göteborg region. The discussions in the society and real members. Bengt Wånggren represents property owners’ interests goal is to contribute to strong growth, estate area. The chairman of ULI is Max Membership in by means of contact with politicians a high level of employment and diver- Barclay, Senior Partner på Newsec. the association is available to all and the mass media, courses, sified trade and industry. Our focus companies and organizations within conferences and furthered by giving areas are: business development, Contact: Max Barclay the Swedish construction and property advice on economic, legal and projects promoting clusters and +46 708 44 30 65, sectors that wish to develop and technical issues. One of the primary industries, marketing the region na- + 46 708 44 30 65 influence environmental and tasks for the Federation is to educate [email protected] tionally and internationally, creating www.uli.org sustainability work in the industry. and improve the members so that and collaborating with international Sweden Green Building Council creates they are well prepared for their networks and providing service and

#3/2012 fastighetssverige 65 [ legal matters by Nicklas tollesson ]

Swedish companies threatened by mAJor tAX BloWs A judgement at the Supreme Administrative court may lead to major tax blows for many Swedish property companies. “By way of estimation, we’re talking about approximately  cases against hundreds of companies. the total taxation amounts to around SEk  billion and our tax demand amounts to around SEk  billion,” says Per Vinterskog, tax auditor at the Swedish tax Authority.

In May, the guideline judgement known as the Cyprus judgement in the listed companies Fabege and Kungsleden. was made against the property company Salénhuset. A few years Both of these companies still maintain that they have complied ago, prior to sale, it was common for properties to be packaged into with valid legislation and that their cases diff er from the “Cyprus partnerships that were located in Cyprus or Holland, which meant decision” on crucial points. However, both companies have cho- that the companies avoided tax in connection with the transaction. sen to set aside money for a loss in court. As regards Fabege, the taxation amounts to as much as SEK 8.4 billion and the Tax the option to use this solution was stopped in 2008, but Authority’s total tax demands amount to almost SEK 2.7 billion. disputes concerning transactions that were implemented before Fabege has reserved SEK 1.9 billion and set aside the remaining then have been registered through the legal system for several amount, SEK 800 million, for a possible obligation. years and are now facing adjudication. A guideline was issued when Salénhuset’s procedure was kungsleden’s total reserves amount to SEK 1.3 billion, deemed to be inappropriate. but the company risks losing an additional SEK 700 million if all Even though some details in the 200 diff erent cases do diff er, cases have a negative outcome. most experts agree that most of them do indicate that the Swe- “We’re obviously pleased with the decision made by the dish property companies will be taxed. Supreme Administrative Court. We’ve always thought that Th e companies that risk suff ering major tax blows are this was a matter of tax evasion,” says Per Vinterskog.

66 fastighetssverige #3/2012 the cyprus cAse The property company Salén huset was going to sell a property in Stockholm. Prior to this, the property was placed in a partnership of which Salénhuset owned 0.1 percent. The rest of the partnership was owned by a Cypriot limited liability company, which in turn was 100 percent-owned by Salénhuset. The property was to be underpriced at the time of transfer to the partnership (taxable value) in the fi rst instance, whereupon the partnership would be sold to the external buyer at market price in a second stage. the supreme ADministrA- tive court’s ArGument: • In the Supreme Administrative Court’s opinion, it is clear that the procedure described satisfi es the fi rst three criteria of Section 2 of the Tax Evasion Act, i.e. that the act leads to a signifi cant tax benefi t for Salénhuset, that Salénhuset has contributed to this and that the tax benefi t can be assumed to have constituted the overriding reason for the procedure.

• Where the forth criterion is concerned, that taxation due to the procedure would confl ict with the objective of the legislation, the Supreme Administrative Court makes the following considerations:

• A transfer of a business asset at a price that is below the market value of the asset normally leads to exit tax. The rules on the underpricing of transfers constitute an exception to this main rule and their purpose is to facilitate restructuring in trade and industry, which should be able to take place without immediate tax consequences. However, no defi nitive tax relief was intended.

• In the Supreme Administrative Court’s opinion, it is clear that the procedure is not connected with the organisation of a business and is intended solely to avoid the taxation that would otherwise take place at the time of the sale of a business asset.

#3/2012 fastighetssverige 67 [ Construction by Eddie Ekberg ] Stock- holm – ranked at the top but crowded

Almost every year, Stockholm is extolled as being one of the best cities in the world in which to reside, live and run business. However, if the housing situation does not improve considerably, it may cease to be given top marks and be appreciated to the same extent. “The housing shortage is a serious obstacle to Stockholm’s growth,” says Maria Rankka, MD of the Stockholm Chamber of Commerce.

As late as this July, the international analysis company, The Eco- sky – the housing shortage. Stockholm is one of the cities in nomist Intelligent Unit, awarded Stockholm 6th place out of the Western Europe that is growing the most rapidly in population world’s best cities to live in, and Fortune Magazine ranks Stock- terms. Every year, the number of the city’s inhabitants increases holm as one of the world’s best cities for entrepreneurship and by approximately 35 000 people, and less housing than is needed business. There is therefore little doubt that Stockholm is a city is being built in the nearby areas. that has plenty of fantastic qualities and is one of best cities in “Housing construction in Stockholm needs to be tripled in the world to live in. order for us to keep in line with the population increase. The low However, there is one cloud in what is otherwise a clear blue level of housing construction and the dysfunctional housing

68 fastighetssverige #3/2012 Stock- holm

Crowded. Between 2009 and 2011, the population of Stockholm has increased by approximately 110 000 people and, during that period, only 22 200 homes were built and around 4 200 leisure homes became permanent residences. Picture: Niclas Liedberg

#3/2012 fastighetssverige 69 Picture: G Boström Orlando

Housing construction in Stockholm needs to be tripled in order for us to keep in line with the population increase. BY CREATING VALUE FOR OUR TENANTS WE CREATE VALUE FOR OUR INVESTORS

Being able to consistently create value through active real estate management requires among other things dedicated and local asset management. Sveafastigheter has since inception created a network of entrepreneurial Local Asset Manager Partners (LAMPs) on strategic local markets in the Nordic and Baltic region.

This model has proved highly successful in the past and Sveafastigheter intends to continue working with local, external asset management partners in order to:

• Build and maintain strong relationships with tenants and other key parties Wants to deregulate. MD of the Stockholm Chamber of Com- • Achieve value creation by acquiring, actively managing and developing properties and portfolios merce Maria Rankka thinks that the housing shortage in Stockholm con- • Enable local presence and knowledge in order to pursue investment opportunities throughout the region stitutes a serious obstacle to the growth and ability to retain competence in the region. In her opinion, one way of dealing with the problem is to deregulate the rental market.

market constitute a serious obstacle to the growth and ability international companies are recruiting and looking at where they to retain competence in the region. This is one of the most vital are going to locate their regional head offices. That’s when you issues that we’re working on,” says Maria Rankka, MD of the comprehend that this is a fairly serious matter.” Stockholm Chamber of Commerce. Apart from the obvious reason as to why the situation is as it is What will happen in ten years’ time if this trend is not turned (the low level of housing construction), Maria Rankka mentions around? one further reason: “It would be devastating, but I am optimistic. People are very “Mobility on the housing market is inadequate, and this is aware of this and discussions are being held by many about how sometimes due to a strictly regulated rental market. One example to deal with this problem. Not only that, the government has of a consequence of this is that we have a black market in rent recently decided to facilitate subletting, which is a positive thing. contracts. We need to start being regulating renting as soon as It certainly doesn’t solve everything but it is a step in the right possible in order to deal with this,” she says. direction. However, holy cows will need to be slaughtered on the The Leading Property Fund Manager in the Nordics since 2003 right and the left,” she says. in concrete terms, Maria Rankka thinks that Stockholm’s poor housing situation may mean, for example, that students You live in Stockholm yourself – what do you think of it? think twice about applying for educational courses in the city “I’ve lived in Stockholm for 15 years and it’s a fantastic city. You because they are afraid that they will not be able to find anywhere really feel as though it’s en route to becoming a major and more to live. international city. It’s an ongoing process and Stockholm is won- “The housing situation is also an important factor when major derfully dynamic.”

www.sveafastigheter.se 70 fastighetssverige #3/2012 BY CREATING VALUE FOR OUR TENANTS WE CREATE VALUE FOR OUR INVESTORS

This model has proved highly successful in the past and Sveafastigheter intends to continue working with local, external asset management partners in order to:

• Build and maintain strong relationships with tenants and other key parties • Achieve value creation by acquiring, actively managing and developing properties and portfolios • Enable local presence and knowledge in order to pursue investment opportunities throughout the region

The Leading Property Fund Manager in the Nordics since 2003

www.sveafastigheter.se [ Alternative investment by Nicklas tollesson ] tax relief makes wind power more interesting

72 fastighetssverige #3/2012 tax relief makes wind power more interesting

the clariﬁ cation of tax rules makes investing in wind turbines more interesting for Swedish property companies. At the same time, the competition from foreign institutional capital is on the increase although the Swedish institutions are still making their presence known.

In May, the Supreme Administrative Court clari- • tax benefits. Th e opportunity of avoiding fi ed that electricity that is produced by someone’s energy tax. You are also given a depreciation basis own wind turbine under certain conditions is ex- since wind turbines are reported as machinery empt from energy tax. that depreciates in fi ve years. One crucial factor to avoid the energy tax is “Th e investment is similar to a property in- that the producer must not be supplying elec- vestment, and can be a good supplement since tricity on a commercial basis, and the Supreme wind power doesn’t correlate to the GDP in the Administrative Court established that property same way as local rents. In principle, there is also owners who allow their electricity to be part of no risk regarding the demand for electricity. Th e the rent as an unspecifi ed quantity will not be yield on a commissioned park is currently at ap- considered to be doing so. prox. eight percent, unpledged. Th e Court’s decision went against a prelimi- Picture: Newsec “Th e thing that remains the challenge for all nary decision made by the Revenue Board in June seeinG GreAter interest. power production is the currently low electricity Omid Ashrafi , head of wind 2011 where property owners were considered to power transactions at Newsec, prices.” be supplying electricity on a commercial basis thinks that the clarifi ed tax rules whether or not it was part of the rent. will lead to greater interest most wind power parks are owned by elec- “Before, it was unclear as to what was applica- being shown on the part of tricity companies, fi nancial investors and some property companies. “We’re cur- ble. Now we know that property owners can be ex- rently working on fi ve mandates private users. empt from the energy tax, which is SEK 0,29 per worth around SEK three billion. One group that is on its way into the Swedish kWh, the interest on the part of property owners Several major property compa- market (which has recently been slow due to fi - has increased considerably,” says Omid Ashrafi , nies are interested, both listed nancing problems and low electricity prices) is companies and others,” he says. head of wind power transactions at Newsec. that of foreign institutions. “We’re currently working with fi ve mandates “It’s a trend that has come about over the past worth around SEK three billion. Several major property compa- year, primarily German and French pension capital. Th e yield is nies are interested, both listed companies and others.” approximately two percentage units higher in Sweden, and the Wallenstam is the Swedish property company that done the Nordic countries are seen as a growth market and a more stable most to produce its own energy. Th e company now owns 41 wind alternative to southern Europe. Sweden also has other advanta- turbines and three hydroelectric power plants with the instal- ges - those of the weather (we have more wind here) and the fact led power totalling 81 MW. Balder, Stena Fastigheter and Huge, that it is also more diffi cult to obtain such large-scale projects which made acquisitions last summer, own their own plants. from the others.” On the other hand, the Swedish institutions are not out to the property companies primarily see three advantages in make wind power investments. investing in their own plant: “No, they don’t appear to be ready yet. One problem is that it is • the cost control you achieve by remaining separate from not clear how wind turbines should be classifi ed. Th ey’re not pro- the electricity market. perties and they’re not a noted holding. Th ey end up in a small, • environmental image – you are contributing to the expan- fi ve percent private equity allocation class and there’s no place for sion of renewable electricity and really are using green electricity them there. Th e international institutions see wind power as an in your business. investment in infrastructure.”

#3/2012 fastighetssverige 73 [ housing by Eddie Ekberg ]

Pictures: White uniQue Billions investment in homes Billions worth of investments in apartment blocks don’t exactly come thick and fast in Sweden, but Rikshem’s going against the grain and investing a total of SEk . billion in Gränby in Uppsala. “We’re going to create a completely new, modern district,” says Rikshem’s Deputy mD and Business Development manager Ilija Batljan.

During the spring, Rikshem and Uppsala municipality reached billion. One exciting idea is to also build a high-rise block that is an agreement that mainly concerns the creation of 2 000 new intended to become Uppsala’s new landmark. apartments in the picturesque area of Gränby in Uppsala. 1 200 “We know we’ve found a district that has unbelievably good of the 2 000 apartments are existing homes that will undergo fundamental residential qualities but that has been forgotten for comprehensive conversion and modernisation, including things a long time. It now feels incredibly stimulating to be able to help such as new doors, windows, kitchen fi ttings, fully-tiled bath- to make the area more attractive. An extra plus is that the new rooms, newly-renovated staircases, security doors, frontages and landmark will be visible from the E 4,” says Ilija Batljan. water and sewage pipes. Rikshem’s investment in the conversion is estimated to amount to approximately SEK 1 billion. one reason why Rikshem decided to invest billions in Upp- In addition, Rikshem is planning the new construction of ap- sala is that Atrium Ljungberg invested in the Gränby Centrum proximately 800 apartments at an investment of around SEK 1.5 shopping centre, which has a total of 9 000 m2 of new shop fl oor

74 fastighetssverige #3/2012 Billions spent on proJect riKshem Rikshem and Uppsala municipality are cooperating • Rikshem (Dombron) was founded on 1 July 2010. in the project that is adding 800 new homes to • The Fourth AP fund and AMF each own 50 per cent. Gränby. 1 200 existing apartments are also being • The MD is Jan Erik Höjvall. converted and modernised. • The Deputy MD and Business Development Manager is Rikshem’s investment amounts to approximately Ilija Batljan. SEK 2.5 billion. • Owns approximately 250 properties with a total surface The project is starting right now this area of around 1.2 million m2. autumn and is estimated to be fi - • The property is valued at around SEK 14.5 billion (approx. nished in three to fi ve years’ time. 40 per cent of which consists of social housing).

This is Bernhard WollPicture: almost unique investment Worth Bil- lions. Rikshem is investing SEK in Europe in the 2.5 billion in the forgotten district present ﬁ nan- of Gränby in Uppsala to create a new, modern and environmentally- cial climate. friendly district. According to Rikshem’s Deputy MD and Business Development Manager, the project Ilija Batljan, Deputy MD of Rikshem. may be fi nished within the space Picture: Josefi n Mirsch of fi ve years.

areas in a newly-built section of the centre. Gränby Centrum has inviting international architects to tender where the matter of now been converted into a regional centre that, as well as all the creating the 100 m-high landmark building is concerned,” says shops, has several service facilities such as a gym, spa, doctors’ Ilija Batljan. surgery and dental surgery and a beauty salon. “Th e updating of Gränby Centrum meant that the timing of another important part of the project is energy effi ciency. this project was really good. Along with the new centre, the new “Th e aim is,” says Ilija Batljan, “to create a climate-smart, envi- homes will help to make this part of Uppsala much more attrac- ronmentally-friendly natural pearl in the centre of Uppsala.” tive than it is at the moment. You could say that Gränby will go “We’ll be putting a great deal of work into reducing the energy from having been a B-minus area to becoming a strong A-minus consumption in connection with the conversion, and we hope area,” says Ilija Batljan. to be able to reduce the energy consumption by 55 per cent. Th e whole of the project is generally characterised by climate-smart he also points out the way in which, as a property owner, thinking. It’ll become known as “Green Gränby” when this is Rikshem is taking responsibility as regards social development fi nished,” he says. through this project. Various types of environmental certifi cation will be considered “We’re not just doing this to earn money. It’s also a social de- and the newly-built apartments will come close to achieving pas- velopment project,” says Ilija Batljan. sive building standard. In order to support the argument, Ilija Batljan says that in- If everything goes to plan, he thinks that the project will be vestments will be made in things such as homework support and fi nished in three to fi ve years’ time. Th e hope is that the section other types of school support for those children who need it. of the project that concerns converting 1 200 apartments can start Rikshem and Uppsala municipality have entered into an agre- right now this autumn. ement to implement this project and everything’s all running like According to Ilija Batljan, the billions investment in apart- clockwork. ments in Gränby is very unusual. “Th e Planning process is in full swing and we’re working with “I’d say that this is almost unique in Europe in the present Uppsala municipality to turn it into a reality. We’re considering fi nancial climate,” says Ilija Batljan.

#3/2012 fastighetssverige 75 Book your ad for Mapic 2012 – now! Call Rolf Andersson: +46 31 604 355

Number 4 2012 is distributed in the beginning of November. The magazine will also be available at the Mapic fair.