The Leading Property Magazine in the Nordic Region B Posttidning Establish the Region of Sustainable Growth in the Göteborg Region

CLoSE-uP Rutger Arnhult – strongest in the long run

BEnEFaCtoR Billionaire who’s giving it all away tHE SWEdiSH maRKEt The curves are pointing

upwards once again

Avs. Fastighetssverige Avs. tHE LEadinG PRoPERtY maGaZinE in tHE noRdiC REGion B Posttidning Establish The Region of Sustainable Growth in the Göteborg Region

f you want to establish your company in Northern Business Establishment & Relocation is a ”one- IEurope, the Göteborg Region is the place to go. 64 Here we have ensured sustainable growth on each stop-shop” which aims at simplifying the es- and every level. We can offer suitable premises and tablishment process by a well-established cooperation between commercial offering: and industrial life, universities and the public sector. We continue to strive forward, towards even greater * Database for available land and premises growth and a brighter tomorrow. For you, your busi- * International Schools ness and for the environment. * Qualified Advisors Tjörn * Real Estate/Home Brokers * Recruitment Consultants and much more!

For establishment, investment and relocation matters, please contact: Roger Strömberg, Director of Establishment Petra Sedelius, Head of Investment Service, +46 31 61 24 12, [email protected] +46 31 61 24 22, [email protected]

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Business Region Göteborg AB is dedicated to strenghtening and developing trade and industry in the Göteborg Region. We are a non-profit organisation representing 13 member municipalities. Our goals is to contribute to sustainable economic growth, a high level of employment and a diversified economy.

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Annons Etabl 480 x 285_aug_2010.indd 1 2010-06-30 08:19:59 Establish The Region of Sustainable Growth in the Göteborg Region f you want to establish your company in Northern Business Establishment & Relocation is a ”one- IEurope, the Göteborg Region is the place to go. 64 Here we have ensured sustainable growth on each stop-shop” which aims at simplifying the es- and every level. We can offer suitable premises and tablishment process by a well-established cooperation between commercial offering: and industrial life, universities and the public sector. We continue to strive forward, towards even greater * Database for available land and premises growth and a brighter tomorrow. For you, your busi- * International Schools ness and for the environment. * Qualified Advisors Tjörn * Real Estate/Home Brokers * Recruitment Consultants and much more!

Business Region Göteborg AB, PO Box 1119, SE-404 23 Göteborg, Sweden Telephone: +46 31 61 24 02

www.businessregiongoteborg.com

Annons Etabl 480 x 285_aug_2010.indd 1 2010-06-30 08:19:59 [ Editorial ]

Th e summer is at an end, so it’s time for

itthe cannot be hot denied – theExpo summer is over forReal this year, at least for those of us who live in northern Europe. There are obvious advantages to this; you don’t have to swim in the company of jellyfi sh, eat with wasps around you and walk with adders. The disadvantages aren’t that diffi cult to inter- pret either – it becomes darker, colder and rainier, which is not exactly a good combination if you ask me.

i ﬁ nd it very diﬃ cult to understand the Swedes who complain when we get a brief spell of warmth up here north of the ice belt. Personally, I enjoy it to the full - the warmer, the better.

we hope that the hot summer is a sign of good things to now that we’ll at least match the previous year’s fi gures if come that can be transferred to the property market as well. not beat them.” Things have certainly started to look up a bit, although at the same time, the prophets of woe are talking about a second There should be sweet music for all those who are active in recession. I hope and believe they are wrong. Europe’s property industry, particularly us at Fastighetssve- rige. At this year’s Expo Real, we will be more visible than ever This year’s Expo real will defi nitely be a good indicator of before: not only will you see us at all newspaper racks and which way the market is going. This is usually evident from the in the press booth, we will also be supplying daily news and number of exhibitors, visitors and the overall size of the trade giving slide presentations and interviews directly from the fair. And, as I understand it, people reckon that the fair will be trade fair fl oor through our newsletter. Should you against ex- as big as it was in 2009. On that occasion there were 1 580 expectation miss us there, you will see us on the trade fair fl oor. hibitors from 34 countries and 21 430 visitors from 73 countries. According to a statement from Messe München’s MD, Eugen See you at Expo Real! Egentmeier, there were positive noises at the start of August: “We receive requests every day from companies who Eddie Ekberg want to exhibit at the trade fair. We can already say right Editor in Chief

PuBLiShEr: Rolf Andersson, [email protected] PuBLiShiNG CoMPANY: Fastighetssverige AB, Trädgårdsgatan , 4 08 Göteborg. Phone: 0- 9 , e-mail: [email protected], www.fastighetssverige.eu EdiToriAL STAFF: Eddie Ekberg, [email protected] • Nicklas Tollesson, [email protected] GuEST AuThor: Cecilia Hermansson AdMiNiSTrATioN: Ankie Kjellberg, [email protected] AdvErTiSiNG SALES: Rolf Andersson, [email protected] LAYouT oCh ProduCTioN: Lokalförlaget i Göteborg AB PriNTiNG: Exaktaprinting AB diSTriBuTioN: Posten and CityMail Trycksak CovEr: David Schmidt 341417

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

4 fastighetssverige #2/2010 OR k , N E w Y ANIEL L IBE sk IND : sTUDIO D s TRATION 3D ILLU

Meet us on the NCC terrace at Business Arena and at EXPO REAL, hall A2 stand 422.

IN THE LONG RUN To see beyond the horizon is a matter of course for us and a For example, energy use in our self-developed buildings is now part of the responsibility we take as community developers. 20 percent below the norm for housing and 25 percent below A typical NCC project is a well-planned area in which the norm for office buildings. Often, significantly lower. The various needs and life situations prevail. There are homes aim is to create a sustainable relationship between humans and offices where people enjoy being, and green spaces and the environment. which enrich life. A typical NCC project also takes account of future generations by minimizing the impact on the climate. A society which lasts in the long run.

www.ncc.se 56

16 Contents

10 8. Macro analysis 8 Swedbank´s chief economist on Sweden´s economic development.

10. Sweden today A review of the Swedish property market.

16. Stockholm – Scandinavia’s capital city Stockholm’s position as Northern Europe’s economic motor strengthened.

20. News in brief Latest news from the industry.

24. Close-up Ruther Arnhult loves property deals – and running.

28. This is the Swedish property industry A presentation of the key companies on the market.

48. Analysis What´s going to happen on the market in the coming years?

60 52. Property funds Nordic property funds in Luxemburg on the up. 24

56. Benefactor Property billionaire Roger Akelius gives everything away.

60. The transactions volume Huge demand for the best properties.

62. Latest industry deals A survey of the most recent transactions.

66. Gigantic hospital construction Nya Karolinska Solna is Europe’s biggest PPP hospital construction.

66 Macro analysis Swedbank’s Chief Economist Cecilia Hermansson gives here her view on the situation in Sweden.

Sweden on the right track but must look out for barriers in its surroundings

n paper, Sweden is one of the countries that have been nomy is not self-propelled. Instead, problems are seen to remain hit hard by the global financial crisis and recession. The on the labour, housing and credit markets. In Europe there is still O GDP fell by a good five per cent last year, unemploy- anxiety about the public finances of many countries such as those ment approached ten per cent and the Swedish krona lost almost in Southern Europe, Ireland and the UK, and about the problems one quarter of its value against the Euro during the autumn of that the banking system may experience if payments are adjusted 2008 and early spring of 2009. It is the manufacturing companies and debts have to be renegotiated. The banks’ stress tests and the that have been hit by the crisis and where people have lost their rescue package for Greece and the Euro zone have in any case jobs. temporarily calmed the financial markets somewhat. It is also possible to adopt brighter views when measuring Export countries such as Sweden, Germany and Japan are be- the Swedish development. New statistics show that the recovery nefitting from the strong development in China, India, Brazil and started as early as the second quarter last year and that the GDP other growth countries. These are suffering none of the western had grown by 3.4 % in the first six months of this year compared world’s debt problems and weak banks. Instead, the tendencies with the same period last year. Exports were fortified and hous- to overheat have meant that the countries need to tighten their eholds had more money left in their wallets, so consumption is purse strings and try to give their economies a “soft landing”. on the increase and companies are increasing their investments There is a risk that they will not succeed in doing so, but that risk once more. Unemployment is falling faster than expected in that is relatively small. service production has been kept buoyant while the production companies have started taking on new staff. we have good opportunities of avoiding a new recession in the world economy because of the support provided by sti- does this mean that we can now breathe a sigh of relief? No, mulations and the handling of the financial institutions. On the not yet! Substantial contributions to the growth come from the other hand, there is an increasing risk that the growth will not companies building up their stocks and from financial and mo- gain impetus in spite of all the stimulations. These will not have netary policy stimulations whose effects we believe will decrease. the same impact in the future, the interest rate is already low and Our economy is also vulnerable to new threatening clouds in restrictions are now being applied to improve the weak public the global sky. In the USA, the low pressure is spreading and the finances. In addition to stagnation, there is a risk that the USA pessimism is returning. In spite of massive stimulations, the eco- and Europe will also deflate in a similar way to the way Japan

8 fastighetssverige #2/2010 NAME: Cecilia Hermansson. AGE: 4. oCCuPATioN: Chief Economist. AT SwEdBANk SiNCE: 999. hoBBiES: Meets friends, practices yoga and does oil painting. Picture: Nicklas Picture: Nicklas Tollesson

While other countries have a leaking roof to repair, we need do no more than simply look after ours.

has over the past two decades. A Japanese scenario of that sort is than simply look after ours. Th is means that we can adopt more not as alien as it was previously and must be prevented through long-term thinking and plan for investments in the infrastruc- stimulations where these are possible, and structural reforms that ture, training and other factors that improve the conditions for increase the growth potential. enterprises, innovations and employment because even if Sweden What does this mean for Sweden? We have big advantages grows strongly this year, that growth will diminish and greater in that our public fi nances are in order. We do not need to lay emphasis will need to be placed on the long-term challenges of down restrictions but must take care to ensure that there is space demography, globalisation and the increase in competition. Ad- to move if we see new recessions in the world economy. While vice to Sweden: Prepare yourself for the worst but hope for the other countries have a leaking roof to repair, we need do no more best!

#2/2010 fastighetssverige 9 [ Sweden today by Nicklas Tollesson ] Many signs that the market is on the right track

Picture: Stefan Nilsson

10 fastighetssverige #2/2010 Many signs that the market is on the right track

The transactions volume has recovered, the banking system is back to functioning almost normally, there are strong foundations and there is an increasing level of interest from international investors. Lennart Schuss and Thomas Persson at Catella now draw a bright picture of the Swedish property market.

atella is the leader on the Swedish transactions market and is behind approximately one third of the Swe- Cdish transactions volume. When Fastighetssverige meets Lennart Schuss, Deputy MD of the whole of the Catella Group, and Thomas Persson, the new MD for Catella Corporate Finance, at the start of autumn, they are a duo who have a very positive view of the Swedish market. The worst fears from 2009 never came to fruition, and the market is instead well on the way back to a normal position. “More and more segments on the market are now back to functioning more or less normally. In some segments, demand’s actually much greater than supply, and then for the absolute best properties. There’s a huge demand for good, core properties, irrespective of type, a demand that’s not matched by supply,” says Thomas Persson, and mentions transactions in central Stockholm where the yields have been below five per cent.

Picture: Niclas Liedberg There are several different sorts of player who Lennart Schuss and Thomas Persson at the market- have increased their activity in Sweden recently. leading transaction consultant Catella think that Many Swedish institutional investors are now the Swedish property market has recovered well following the crisis and that the future is bright. choosing to relocate even more properties. Picture: Stefan Nilsson

#2/2010 fastighetssverige 11 “After the stock exchanges rose so far during 2009, they had a It is their belief that the trend of new companies with partially surplus of shares and a deficit of properties. They’re now making institutional owners will continue. allocations to properties, which means a relatively secure cash flow “We know that’s what they’re going to do. We’re currently and a high yield at low risk,” says Lennart Schuss, who simulta- working with companies that will be launched this autumn,” says neously points out that, seen in the rear view mirror, properties Thomas Persson. have been a much better investment than shares in recent years.” “Provided the differences between the yields and the “risk-free” “The index for the 50 biggest European shares has fallen by interest rates are at the level they’re at now, the trend will conti- around 20 per cent. During the same period, properties have ri- nue,” says Lennart Schuss. sen in value and also seen a stable cash flow. The institutional “There are no problems finding investors for these companies. investors have ultimately understood that a greater share of their The problems are instead finding suitable properties and good portfolio should consist of properties.” management.” Foreign players are also on their way back to Sweden, and then however, this is where they face a problem. The in- it is primarily Norwegian investors and German property funds. stitution has traditionally invested in secure core properties in the “The core buyers are back. There are plenty of German funds big cities, but since supply is and has been limited, they have been among the buyers, even if the German funds show a mixed pic- forced to broaden their horizons. One route they have taken is to ture; some have substantial net inflows while others are battling buy into newly-formed property companies such as Hemfosa and with major problems, but those who have problems have no or Roxanne, in the formation of which Catella was involved. little activity in Sweden,” says Thomas Persson. “By going into these companies, the institutional investors “The opportunistic buyers haven’t returned, though. They’re have been able to participate in market segments in which they sticking to countries like England and Spain where the prices traditionally don’t get involved as direct owners. These companies have fallen much more than they have here. If the prices have alone have taken in more than three billion in capital and bought fallen by 40 per cent in London, it’s difficult to tempt them when properties for up towards ten billion Swedish kronor, which has our prices have fallen by 8-10 per cent.” also benefitted the whole of the market since they acted in a segment that was in need of investors. One advantage compared So what does attract people to the Swedish market? Persson with traditional property funds is also that in companies that have and Schuss believe there are several factors: four or five strong owners, these can be active and influential in a • Good foundations. completely different way from in a property fund,” says Thomas “We have good public finances and extremely diverse trade and Persson. industry with a good future outlook that’s exposed to industries “If you’re in a property fund, you can’t do much when the wind with a high added value such as telecoms,” says Thomas Persson. gets up, plus I also believe that they’re tired of paying high char- • Functioning banking system. ges to the unit trusts,” says Lennart Schuss. “We have a banking system that is functioning again. All banks

CATELLA FACTS This year, Catella has a new ownership “We’ve become a financially strong and in- property-related matters, primarily with sales structure in that listed Scribona has bought dependent finance group. The ability to offer advice. Over the past ten years, Catella has the company for SEK 417 billion and intends co-ownership enables us to attract the best been involved in transactions to the magni- to change its name to Catella (whose share forces on the market,” says Lennart Schuss. tude of SEK 500 billion in Sweden alone. is now being traded on the Stockholm Stock Catella is divided into a capital manage- “Our strength is that we have knowledge in Exchange’s First North list, the objective ment section, with a management volume the property and the capital market. Being being to place the share on the exchange’s of around SEK 45 billion, and an advisory able to work with complex financing propo- main list). section. The Scribona transaction meant that sals is becoming more and more important,” In conjunction with the deal, Catella’s mana- Banque Invik became part of the Group. says Lennart Schuss. gement bought 29 per cent of the company Around 250 of the Group’s 400 employees Johan Ericsson is Catella’s Group Manager. through subscription options. in twelve European countries work with

12 fastighetssverige #2/2010 FACTS Offi cial name: The Kingdom of Sweden. Capital: Stockholm. Political system: Constitutional Monarchy. Head of State: King Carl XVI Gustaf. Population: 9.3 million. Religion: 80 % belong to the Evangelical Lutheran Church of Sweden. Average life expectancy: Men 78 years. Women 82 years. The proportion of adults aged 2-64 with higher education: 34,5 per cent. Picture: Emma Granberg Population density: 22 per square kilometre. Area: 450 000 square kilometres. Third largest country in Western Europe. Forests: 53 %. Mountains: 11 %. Lakes and rivers: 9 %. Cultivated land: 8 %. Language: Swedish. 85 per cent of Swedes aged over 15 also speak English, at least to conversational level. Time zone: GMT + 1 hour (end October–end March)GMT + 2 hour (end March– end October). GDP per capita: $ 51,804 (SEK 398,490/€ 35,864)Source: IMD 2009. Exchange rates: SEK 1 = € 0.09SEK 1 = $ 0.13(Average 2009). Currency: 1 krona = 100 öre. Largest cities (population*): Stockholm (1,958,884)Göteborg (915,062) Malmö (584,734) * Greater metropolitan area.

Share of total transactions 2004-2009, percent UK 36% Germany 17% France 11% Sweden 7% Netherlands 4% Italy 4% Spain 3% Norway 3% Others 15% Source: Cushman Wakefi eld/ ISA

Economic indicators* 200 2008 2009 2010F 2011F GDP growth 2.8 -0.5 -5.1 3.0 2.6 Consumer spending 3.1 -0.4 -0.8 2.6 2.3 Mining & manuf. pro- 4.1 -3.8 -19.3 4.3 5.7 duction Investment 8.0 3.1 -15. -0.2 4.8 Unemployment rate (%) 6.1 6.1 8.5 10.1 10.4 Infl ation 2.2 3.5 -0.3 1.3 1.9 SEK/US$ (average) 6.76 6.59 7.65 7.54 7.66 SEK/Euro (average) 9.25 9.40 10.66 9.78 9.37 Interest rates: 3-month 3.9 4.7 0.9 0.6 2.8 (%) Interest rates 10-year (%) 4.2 3.9 3.3 3.8 4.6 *annual % growth rate unless otherwise indicated. E estimate F forecast Source: Cushman/Wakefi eld

#2/2010 fastighetssverige 13 have now provided the guarantee programme introduced by the may be put in the wheel if there’s a We’re now able government during the crisis. Lending has returned to being very crisis in more European countries. satisfactory, which is more than can be said for some other mar- It’s to our advantage that most of ascertain that many kets in Europe.” our export goes to stable countries of the fears never • Rents are relatively low at the moment. such as Norway and Germany. We’re “The rents will be able to rise. In Stockholm, they’ve fallen by not that dependent on the PIIGS came to fruition. 15-20 per cent during the crisis, and then from levels that weren’t countries. particularly inflated, nothing like they were in London.” “The EU’s new solvency legislation may have an effect but we don’t know yet. There are new rules on how much equity insu- one segment that is still “injured” and where the Ca- rance companies and institutions must come up with when they tella duo see opportunities is what is known as the B-segment. invest and the way in which they can allocate. This could have a “This is where the banks demand a greater share of self-finan- negative effect on properties compared to bonds. On the other cing and it’s a segment that is a little too management-intensive hand, it could favour properties compared with shares.” for the institutions. The demand is limited and there could pos- sibly be a greater supply in the next few years; quite a few finan- Finally, the first six months saw Swedish commercial proper- cially aggressive players went into this particular segment a few ties sell for a good SEK 46 billion. What do you think the tran- years ago. When they’re forced to review their portfolios, there sactions volume will be when we sum up the year 2010? may be a few sales, even if thus far not as many forced sales have “Depends on whether any major sales have taken place, but bet- taken place as were expected a year ago. ween SEK 80 and 100 billion,” says Lennart Schuss. “When things were at their gloomiest during 2009, there were many dark thoughts about what might happen. We’re now able Are we likely to reach the top levels from 2007 and 2008 of ascertain that many of the fears never came to fruition. In prin- more than SEK 140 billion? ciple, the banks didn’t need to foreclose any properties. Instead, “No, the market was illogical then. The banks took enormous the market has already dealt with many of the problem structures risks. New banks were established all the time and their only that existed.” means of competition was to lend more aggressively. New banks may obviously appear again, but … another thing that was behind What problems may arise on the Swedish market in the fu- the high levels was the need for restructuring that was prevalent ture? at the time. SEK 80-100 billion is a healthy level for a market of “The growth may be weaker than it looks at the moment. A spoke Sweden’s size.”

14 fastighetssverige #2/2010 up; transaction volumes more than doubled between the third and the fourth quarter. In spite of the reduced investment activity, Sweden remained one of Europe’s largest investment markets. The challenging fi nancing environment put Foreign ownership of Swedish real estate a dampering eff ect on the size of transactions. SEK billion, by acquisition value However, there was still substantial transaction Nettofsg activity. In all, the total number of transactions 2002 67 valued at SEK 100 million (€ 10 million/$ 14 mil- 2003 108 lion) or more were down by a relatively modest 2004 131 25 percent compared with 2008. 2005 161 Source: ISA 2006 178 2007 213 2008 218 2009 215

Source: Cushman Wakefi eld/ISA

STroNG PuBLiC FiNANCES, SouNd BANkiNG SECTor The Swedish public fi nances are strong. The level of public debt in relation to GDP is far below many western peers. Having for many years emphasized the need for strong public fi nances, Sweden has had the means to introduce measu- SuBSTANTiAL owNErShiP res to counter the eff ects of the global economic slowdown. For example, strong injections are BY ACTivE iNvESTorS being made into the local government sector in By year-end 2009, international investors owned 2010. Swedish banks are well capitalized and in Swedish real estate assets amounting to more good shape to support a recovering economy. than SEK 200 billion (€ 20 billion/$ 28 billion) by The GDP outlook foresees a return to solid acquisition value. Among the major internatio- growth in 2010 and beyond. nal owners are GE Real Estate, ING Real Estate, Source: ISA Klépierre, Unibail-Rodamco, Valad Property Group and London and Regional. There is great diversity among investors, inclu- oNE oF ThE worLd’S MoST ding property companies, institutional investors CoMPETiTivE CouNTriES and property funds. As a large share of property assets are owned by institutional investors The Swedish economy boasts large numbers and real estate companies, many of which are of global brand names across a wide range active buyers and sellers, there is generally good of industry sectors, including information supply of investment product. technology, energy and life science. Productivity Source: ISA improvements, low wage and price infl ation and Sweden’s niche in high technology fi elds have benefi ted Sweden’s competitiveness. Sweden off ers a stable and transparent business environment, great people skills and a high capacity for innovation. Sweden is also noted for high levels of international trade; exports account for nearly 40 percent of GDP. Source: ISA

STABLE iNvESTMENT MArkET Total real estate transactions amounted to some SEK 40 billion (€ 4 billion/$ 5.5 billion) in 2009, down by some 60 percent compared with 2008. Investments by international investors fell to its lowest level in more than a decade. Cross-border transactions, involving a foreign buyer or seller, amounted to 26 percent of total transaction volume compared with 36 percent in 2008. As the year progressed transaction activity picked

#2/2010 fastighetssverige 15 [ Stockholm – Scandinavia’s capital city by Eddie Ekberg ]

16 fastighetssverige #2/2010 Number one in the Nordic countries. Olle Zetterberg, MD of Stockholm Business Region, is able to survey “his” Stockholm with satisfaction and ascertain that the city is at the top of the Scandinavian ranking of towns and cities that succeed in attracting the most investments and head offices.

Stockholm dominant in the Nordic countries

Stockholm is strongly competitive on the also large numbers of people who possess a high level of com- international front. This is demonstrated par- petence. These are some of the factors that lead to Stockholm ticularly by topping the Nordic rankings for attracting so many foreign investments and so many head offices,” he says. foreign investments and establishing head Other factors that lead to Stockholm’s success in the face of offices for the region. the competition for investments and establishing businesses include the fact that the city’s inhabitants are a mixture of different Stockholm’s position as northern Europe’s economic motor and cultures and nationalities, which is something that contributes to financial centre has been strengthened even more in recent years. an open and tolerant attitude. Stockholm is also geographically Last year, the Stockholm region represented 46 per cent of all speaking in the centre of Scandinavia, which can be an advantage investments in Sweden. At the same time, multinational com- in terms of logistics. panies chose Stockholm as their preferred Nordic city for their “Well, there are already several major companies here such as head office – a full 48.8 per cent of the head offices were located Ericsson, Scania and Atlas Copco with whom companies who there compared with 34.9 per cent in the number two spot, Co- have moved here can do business. We also have a considerable penhagen. presence of both Swedish and international banks here, as well Olle Zetterberg, MD of Stockholm Business Region, gives the as other companies in the financial sector. Stockholm also has following explanation for Stockholm’s strong position: the Nasdaq Exchange/OMX’s Nordic head office. These are also “Stockholm is the biggest economy in Scandinavia. We have important factors that facilitate a decision to establish your own plenty of successful companies and a large market here. There are business here,” says Olle Zetterberg. Picture: David Schmidt

#2/2010 fastighetssverige 17 GENuiNELY iNTErESTEd iN SToCkhoLM Name: Olle Zetterberg. Age: 59. Lives: Södermalm in central Stockholm. Family: Wife and two children. occupation: MD of Stockholm Business Region. hobbies: Is genuinely interested in Stockholm and likes taking long walks in the city and looking at old buildings that have interesting architecture.

Picture: David Schmidt

there are several positive eff ects to be gained from the fact holm. Th at is an increase of 3.5 per cent in four years. It has been that Stockholm is such an attractive Scandinavian place. One the reverse for Copenhagen and Malmö over the corresponding of these is that Stockholm has coped comparatively well in the period. One thing that bears testimony to the attractiveness of recession from both an international and a Swedish perspective. Stockholm in this respect is that when the “We’ve always been able to keep working and haven’t been Financial Times ranked Europe’s most att- Stockholm is paralysed by the fi nancial crisis in the way that many other towns ractive towns and cities in which to invest and cities have. Stockholm’s economy has defi nitely been assisted and establish business last spring, Stock- the largest economy by the low interest rates,” says Olle Zetterberg. holm was beaten only by London, Moscow in Scandinavia. Th e largest share of investments made last year constituted the and Paris. establishment of new businesses and cooperation within ICT, “Th e reason why Stockholm tops this lea- information and communications technology, life science, clean- gue is probably because it’s the biggest city and has the largest tech and fi nancial services. economy. It’s a very important signal for Stockholm in its desire “Th en there’s the hospitality industry that’s growing stronger to be the capital city of Scandinavia,” says Olle Zetterberg. and stronger. During the fi rst quarter of this year, Stockholm saw a good 1.7 million commercial overnight stays, which means 85 000 what does the future hold? What will Stockholm do to retain more overnight stays than in the same quarter in 2009, and they’ve and preferably strengthen its position as the capital city of Scan- increased enormously if we look at the last 15 years. Th e fact is that dinavia, and what must it do to continue to be the obvious choice Stockholm is the biggest destination north of Berlin where com- of Nordic city in which to invest and establish a head offi ce? mercial overnight stays are concerned,” says Olle Zetterberg. “We’ll continue to cultivate the spirit that characterises the inhabitants here, i.e. be open, tolerant, show curiosity and pos- another league topped by Stockholm is the incredible sess a high level of competence. We must also stop being shy and number of head offi ces. When multinational companies establish improve at telling people what we’re good at,” says Olle Zet- head offi ces in Scandinavia, 49 per cent of them choose Stock- terberg.

18 fastighetssverige #2/2010 You can build pyramids in real estate management.

But you don’t have to.

There are two basic approaches to real estate management. solutions in each individual case. We believe you have You can see it as part of a bigger picture, or like us, see to be able to see the full picture to make the very best use the big picture with the parts within it. We always look of all its component parts – whether you do this in-house to bring together, not separate, these parts. To create or you outsource. synergies, to ensure our focus stays needs-based, to forge Many companies agree with us. So many, in fact, that common goals. we have rapidly become the largest real estate management Which means we can deliver the right management company in Sweden and the Nordic Region.

From the series “Myths and reality of outsourcing” www.iss-fs.se

www.iss-fs.se 020-155 155

NEWS IN BRIEFby Eddie Ekberg & Nicklas Tollesson Consultation company Catella sold Picture: Eddie Ekberg COMPANY Following several months of bidding, it was Scribona, noted on First North, who was able to buy the Catella consultation company. The new company’s MD is Johan Ericsson, who formed Catella together with Lennart Schuss. The total purchase price amounts to 417 million SEK. Scribona will be changing its name to Catella in connection with the transaction. The intention is to list Catella on Nasdaq OMX, Stockholm’s main list. The new company has 420 employees in 14 countries. Equity for the merged companies amounted to 870 million SEK on 31 March this year. The new MD, Johan Ericsson, is very pleased that the deal has now been completed. “Our business operations suit one another perfectly. By merging with Scribona, Catella is able to take an important step in the growth in financial services we’re seeing in the stock market and the property sector,” says Johan Ericsson, new MD of the new Group. Lennart Schuss will be deputy MD and Head of Business Development and Catella Financial Advisory’s current management will start acting as new management for the whole of the Group. ”In Catella Corporate Finance’s Swedish operations, Thomas Persson will replace me as MD. Thomas has worked at Catella for more than 15 years. There are no other changes, which means that Johan and I will remain active in the company,” says Lennart Schuss. Lennart Schuss.

Kista office was Stockholm’s Building of the Year Picture: Wingårdhs.

COMPETITION 1 324 Stockholmers voted in the com- crack in the façade lends excitement to the whole petition for Stockholm’s Building of the Year as volume and constitutes the opening to an atrium advertised by the City of Stockholm last spring. with completely unique sculptural qualities”. Of the ten finalists that the jury had helped to “It’s great that so many people have voted. The filter out, a new office building in Kista drawn vision of a living city and a lively debate on the by Gert Wingårdh was the one that pinched first city’s appearance is important for Stockholm,” place. says urban construction and property commissio- The jury justifies its decision as follows: ner Kristina Alvendal (M), who awarded the prize “Ericsson’s new office building in Kista, where a at a city hall ceremony this evening. The jury justifies its decision as follows: “Ericsson’s new office building in Kista, where a crack in the façade lends excitement to the whole volume and constitutes the opening to an atrium with completely unique sculptural qualities”. Ericsson’s new office in Kista.

20 fastighetssverige #2/2010 SHORT NEWS

Savills: Logistics properties in Sweden on the up REPORTS The market for warehouse and logistics properties in Sweden has been strengthened in recent times. “The Swedish property market continu- Mörtstedt buys in London once again es to be characterised by people focusing TRANSACTIONS The swedish on properties that have stable cash flows property magnate in good locations. We believe that there Sten Mörtstedt’s CLS will be continue to be substantial interest Holdings made its first in modern logistics facilities with long Peter Wiman. acquisition in London lease contracts,” says Peter Wiman, Head of for four years at the start Analysis at Savills in Sweden. of August. It bought Apex Tower in New Mal- den in West London and The Dutch fund buys in Stockholm the purchase price is 21.5 TRANSACTIONS Bouwfonds European Residential fund is buying million GBP, roughly the seven residential properties in Stockholm’s suburbs from equivalent of 240 million Vestigia Properties. SEK. The purchase price is the equivalent of a good 260 million The seller is The Pal- SEK. Bouwfonds has been a part of the Dutch Rabo Real mer Active Value Fund II. Estate Group since 2006. The properties are located in Nacka, “Apex Tower is CLS’ Gubbängen and Vallentuna, and consist of 182 apartments and first acquisition on the 20 premises. The acquisition is the fund’s third investment in London market for four Scandinavia. years. We believe there are now opportunities for buyers with strong Property shares hit the market balance sheets. The rush REPORTS Property shares have been one of the most profitable among institutional sectors on the Swedish shares market for a long time. Those investors to buy com- investors who have invested in property shares with a high mercial properties that level of borrowing, a high level of dividends and a large net Apex Tower in west London. we saw at the start of the discount have obtained the very highest yield. On the other year has fallen away and hand, those who have invested in major property compa- the market is now quieter so people can reflect more on the fundamentals,” nies that have a high level of liquidity have obtained a less says Sten Mörtstedt. favourable yield. This is shown by an analysis from property consultant Leimdörfer.

Stockholmers cannot afford their Coutin is taking over Unibail- house purchases Rodamco in the Nordic countries HOMES Swedbank’s Picture: David Schmidt

Picture: Unibail-Rodamco housing index COMPANY Olivier Coutin has started as the shows the towns new MD of Unibail-Rodamco in the Nordic and cities in which countries. the Swedes are Lars Johansson is instead turning his hand spending the to the task of chairperson of the board for largest share of Rodamco Sverige AB. their income on a Olivier Coutin has been the deputy MD of mortgage. Unibail-Rodamco in the Nordic countries for The index shows the past two years and has been responsible that the Stockhol- Sergels torg, Stockholm. for the operative business in the Nordic mers are in the countries. He started working for Unibail- worst position in Sweden. Rodamco in 1992 and has held positions in Olivier Coutin. The housing index is at 100 when the households are leasing, operating management, marketing spending 15 per cent of their pre-tax income from employment and development. on mortgage expenses and are thus able to afford their house “I’m very pleased about the level of confidence that’s been shown in purchases. me and I’ll be happy to lead the Nordic operations into the next phase. The worst housing index belongs to the Stockholmers, We have several exciting projects that are planned or ongoing, such as which is at 86.5. According to Swedbank’s definition, the Stock- the extension and reconstruction of Täby Centrum, the development of holmers have only 86.5 per cent of the income that is required Fisketorvet and the Mall of Scandinavia project,” says Olivier Coutin. for their house purchase.

#2/2010 fastighetssverige 21

Quote “The fall in value during 2008 and 2009 has now recovered. The yield require- NEWS IN BRIEF ments have been adjusted by 0.25 per cent for in principle all properties.” Listed property company Wallenstam’s MD Hans Wallenstam. New hotel giant formed in major transaction Picture: Pandox Picture: Åke Eson Lindman TRANSACTIONS The hotel company Pandox has bought Norwegian Norgani Hotels AS. The price is almost ten billion SEK. This makes Pandox Europe’s leading hotel property company. Norgani’s portfolio consists of 73 hotel properties plus one congress facility which are located in Sweden, Finland, Norway and Denmark with a total of 12 900 rooms. Following the acquisition, the value of Pandox’ hotel property portfolio will be around 22 billion SEK. The rental income Anders Nissen, vd Pandox. is estimated to exceed 1.7 billion SEK pro forma and the cash flow to be around 700 centres. The ranges of hotels belong million SEK. principally to the profitable upper, mid The Pandox hotel property portfolio and high price segment. will include 119 hotel properties with 24 Pandox will run operations in ten 000 rooms, nine operational businesses countries: Sweden, Finland, Norway, plus one congress centre (Helsingfors). In Denmark, all, there will be 15 different brand names Germany, Belgium, Switzerland, in the portfolio. England , Canada and the Bahamas. The The main share of the hotels is situated company will be operational in 60 places. in growing, dynamic city locations, by airports or close to trade fair and congress Scandic Alvik.

Sweden closer to the top of Property company the transparency league DK Properties sold

REPORTS Sweden has the fourth most ve advantages. This is also one of the DEALS Sagax and Hemfosa have The new owners will increase transparent property market in main reasons why Sweden, despite its acquired the privately-owned DK Properties’ equity by a total of the world according to Jones Lang small population , has succeeded in property company DK Properties just over 420 million SEK in order Lasalle’s Global Real Estate Transpa- achieving an extremely good position AB. Sagax and Hemfosa will each to reduce the company’s debts rency Index. and attracting high quality foreign own 50 per cent of the votes and and increase its operating capital. When this survey was last carried institutional capital,” says Charlotte capital in the company. In connection with this, DK out two years ago, Sweden was in Strömberg, MD of Jones Lang Lasalle DK Properties owns 33 proper- Properties has reached a new fi- eighth place. in the Nordic countries. ties with a leasable area of 368 000 nancing agreement regarding the “Along with stable macroeconomic The survey shows that Australia is m2. 88 per cent of the leasable company’s long-term borrowing. and state financial foundations, the the most open property market in the area is located in Stockholm, the Swedbank Corporate Finance openness on the Swedish property world, with Canada in second place, main share of which consists of in- acted as consultant for DK Proper- market has always been portrayed as the UK in third and Sweden and New dustrial and warehouse properties ties and its owners. one of our most important competiti- Zealand occupying joint fourth place. in Årsta and Västberga.

22 fastighetssverige #2/2010

SHORT NEWS

... SEK per m2 and year. That is the average rent for modern office space in Stockholm CBD according to a report from CB Richard Ellis. Klövern loses billions tax case 4 100 LEGAL MATTERS The Administrative Court of Appeal is not granting the listed property company Klövern exemption from just under five billion SEK in tax losses carried forward. It all originates from the time when the company ran IT London & Regional on the way into operations. “It’s regrettable that the Administrative Court of Appeal is Swedish stock exchange company choosing to back the Tax Agency, although the verdict will not lead to any changes where our day-to-day operations are COMPANY The Swedish listed property thing. The company’s a big, serious concerned,” says Klövern’s MD, Gustaf Hermelin. company Allokton has submitted a player on the market with a strong Klövern is considering appealing against the Administra- request for bankruptcy regarding trademark and competence that’s tive Court of Appeal’s verdict. two of the Group’s companies. At well-suited to Allokton,” says Jakob the same time, it is said that owners Johansson, owner and board mem- who control more than 51 per cent ber of Allokton. Vasallen makes sales worth billions of the company are in discussions The companies are being made with London & Regional and its CEO bankrupt because the companies’ TRANSACTIONS Vasallen is selling a large part of its portfolio. The Thomas Lindeborg, who may join as cash flows do not cover the continu- purchase price amounts to l 1.15 billion SEK. the new principal owner. The nego- ous operations and the payment of Hemsö is a company that is jointly owned with the Third tiations are conditional upon regular interest and instalments. The decision National Pension Fund, and through which Kungsleden is due diligence and are estimated to be to bankrupt the companies was buying four public properties that are divided among 38 finished within the next few weeks. made through compromise with the buildings for a total purchase price of around 1.15 billion SEK “The fact that we’re now in nego- company’s largest lender, Deutsche for a direct yield of around 7.5 per cent. The total rental value tiations with L & R is a very positive Bank. is around 125 million SEK. The sales have been implemented with the support of the financial consultant Pangea Property Partners.

Boultbee sells for 1.4 billion Fabege and Oscar Properties TRANSACTIONS Boultbee is selling three Swedish shopping centres to one and the same buyer for just over 1.4 billion SEK. form new company The sale is facilitating new investments in the Nordic COMPANY Listed Fabege and Oscar Properties Picture: Peter Knutson countries and the rest of northern Europe. Invest AB have jointly formed a company to “We’ve achieved the goals of our business plans and this develop tenant owners’ rights in Stockholm. sale gives us the opportunity to actively seek new investment Each party owns 50 per cent of the company. The possibilities in northern Europe,” says Steve Boultbee Brooks, company will acquire properties for construc- chairperson of Boultbee. tion or the conversion of existing buildings into The buyer is the property company Diligentia. residential apartments to then transfer these to tenant-owners’ associations. “Stockholm’s growing and there’s a long-term SEB buys properties worth need for more apartments. Fabege has several billions in London existing buildings currently in locations that TRANSACTIONS The Swedish bank SEB has bought the Condor are more suitable for residences than offices. House office building in London from the Evans Randall Converting these buildings is good from both the Group for the equivalent of almost 1.3 billion SEK. sustainability and the profitability perspective. Christian Hermelin. SEB is buying the property through its SEB Immo Portfolio We’re happy to start this joint project in which the Target Return fund. Condor House, which is eight storeys potential of our existing buildings is well com- high, was completely renovated in 2005 and has 12 221 m2 plemented by Oscar Properties’ specific competence in developing and selling leasable floor space. tenant owners’ rights,” says Christian Hermelin, MD of Fabege.

Sweden’s first offices with passive building technology BYGG NCC Construction Sverige is building a new control European environmental prize room/office for Preemraff in Gothenburg. The aim is for the goes to Sweden building to be certified as a passive building when it is ready. COMPETITION The Swedish companies Fastighets AB Brostaden and The control room (which will be a 2 400 m2 explosion- Bengt Dahlgren AB have been awarded the 2010 European Green proof office building) will monitor the processing of crude Building Award. This year, 13 companies are allocated the award across oil into LPG, petrol, diesel and firing oil. The order is worth 40 five categories. Fastighets AB Brostaden has won the award as best million SEK to NCC. Green Building Partner at company level, while Bengt Dahlgren AB has been awarded the prize as best Green Building support company.

#2/2010 fastighetssverige 23 [ Close-up by Eddie Ekberg ] FLAir For BuSiNESS. Rutger Arnhult concluded his fi rst shares deal at the age of twelve and his fi rst property deal when he was 20. He has a genuine passion LikES iTALiAN Food for business and many people Name: Rutger Hans Jarl Arnhult. describe him as a very competent Family: Wife and three children, one boy and negotiator. two girls. Residence: House in Stockholm and summer house in Båstad. Favourite food and drink: Italian with a good Amarone wine. Car: BMW. Earns: Well. Hobbies: Running, skiing and golf. Watches on TV: News and sometimes a detective story. Reads: Has just read The Last Templar by Raymond Khoury. Bonus info: Is good at table tennis.

CorEM ProPErTY GrouP AB… … is a property company that owns and manages properties in central and southern Sweden and in Denmark. Today, Corem has property holdings consisting mainly of industrial, warehouse and logistics properties. The total property value on 30 June 2010 is around 4.8 billion SEK. The Corem share is listed on the Nasdaq OMX in Stockholm.

NIMBLE AND A GOOD RUNNER The stock exchange Md who is as happy in training shoes as he is in smart shoes

24 fastighetssverige #2/2010 Pictures: David Schmidt

Winner. Rutger Arnhult has loads of sailing prizes from SM, NM and VM. He has run the Stockholm Marathon in under three hours and is brilliant at table tennis. Hardly surprising that he is also a winner where property deals are concerned - he does not let go of a deal until he has brought it to a successful closure. However, he has also learned to deal with adversity and make progress.

He did his first business deals at the tender age of twelve and his first property deal at the age of 20. Today, he is a stock exchange MD and the owner of the M2 Group with properties worth around 4.5 billion SEK. Meet winner Rutger Arnhult – a man who thinks nothing of running a mile in his lunch break to then sit down at the negotiation table.

hen we meet Corem’s MD, he has just returned from his What are your private property investments? holiday. He still has some of the suntan he picked up in “Those are the properties I have in the M2 Group. It’s a fairly W Italy and Båstad. He looks relaxed, even though he was large holding of around 4 500 apartments to a value of between not exactly idle during the summer. He has kept things rolling four and five billion SEK. The M2 Group also played an essen- from his summer house in Båstad with the help of the Internet tial part in the listings of Din Bostad and and, his favourite gadget, the mobile phone. Corem.” I love my job “Mind you, during the week in Italy I turned everything off and was completely relaxed. That was great, and the rest of the What are the important considerations and am passionate family thought so to.” to achieve a sound property market de- about what I do. Rutger Arnhult speaks quickly but clearly. He gives a self- velopment? assured yet humble impression. Rumour has it that he is a very “The single most important thing overall to good negotiator. Some people have called him arrogant; that is keep the property market on track is for the banks to function. probably a classic symptom of jealousy. Rutger Arnhult is nothing We’ve seen that at close quarters very recently.” other than a hard-working MD who has created his empire him- self and who loves property deals. How much work do you do? “I’m always working, apart from when I pick up my children from What is Corem’s strategy in the near future? school. Then I turn off my mobile. The children hate it. Other- “The company will continue to grow. We’ve grown by 2.5 billion wise, it can be said that my work and private life grow together. SEK during the first 2 ½ years, and I believe we can achieve an That’s nothing unusual for me. I love my job and am passionate equivalent development over the next 2 ½ years.” about what I do. Had that not been the case, I would’ve done something else such as continued with my sailing.”

#2/2010 fastighetssverige 25 How successful were you as a competitive sailor? “It was going pretty well. I was in the national sailing team for several years and have several medals from Swedish, Nordic and World Championships.”

Is your sporting background of any use in your work? “In the context of a competition you have to focus on your goal, and it’s the same in business. You have to be able to focus on what you’re going to do and be stubborn and persistent. Missing a training session now and then isn’t on since that’s when you stop winning competitions. It’s a bit like that in a business context. Another important thing is that I’ve learned to deal with adversity and make progress.”

ThrEE oPiNioNS oN ruTGEr ArNhuLT Picture: Eddie Ekberg Erik Selin, Balder “He’s a real character who stands out. He’s razor sharp and can master most of the diff erent sections in the property industry. He started from zero and has built up what he has today, and that’s impressive. He’s always positive and open to new suggestions as well. You never see Rutger with sad expressions on his face.” Picture: Eddie Ekberg Sven-olof Johansson, Fastpartner “I like Rutger. He brings a wonderful enthusiasm to his deals. He also has a slightly unconventional way of looking at deals, which I think is good. He also has great knowledge and a broad contact base, not to mention from his time spent as an analyst.” Picture: Nicklas Picture: Nicklas Tollesson Erik Paulsson, Backahill “Rutger came to the fore as a young, well-educated economist and was an extremely competent analyst. He then saw opportunities to earn money from properties, which he has done in an extraordinary way. He’s also tongue in cheek and I think he’s a very pleasant person.”

 QuiCk QuESTioNS 1. where do you make your best decisions, at the 5. if you were omnipotent for a day, offi ce or elsewhere? what would be the fi rst thing you “While running.” changed? “Oh goodness – all sorts of things – 2. You obtain 100 million SEk and have to invest environmental degradation, abuse, oppression and them right away - what do you do? genocide.” “I buy shares in Corem, half of them ordinary shares ouT ruNNiNG wiTh hiS and half of them preference shares.” 6. what has been your best purchase? FAvouriTE GAdGET. “A housing stock of 440 apartments in Johanneshov Rutger Arnhult’s favourite . who keeps your fi nances in order? in 2001, which I bought for a few hundred million gadget is his mobile tele- “The M2 Group handles my fi nances.” SEK. It’s worth triple that amount today. I still have it.” phone. He does a great deal of work wherever he 4. what does it take to become successful? . what has been your worst purchase? is, but when it is time to “You accept the person you are and focus on what “Shares in HQ Bank two weeks before the crash. I pick up his children he you enjoy doing.” came out the other side but it was a very poor deal.” turns it off .

26 fastighetssverige #2/2010 If you see the Nordic region as a DnB NOR Bank ASA single market, you need a financial partner that does the same.

The DnBNOR Group is one of the largest financial services groups of the Nordic region. DnBNOR is the leading real estate bank in Norway and with 15 years of local presence and experience in Sweden. For more information contact the Real Estate Team in Stockholm + 46 8 473 41 00.

www.dnbnor.se

240x285_destination.indd 1 28-03-07 12:25:36 This is the Swedish real Estate industry ThiS iS AN Ad

Real Estate Woman of the Year by Since the beginning of 2008 Catella as corporate clients who lease or own CoNSuLTANTS Fastighetsägarna Stockholm and one has in Sweden acted as advisor in premises for their own use. The of Sweden’s leading business women more than 180 property transactions company has over 700 professionals hestia by Veckans Aff ärer. And it was ranked with a total underlying property and has recently been advisors in Hestia is the fi rst best workplace for Camaraderie in value exceeding EUR 8.7 bn. transaction deals with a value of over property 2007 by Great Places to Work. 9 billion euro. Annually they valuate management The Swedish management team is Contact: Thomas Persson properties for more than 65 billion company in Agneta Jacobsson, MD; Jan Rosen- +46 8 463 33 10 euro and manage over 1000 Sweden to [email protected] gren, Head of Consulting & Research; properties with a total value of 10 combine www.catellaproperty.se Fredrik Lidjan, Head of Capital billion euro. In addition to that they competence, Gunnar Isaksson Markets; Sven Erik Hugosson, Head have an international network of openness and of Valuation; Maria Krumlinde, Head about 6000 consultants all over the fl exibility. We explain openly how we of Offi ce Agency; Kevin Havill, Head world. This makes them the only Full work and we are always prepared to of Retail Services; Thomas Källström, Service Property House in northern change our way of delivering Head of Occupier Services. Europe, and gives them a unique services, when the customers needs capability to predict the future. changes. Aeternum & Partners Contact: Agneta Jacobsson Examples of Hestia customers are Aeternum & +46 8 671 34 00 Contact: Marie Bucht Dagon, JP Morgan, Barclays Bank, [email protected] Partners +46 8 454 40 80 Jones Lang LaSalle, Colliers and New- www.dtz.se discretely brings [email protected] sec. Hestia today delivers services in together vendors www.newsec.se 22 towns and cities in Scandinavia and purchasers. from Vojens in Southern Denmark to Many years of Örnsköldsvik in Northern Sweden. Marcus H:son Lindfors experience from property Contact: Gunnar Isaksson management as well as transactions +46 (0)73 357 26 26 Catella has given us a solid network of key [email protected] Catella is the persons in the market both in www.hestia.se leading provider Sweden and Internationally. Jones Lang LaSalle of advisory Aeternum & Partners are represented In the Nordic services on the with offi ce both in Malmö and in region and Swedish market Stockolm, but are able to provide our worldwide Jones as regards services throughout all of Europe. Lang LaSalle is one of the Thomas Persson property Please contact us about how we dTz leading real DTZ is a leading transactions and exclusively and eff ectively can be at Charlotte Strömberg estate advisors, real estate property-related services within your service. equity capital markets, fi nancing and with specialists adviser with a off ering strategic services to owners, team of over restructuring. We provide all of the Contact: Marcus H:son Lindfors expertise required for implementing + 46 708 389599 investors and occupiers. Jones Lang 10,000 people [email protected] LaSalle unites a strong local presence operating under complicated transactions and we are said to be innovative as well as being with world-class knowledge of both Agneta Jacobsson the brand across the Swedish and international 148 cities in 43 able to provide both a deep and broad knowledge base. Our property markets and off ers a whole countries providing solutions for range of high-quality property occupiers, investors and developers, fi fty-strong staff is based in Stockholm, Gothenburg and Malmö. services, including Capital Markets, listed on the London Stock Exchange Newsec Leasing, Corporate Solutions/Tenant since 1987. In Sweden, 80 persons in In Sweden the Catella Corporate Finance property team is lead by Newsec is The Representation, Retail development, 4 offi ces deliver valuation, capital Full Service Analyses, Valuation and Asset/ markets, retail, agency, consultancy Thomas Persson. Recently completed deals include the sale of Paradiset 29 Property House Property Management. To give some and research, and occupier/tenant in Northern examples, the fi rm manages 1.2 services. The company has received in Stockholm for 842 MSEK, equity raising of 2,350 MSEK for Hemfosa Europe with over million square metres of property in multiple awards, such as ranked No 1 20 offi ces in 8 Sweden, of which 700.000 square in Valuation in 2009 for the fi fth year and Roxanne, the restructuring of Landic VIII and the sale and Marie Bucht countries. metres is retail property and in a row by Euromoney Magazine. Newsec off ers shopping centres bringing ’Best in The managing director was named conversion of 446 apartments worth 575 MSEK for Signalisten in Solna. services to property investors as well Class’ management standards

#2/2010 fastighetssverige 29 This is the Swedish Real Estate industry

including the latest thinking on offer property owners a unique tool property, infrastructure and the 390 property professionals at offices sustainability and environmental that guarantees the best price for environment, with operations in in 13 European countries, and in management issues. Jones Lang ownership conversions. With many Denmark, Sweden, Poland, Estonia Singapore. We provide domestic and LaSalle manages sizeable office years of knowledge within this area and Finland. In Sweden, NIRAS has international investment exposure properties in all major metropolitan Colliers successfully completed a around 150 employees in five to property by offering a wide range areas in Sweden, and is also one of number of assignments during the locations – Stockholm, Gothenburg, of investment products and services. Sweden’s most experienced and year. Colliers also started several new Malmö, Norrköping, Linköping and These are all supported by rigorous capable retail property consultancies asset management projects, for Uppsala. The company has sales of investment processes, independent with full country coverage. The firm is example an industry portfolio for just over € 120 million. The NIRAS inhouse research and local active frequently engaged by owners and NIAM and a mixed portfolio for mission in Sweden is to create management. occupiers as advisor in transactions. Schroders. Also, in cooperation with long-term profitability for property With its local specialist and the well-known property valuator Alf owners, investors and tenants Contact: Jan Sööder international network, Jones Lang E Johansson, Colliers now offers through strategic consulting, active +46 8 412 80 00 jan.sooder@aberdeenproperty- LaSalle draws on its vast transactional property valuation and property project management and environme- investors.com experience and powerful analytical analysis. ntal expertise. NIRAS in Sweden also www.aberdeen-asset.com/property tools to ensure that real estate offers a wide range of consultancy players are always one step ahead of Contact: Dan Törnsten services in environmental and climate the markets. In the Nordic region, +46 8 402 36 74 fields. Today NIRAS in Sweden works [email protected] Jones Lang LaSalle has offices in www.colliers.se with all kinds of players in the Stockholm, Gothenburg and Helsinki northern European property market. and work closely in collaboration Our customers include small to with market leading partners in medium-sized companies, publicly ISS Norway and Denmark. The Nordic listed companies, banks and retailers Property owners region is headed by Charlotte with operations in Sweden or abroad. and investors Strömberg. Our customer list also covers the seeking new NAI Svefa public sector and includes investments, in Contact: Charlotte Strömberg NAI Svefa is one authorities, municipalities and county the Nordic +46 8 453 50 61 councils. NIRAS has become a [email protected] of Sweden’s countries, can www.joneslanglasalle.se leading property principal player in the field of Anders Borggren turn to ISS and consultants with integrated consultancy services for get ONE single 17 offices property owners, investors and point of contact and a homogenous throughout the tenants. way of reporting the activities. ISS Lennart Weiss country. Through offer scalable solutions that help the membership in Contact: Jan Leife investors to move fast on the market. +46 8 5038 44 78 NAI Global (consisting of 8000 [email protected] ISS can, as the largest property ma- Colliers International professionals working out of 350 www.niras.se nager (>32 million sqm) in the Nordic Colliers offices in 55 countries throughout the region, provide a long list of services International is world), NAI Svefa can also offer a vast that help the investors to reach one of the array of services on the international their goal to optimize the yield. ISS world’s largest property market. Over the past few services range from high end services property years NAI Svefa has widened their Aberdeen Property Investors as asset management and project consultants activity and offer today a broad range Aberdeen Asset management, real estate law, letting Dan Törnsten present in 61 of consultancy services on the real Management is and due diligence to accounting , countries, with estate market. NAI Svefa consists of an independent building and technical service. The 293 offices. In Sweden they have approximately 130 employees and asset manage- services can be combined in order offices in Stockholm, Göteborg and the Operating Managers are: Lennart ment group, to fit the needs of the customers. Malmö with about 40 property Weiss (CEO), Mikael Holmström which has been From single services or as a complete advisors engaged in increasing value (Transactions), Lars Haag Jan Sööder listed on the solution focused on resource opti- for investors, property owners and (Valuation&Analysis), Marianne London Stock mization. tenants in the commercial property Carlbring (Property Development), Exchange since 1991. The Company market. Colliers International AB is Peter Möller (Digital Services). was originally founded in Aberdeen, Contact: Anders Borggren Scotland in 1983. The Group has 31 +46 8 681 60 00 owned by Colliers Hans Vestergaard [email protected] A/S in Denmark. Colliers specialises in Contact: Lennart Weiss offices in 24 countries and over 1,800 www.se.issworld.com +46 8 402 18 80 staff located around the world. commercial properties and premises [email protected] in the retail, office, residential and www.naisvefa.se Aberdeen invests worldwide on beh- logistics & industrial markets. Their alf of clients globally across the four business areas are transaction, tenant major asset classes of alternatives, ownership conversion, development equities, fixed income and property. & leasing, asset management and Today the Company has assets under retail tenant representation. The management of €191.6 billion* Angermann Investment Advisory business areas work closely together Niras (£170.9 bn). In property alone, Aber- Since 1953, and offer expertise with local depth With approxima- deen manages some €25.8 billion* Angermann has and global breadth. In order to tely 1,300 (£ 23.1 bn) of assets in Europe, Asia been consistently guarantee our clients impartial advice employees NIRAS and North America through property focused on the they work independently of banks is one of funds and separate account man- needs and and credit institutions. During 2009 northern dates. Clients are solely third party requirements of Colliers started a new business area Europe’s leading clients and primarily institutional Fredrik Östberg major investors, in tenant ownership conversion. They Jan Leife consultancies in investors. They are served by some industry and the

30 fastighetssverige #2/2010 ThiS iS AN Ad

medium-sized enterprise sector. Tenzing more than EUR 40 bn. During 2009 Sweden for nearly twenty years. We Angermann operates within the Tenzing is a Nordier Property advisors were have four business areas which are segments real estate advisory top-ranked exclusive advisors in the disposal of Commercial development, Business services, investment banking, advisory fi rm 35 assets and performed ca 1000 management, Property management management consultancy and specialized in valuations of Assets. Nordier Property and Business development and machinery & equipment. Real estate signifi cant Group is lead by MD Andreas Öberg fi nancial services. We create value for advisory services include property property and Eneskjöld. the property owner by building transactions, valuation & advisory, Tom Lindahl capital market customer value, store value, and real project development, real estate transactions. Contact: Andreas Öberg Eneskjöld estate value. Today we manage 170 marketing, letting and strategic Tenzing’s business concept is to +46 8 611 59 00 properties, for swedish and [email protected] advisory. Headquarters of the generate, and assist in the comple- www.nordier.se international owners, with an total Angermann-Group is Hamburg. tion of, transactions in the Nordic area of more than 950.000 sq.m. The Further locations are Berlin, Hanover, property and capital markets. Tenzing highly professional team at Stuttgart, Prague and Stockholm. The represents a wall-to-wall assortment Omniagruppen is led by Managing offi ce in Stockholm was opened of expertise, meaning that we off er all Director Anders B Lundh. during spring 2009 and focus on types of transaction advise in the Pangea Property Partners property transaction services. The range from stock exchange Pangea Property Contact: Anders B Lundh team off ers full range advisory operations to disposal of single +46 70 311 04 04 Partners is an [email protected] services within all property types, properties - and always with the goal independent www.omniagruppen.se comprehensively supporting and to deliver the best solutions for our full-service maximising the returns for property clients. They have gathered a team of Nordic corporate owners and investors. The Swedish 20 people with passion for the fi nance/advisory management team consists of Fredrik property business. Tenzing has 12 Bård Bjølgerud fi rm focusing on Östberg and Knut Waltré. active partners with professional and the property complementary backgrounds. They sector. The company currently covers Contact: Fredrik Östberg are convinced that through this the Nordics from offi ces in Stockholm Tenant & Partner +46 (0)8-410 808 72 structure their clients will receive the +46 (0)766-279 100 and Oslo. Employees have a variety Tenant & Partner [email protected] highest possible drive, management of backgrounds (fi nance, law, is the tenant´s www.angermann.de and commitment. Clients are major economics and engineering) all being dedicated Nordic and non-Nordic institutional experience from the property sector representative. investors, funds, public and private in various roles. Pangea Property Our ambition is to property companies as well as Partners off ers clients genuine and help clients construction companies. proven transaction skills combined Torbjörn Eriksson minimise the with in-depth commercial expertise costs of their Cushman & wakeﬁ eld Contact: Tom Lindahl (investor network, placing power and premises while maximizing the Cushman & +46 8 407 36 05 negotiation skills). The Nordics is their benefi ts and returns. We are market [email protected] Wakefi eld assist www.tenzingab.se home market, but their customers are leading in the fi eld with a broad clients in every located all over the world. The off ering from all-inclusive solutions to stage of the real company’s assignments are primarily individual services. Tenant & Partner estate process, within property transactions and has offi ces in Stockholm and representing -development, strategic advice and Gothenburg, but operate throughout Magnus Lange them in the Nordier Property Advisors fi nancial advise (including IPOs, Sweden. We can also help our clients buying, selling, Nordier Property restructuring, equity capital market overseas via our membership in fi nancing, leasing, managing and Advisors is part and debt capital markets). ONCOR International, one of the valuing of assets, and providing of the Nordier world’s largest networks for real estate. strategic planning and research, Property Group Contact: Bård Bjølgerud portfolio analysis, site selection and +47 48 40 80 80 Contact: Torbjörn Eriksson and was founded [email protected] space location, among many other +46 70 920 39 39 during 2008. The www.pangeapartners.se torbjorn.eriksson@tenantandpartner. advisory services. By continually Andreas Öberg company’s senior com seeing past the immediate ”deal” and Eneskjöld partners all have www.tenantandpartner.com instead determining the highest and extensive best use of property in every experience from Sweden’s real estate situation, in every corner of the market. Nordier Property Advisors omniagruppen world, they provide the greatest off er high quality services within the Omniagruppen maximum opportunity for owners, real estate advisory business Real Estate occupiers, and investors, as well as including Transaction, Valuation, Management is their communities and society as a Leasing and Investment Advisory an innovative whole. services. In close cooperation with actor within the their largest owner the Investment Nordic real estate AGL Contact: Magnus Lange Bank ABG Sundal Collier, they also Since 1994, AGL +46 8 545 677 14 Anders B Lundh business. Given [email protected] provide one of the Nordic Region’s our local has been an www.cushwake.com most qualifi ed Investment banking approach, we create business success advisory partner and Corporate Finance services. The by developing and optimizing to more than 100 Partners and members of the board commercial real estate values. We real estate have completed real estate specialize in real estate management companies in the transactions to a volume of more and we have developed shopping Linus Ericsson Nordic region in than EUR 10 bn and have carried out centers and retail parks all around fi nancing and real estate valuations to a volume of

#2/2010 fastighetssverige 31 This is the Swedish Real Estate industry

financial risk management. Today we services with a proactive approach. also a management and specialist RSD Retail & Shopping Centre are 20 consultants in Stockholm, The Nordic desk is headed by Mrs. consultant that can contribute with Development AB Malmö and Copenhagen advising Charlotte Lahaije-Hultman, and their considerable specialist expertise RSD assists more than 60 clients on a regular comprises two more Nordic nationals. in sub-projects, and offer investment property owners basis. advice when buying and selling with strategic The key to a success for our clients Contact: Charlotte Lahaije-Hultman shopping centres. Centrumutveckling consultancy for is to adopt a structured approach to +352 621 49 80 50 have a staff of 20 specialists including the succesful and [email protected] financing and risk management. AGL www.pandomus.lu the management team of Monica secure asset offers services in the entire service Bruvik and Håkan Karlsson. management of Anders Ekwall chain. We assist with strategic advice Centrumutveckling ́s head office is retail properties. as well as the operative implemen- in Stockholm with a branch in They focus on creating Retail tation. Our advice is always based of Gothenburg. Since 1969 Centrumut- experience to optimize the value of the conditions relevant in each indi- veckling has worked with 500 the property. RSD illuminate the vidual case. To ensure that best value Ferax Fastighetskonsult shopping centre projects in 17 hidden values with project is achieved we support our clients Along with Ferax countries. developments. RSD have a staff of 10 with ongoing analysis, reporting Projektstyrning, persons and are currently invoved in and benchmarking of their debt and Ferax Fastighets- Contact: Monica Bruvik a recruiting process for all their derivative portfolios. +46 8 5580 54 00 ongoing projects. The leading konsult offers [email protected] Our independence, strong access to complete www.centrumutveckling.se consultants at RSD is Anders Ekwall local financial markets and use of real support for and Eva Hanslin. RSD assists property time market information ensure that Lars Ellsäter property owners owners with analyse, implementa- our clients achieve the best financial and companies tion, management and transactions. solutions available. who are seeking premises. Ferax has AGL is authorised to engage in substantial experience with many Contact: Anders Ekwall securities operations in accordance years on the property market and +46 8 54 54 7850 with the Financial Markets Act and [email protected] understands better than most the www.rsd-retail.se under the supervision of the Swedish property owner’s situation and NCM Development Financial Supervisory Authority. driving forces. Over the years, Ferax NCM Develop- has implemented a very large ment has over 40 Contact: Linus Ericsson number of leases, and this has also +46 8 5450 1700 years’ experience insikt - mervärde [email protected] given the company a perspective on of retailing and www.agl.se the way in which companies shopping centre searching for premises reason and development prioritise. Ferax works on the basis of Lars Toll and manage- the following motto: A good ment. We are 40 Auditing transaction has two satisfied parties. consultants active in the Scandina- Bureaus Contact us and we’ll be pleased to vian market, with companies in prove it. Pandomus Sweden and Norway and network Deloitte Pandomus is a offices in Denmark and Finland. Deloitte is one of Luxembourg Contact: Lars Ellsäter NCM Development helps investors +46 706116558 Sweden’s leading based service [email protected] and property owners in all stages, professional company, which www.ferax.se from advisory services, concept and services firms, offers high-end & strategy to the execution of deve- employing 1 000 exhaustive lopment projects and various types people in 30 Luxembourg fastighetskonsult ab Charlotte Lahaije- of administration. We have specialist Andreas Adolphsson offices Hultman company and competence in six business areas: throughout fund administra- Property Advice, Development Con- Sweden. Deloitte deliver world-class tive services for, among others, real sultancy, Asset Management, Leasing assurance and advisory, tax, and estate and private equity clients. The Consultant and Tenant Representation. consulting services. Some of service offering includes company – retail Swedish management team: Lars Toll Deloittes prominent advisors are and fund set-ups, domiciliation, (MD, Asset Management) Christer Joachim Agrell, Eva Lindberg and directorship, corporate & secretarial Larsson (Property Advice), Stefan Andreas Adolphsson. Deloittes and accounting services. Pandomus Centrumutveckling Lindqvist (Development Consul- Centrumutveck- turnover concerning the real estate is owned by resident and active tancy), Marie Hallberg (Leasing) and ling is property market last year was approximately partners and does not have any link Anders Ejnar (Tenant Representation). development 100 millions Swedish kronor. Deloittes with law firms, tax advisors, asset consultancy com- largest real estate clients include managers or banks. The client base Contact: Lars Toll pany for among others Akademiska Hus, includes listed multinational +46 705 59 66 55 shopping centres [email protected] Atrium Ljungberg, Fabege, GE Real companies, real estate companies, with the longest www.ncmd.se Estate, Vasakronan and Wihlborgs. private equity firms, venture capital Monica Bruvik experience in the firms and high net worth individuals. Nordic region, with 40 years in the Contact: Andreas Adolphsson Pandomus has a Nordic Desk which +46 8 506 721 03 business. Centrumutveckling work provides tailor-made services for [email protected] from initial concept to project Nordic clients and international www.deloitte.se completion with total project clients investing into the Nordic management, concept development, region. Our Nordic staff speaks the market analysis, letting, architecture, client’s language and understands design and administration. They are the Nordic culture - ensuring quality

32 fastighetssverige #2/2010 This is an ad

Svalner KPMG of leading international investors 000 people. Their special industry Svalner Skatt & KPMG Sweden is such as Aberdeen Property Investors, group focused on real estate, Transaktion is a one of the Union Investment and GE Real Estate. construction and infrastructure tax advisory firm leading During 2010 KPMG Sweden also ad- embraces more than 6 000 specialists providing professional vised a number of leading domestic in a seamless organization globally corporate clients services firms in and international real estate investors and 300 of them in the Nordic with high end the area of on transaction-oriented issues. The countries.Their services include real Viktor Sandberg tax advice. The Björn Flink financial global KPMG Real Estate network estate strategy, analysis and services are information. provides instant access to the most valuation, transaction advice, real focused on transaction tax services, KPMG is a global network of current information on important estate administration, risk manage- e.g. purchase/vendor tax due professional firms providing Audit, international industry development ment, corporate real estate, diligences, and tax structuring. Some Tax and Advisory services. KPMG issues such as the development of infrastructure advice (PPP), of Svalner’s prominent advisors operate in 146 countries and have REIT regimes and the evolving pro- sustainability, due diligence, audit within the real estate sector is Jan 140,000 people working in member perty derivatives markets. and assurance, financial reporting Kleerup, Hans Tegnander and Viktor firms around the world. The and property tax, VAT and income tax Sandberg. Svalner is considered as independent member firms of the Contact: Björn Flink for real estate businesses. one of the leading tax advisory firms KPMG network are affiliated with +46 8 723 94 82 [email protected] in Sweden. As a member of the WTS KPMG International Cooperative www.kpmg.se Contact: Ingemar Rindstig Alliance, an international cooperation (“KPMG International”), a Swiss entity. +46 8 520 590 00 [email protected] of independent tax firms, cross Each KPMG firm is a legally distinct www.ey.com/se border assignments form an integral and separate entity and describes part of the range of services offered. itself as such. In Sweden they are 1500 co-workers Contact: Viktor Sandberg at 60 offices spread throughout the + 46 8 528 01 265 country. KPMG Sweden’s long lasting Ernst & Young, Real Estate [email protected] Ernst & Young is a www.svalner.se and strong presence in the real estate industry is manifested by the fact global leader in that KPMG audit major Swedish pro- assurance, tax, perty companies such as Castellum, transactions and Hufvudstaden, Kungsleden and Stena advisory services, Fastigheter and service a number worldwide 144 Ingemar Rindstig

We know property inside out.

Property is our passion. A passion that is expressed, every day, in our close proximity to clients and markets. 2,500 staff across three continents support investors with financing of international projects and provide comprehensive services and IT solutions to the housing industry as well as to the property and energy sectors.

As a leading international property specialist, our business is built on partnership: we are there when you need us. This proximity is the foundation for shared commercial success. We call it our Proximity Principle. To find out more, visit www.aareal-bank.com This is the Swedish Real Estate industry

over 100 properties along Northern (Stockholm), partner Per Bäcklund portfolio from a major retail chain, Legal Firms Europe’s primary transportation cor- (Gothenburg) and partner Staffan the acquisition of ground followed by ridor connecting Gemany, Denmark Brandt (Malmö). Lindahl has the development and sale of a retail Mannheimer Swartling and Sweden. Mannheimer Swartling’s established itself as one of the top park in greater Stockholm. Grönberg Mannheimer team handling the matter was led by three-four firms on the Swedish real is also highly specialized in handling Swartling has the Jesper Prytz estate market, advising during 2009 property related insolvency issues ambition to be in transactions with a total and recently assisted in the financial the leading firm Contact: Klas Wennström transaction value of more than SEK 14 re-construction of Russian Real Estate as regards real +46 709 777 415 billion. Among these transactions are Investment Company AB (“Ruric”) as estate transac- [email protected] the purchase by Invesco of administrator and the ongoing tions and related www.mannheimerswartling.se Klas Wennström Lindhagens Centrum, the sale by RBS liquidation and sale of the Landic VII legal issues in Nordic Renting of the Royal Viking portfolio. Sweden. By gathering more than 40 Hotel in Stockholm, the sale by lawyers in the real estate group, we Internationales Immobilien-Institut of Contact: Anders Hedman or Roland provide a combined knowledge of all Centralhuset in Gothenburg and the Sundqvist relevant legal areas, thereby giving sale and purchase by NCC Property +46 8 614 49 00 our clients access to a team of Glimstedt [email protected] or Development of the Ullevi Park lawyers with a clear focus on creating The Stockholm [email protected] project in Gothenburg (other party www.gronberg.se business value. The number of office of Vasakronan). In addition, Lindahl transactions we advise on year after Glimstedt, led by advises international banks, such as year is a guarantee that the lawyers managing Aareal Bank and Deutsche Pfandb- are updated on all the latest partner Jan riefbank, on a regular basis. Lindahl developments and challenges in the Litborn, has has also advised in several real estate Swedish real estate market. We also Jan Litborn specialized in real reconstructions.The firm’s success is have a strong presence in other estate transac- Vinge believed to be based on closeness to European real estate markets, such as tions since many years and that Vinge’s property the business, with vast industry the German and the Russian markets. makes Glimstedt one of the foremost and environmen- knowledge and experience, in Our client base include major real and dependable firms in this area of tal law group is combination with the full service estate companies, real estate practice. considered one concept. Lindahl takes pride in developers, real estate funds and The legal firm Glimstedt is, with its of the most providing not only top quality financial owners, states, municipali- fourteen offices in Sweden, the Baltic prominent in services within transactional work, ties and many more. The real estate State and Belarus, proudly one of Sweden and is but also to provide genuine expertise Stefan de Hevesy group is lead by Jesper Prytz the leading business law firms in consistently in fields such as lease law, asset and (Göteborg, chairman of the group), Sweden. Their overall objective being ranked in the top tier in international property management, construction Klas Wennström (Stockholm) and to continuously supply their clients as well as national surveys, such as law and environmental law. Johan Granehult (Malmö). During with appropriate and efficient advice Chambers, Legal 500 and PLC Which 2009 Mannheimer Swartling advised based on the client´s specific needs Lawyer?. Their clients include Contact: Jörgen Sandquist on real estate transactions to a value in order to arrive at constructive and +46 8 527 70 854 Swedish and international property of SEK 29 billion, and was listed as the useful solutions, leading to successful [email protected] companies, traditional industrial number 1 legal advisor based on business deals. www.lindahl.se companies and governmental transactions. Glimstedt has a total of 250 employ- authorities. They also represent Two high-profile transactions 2009: ees including 30 specializing within several international investment 1) Mannheimer Swartling is advising the real estate area. funds, financial institutions, rating the Stockholm County Council agencies and others. Vinge have a (Stockholms Läns Landsting) in the Contact: Jan Litborn total of 330 lawyers, with around 30 SEK 14 billion New Karolinska Hospi- +46 8 566 199 00 being specialised in the property and [email protected] tal project a development of a new www.glimstedt.se environment field. The leading ultra-modern hospital in Stockholm. lawyers of this group are Stefan de This is one of the largest projects ever Grönberg Advokatbyrå Hevesy and Patrick Forslund. During undertaken by the Stockholm County Grönberg the last year Vinge has acted for GE Council and the largest ongoing specializes in Real Estate (Sweden) AB on the property development in Sweden. business and establishment of and investment in The responsible partner is Jan commercial law Roxanne Fastighetsfond, KLP Kansmark, who is assisted by Louise and are highly Eiendom on the acquisition of Hotel Widén, Johan Granehult and Magnus Lindahl experienced with Royal Viking in Stockholm, the legal Josefsson. Lindahl has more Anders Hedman Balticgruppen AB on the sale to and intricacies of 2) Mannheimer Swartling has advised than 300 the establishment of a joint venture developing and financing properties. Norrporten in connection with its ac- employees in six with Västerbottens-Kuriren, LB Immo Grönberg regularly assist domestic quisition of the Flat Iron Building, an offices in Invest GmbH on the acquisition of a and international clients in property ongoing office project in Stockholm, Sweden. During Coop hypermarket from NCC, in transactions and, where necessary, in from Skanska for SEK 850 million. The 2009, Lindahl addition to a host of other premium related disputes. Property matters mandates. acquisition of the Flat Iron Building, Jörgen Sandquist merged with often have M&A and financial which comprises about 13,400 RydinCarlsten, dimensions. Grönberg’s specialists square meters of modern office creating a leading law firm in Contact: Stefan de Hevesy within these areas can provide both +46 8 614 31 81 space, is the first step in Norrporten’s Sweden. The real estate team of the advice and the actions required [email protected] establishment in the Swedish capital. Lindahl consists of more than 40 www.vinge.se by the clients. Examples of recent Norrporten is a leading Swedish real lawyers. The real estate team is transactions in which Grönberg has estate company. The group owns headed by partner Jörgen Sandquist advised, are the sale of a property

34 fastighetssverige #2/2010 This is an ad

Cederquist also regularly act for lenders, and Poland. MAQS offices are located Kilpatrick Stockton Law Firm Cederquist is a borrowers, equity investors and also in Copenhagen, Gothenburg, Malmo, The Stockholm leading business potential purchasers in restructurings Stockholm, Tallinn, Riga, Vilnius and office of the law firm in and refinancing of public and private Warsaw. In Sweden there are 145 international law Sweden and is property companies facing financial employees, with 90 of them certified firm Kilpatrick consistently difficulties. lawyers. MAQS Law Firm is one of the Stockton acknowledged as top law firms in Sweden when it continues to be a Erika Åslund being a top tier Contact: Erika Åslund comes to advising in large and Fredrik Ahlqvist leading and legal service +46 8 522 065 30 complex real estate transactions. trusted firm [email protected] provider. The firm comprises www.cederquist.se Examples of recent transactions in within the real estate industry, approximately 80 lawyers, of whom which MAQS Law firm has advised providing services covering all legal about a dozen constitutes the are AP Fastigheter’s acquisition of aspects of property acquisitions, commercial real estate practice. As in the Vasakronan Group, which is the building projects, ownership, the rest of the world the real estate largest real estate transaction in Swe- management and sales. With an transaction market in Sweden has den ever with a transaction value of experienced and dedicated real drastically decreased in transaction MAQS Law Firm approx. 4 billion Euros, and Fastighets estate team Kilpatrick Stockton is AB Balder’s acquisition on Din Bostad volume during the last year. MAQS Law Firm instructed on a regular basis by Sverige AB, with a transaction value Cederquist has however maintained is a groundbrea- national and international institutio- of approx 550 million Euros. its position in the market and king and nal investors, real estate companies strengthened its position among dynamic full and developers and municipalities. Contact: Patric Olofsson institutional investors and within the service firm Kilpatrick Stockton pride themselves domestic real estate market and has +46 8 407 09 21 in staffing their project teams with within business [email protected] also broadened its practice to actors experienced lawyers, who actively Patric Olofsson law. Their integra- www.maqs.se within the distressed market. Head of ted and tailored participate throughout the the practice is Erika Åslund. Over the teams provide concrete total transaction process ensuring a high past years, our dedicated real estate solutions that develop and protect quality service. During 2009, the group has acted for a variety of the business affairs of both Stockholm office advised in closed domestic and international sellers Scandinavian and international transactions in the real estate market and buyers of real estate in several of companies. At MAQS there are more to a value of approx. SEK 12 billion, the largest and most complex than 285 people working in Sweden, representing clients such as AXA IM, property transactions in Sweden. We Denmark, Estonia, Latvia, Lithuania Credit Suisse, GE Real Estate, ING Real

ICA Fastigheter is one of the largest retail properties companies in Scandinavia. We own and lease 2.500.000 m2 of premises for ICA’s operations and invest in new store construction both Sweden and Norway.

ICA Fastigheter is a wholly-owned subsidiary of ICA AB, the largest food retailer in Sweden. 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.

Making every day a little easier This is the Swedish Real Estate industry

Estate, MEAG, Municipality of Ashurst Law Firm Baker & McKenzie only comprise agreement negotia- Stockholm, Niam Fund IV, RREEF Ashurst is an Baker & McKenzie tions but also financial issues, service Investment and Sveafastigheter. international law Stockholm, part agreements, take-overs, employed firm with a of one of the staff, legal issues regarding tenancy Contact: Fredrik Ahlqvist leading global world’s leading rights, dealing with securities and +46 8 505 646 11 real estate and most mortgages, contracts with authorities [email protected] www.kilpatrickstockton.se practice. The internationally etc. This makes Foyen a long-term Cecilia Tryselius Stockholm office, Jan Alexanderson diverse law firms valuable partner for improving real with leading real with a unique estate business. estate lawyer Cecilia Tryselius, advises global perspective. Among their a number of listed and unlisted clients are many of the leading Contact: Eva Westberg Persson Swedish and international clients Swedish and international compa- +46 8 506 184 00 [email protected] Linklaters Law Firm with real estate transactions. The real nies, banks and organisations, as well www.foyen.se Linklaters is a law estate practice also includes legal as public institutions. They are part of firm which advice regarding real estate finance, an extensive gobal law firm, linking specialises in commercial leases and other rights of with offices spanning six continents advising the use as well as real estate manage- to provide their clients with a world’s leading ment and real estate development seamless combination of local and issues. The office currently consists of global expertise. DLA Nordic companies, finan- DLA Nordic is 30 lawyers and specializes in Baker & McKenzie Stockholm offers Magnus Lidman cial institutions one of the largest corporate transactions, finance and the benefit of working with local and governments fullservice law real estate. lawyers who have a strong internatio- on their most challenging transac- firms in Sweden. nal outlook, operating within an or- tions and assignments. In the Nordics, The Stockholm Contact: Cecilia Tryselius ganisation with a distinctive, business Linklaters is the only leading global office employs +46 8 407 24 15 friendly culture and a reputation for law firm with a significant presence. [email protected] approximately quality and commercial pragmatism Anders Malmström With 26 offices in major business and www.ashurst.com 110 people, of across the world. financial centres, we deliver an which 80 are lawyers. DLA Nordic Their Global Real Estate Practice outstanding service to our clients in provides a full range of services in includes more than 175 locally ex- the Nordics or anywhere in the world. commercial law, such as real estate, perienced, globally knowledgeable Linklaters’ Nordic real estate group M&A, corporate, construction, lawyers familiar with all aspects of is top ranked in international di- banking and finance. DLA Nordic also property development, sales, acquisi- rectories Chambers and Legal 500 Wistrand has specialist lawyers in IT, tions, leases, property management and has acted on some of the most Wistrand is a intellectual property, tax, private and the provision of security in com- complex deals recently in the Nordic full-service law firm equity, litigation, insurance, maritime mercial, retail, industrial, residential market, e.g. advising Areim on the with a strong focus and transport, EU and regulatory, and mixed-development markets. acquisition, development and di- on M&A, corporate, insolvency and employment. The law vestment of a residential complex in real estate, dispute firm is part of DLA Piper Group, an Västermalmsstrand (224 apartments), Contact: Jan Alexanderson resolution, energy +46 8 566 177 20 exclusive alliance of international law Stockholm, advising Commerz Real, Lennart Ernstson and environment jan.alexanderson@bakermckenzie. firms with over 4000 lawyers in 36 German open-ended fund manager, and banking and com countries in Europe, USA, Asia, www.bakermckenzie.com on the acquisition of a retail park in finance. Australia, Africa and the Middle East. Stockholm-area, advising Valad Pro- With a workforce of over 180 in Stock- Consistently ranked as the world’s perty Group on the negotiations of holm, Göteborg and Malmö, Wistrand top real estate practice by leading the asset and property management is acknowledged as pre-eminent on industry research firms, DLA Piper take-over of the entire Kefren Proper- the Swedish market. Solid support Group continues to diversify its real ties IX-group, formerly Landic IX (150 in the acquisition, ownership and Foyen estate practice by expanding its properties), advising Valad Property transfer of real estate. Wistrand’s real Foyens lawyers global capabilities through the Group on the refinancing of a multi- estate group truly excels is in their regularly assist in addition of leading practitioners currency term facility agreement for ability to advise domestic and inter- real estate throughout the world. With more Nordic Aktiv Fund (NAPF I) in relation national clients on transactions, due transactions than 550 real estate lawyers to a Scandinavian property portfolio diligence and financing, construction concerning throughout the world, the firm comprising of assets in the Nordics and property development as well as individual provides a full range of transactional as well as advising property funds commercial leases. Eva Westberg property units as and advisory services to real managed by Valad Property Group on Headed up by Lennart Ernstson, Persson well as entire real estate-related firms, such as the divestments of properties in Swe- Tommy Grönberg and Fredrik estate companies developers, investors, lenders and den, advising Unibail-Rodamco in the Råsberg, the real estate group in and large portfolios. They have a vast asset managers. The firm also development of Täby Centrum (the Stockholm has a client base ranging experience representing clients in provides advice relating to largest shopping centre in Sweden). from listed real estate holdings, banks substantive real estate transactions, acquisitions, dispositions, financing, Leading lawyers in Linklaters’ Nordic and financial players through to which gives them knowledge and leasing, entitlements, economic office are partner Magnus Lidman private investors. experience that is important also incentives, corporate facilities and and managing associate Mounir when assisting in matters regarding related legal services to its clients. Tajiou. Contact: Lennart Ernstson smaller objects. +46 8 5072 00 23 Foyen represent clients not only with Contact: Anders Malmström Contact: Magnus Lidman [email protected] +46 8 701 78 46 www.wistrand.se acquisitions but also in restructuring +46 8 665 67 40 real estate portfolios within corporate [email protected] [email protected] www.dlanordic.se www.linklaters.com entities and groups of companies. The advice in such matters do not

36 fastighetssverige #2/2010 Probably the best “lager”* in the world…

*lager – i.e. warehouse in Swedish

Owns, manages and develops industrial, logistics and retail properties in Sweden and Denmark This is the Swedish Real Estate industry

Hamilton Advokatbyrå market in southern Sweden. Our ex- Tengbom offers a broad spectrum Contact: Monica von Schmalensee Hamilton is one perience, specialization and network of services; architecture, urban plan- +46 8 402 25 84 [email protected] of Sweden’s together with our in-depth market ning, landscape architecture, interior www.white.se leading full knowledge enable us to provide the design, building restoration and service law firms. best possible legal service to our project management. Our real estate clients. They have great experience dealing lawyers are with complex schemes and solutions Per Månsson specialized in Contact: Thomas Enckell for a variety of clients with a wide Equator Stockholm and dedicated to +46 40 665 56 06 array of architectural requirements in [email protected] Equator is an categories such as; education, health, real estate law and the real estate www.tragardh.se architectural firm sports, hotel & spa, offices, com- business. We form flexible teams to that combines mercial, residential, infrastructure, ensure achieving highest quality and regional as well landscape, urban planning, culture, efficiency in all assignments. as international industrial buildings. Our clients include Swedish and experience with a foreign real estate companies, real Many of these clients are internatio- Annica Carlsson strong business nally renowned companies such as estate funds, real estate management focus. The office Astra Zeneca, Ericsson and Canon. companies, construction companies Architectural has a firm market position in the Tengbom work also in conjunction and municipalities. commercial and residential sectors, Firms with a large number of governmental We have extensive experience of and is well-suited to manage institutions and authorities including assignments in respect of, amongst complex large-scale and mixed-use ON Arkitekter amongst others the Foreign Ministry others, acquisition and transfer of real projects. With a deep understanding ON Arkitekter of Sweden. Tengbom has a strong estate and real estate companies, real of the conditions of the retail market was founded international focus and has recently estate financing, commercial tenancy and the requirements and expecta- 2007 by been involved in a series of complex issues, real estate development tions from investors as well as munici- architects Lars architectural and urban planning projects, construction works, environ- palities, Equator provides clients Westerberg and projects in various parts of Europe, mental issues, issues concerning land individual advice and ideas Erik von Matern. Africa and China. parcelling and disputes related to real throughout the entire design and Lars Westerberg & Today the estate and construction work. building process. With experienced, Erik von Matern company has 13 Contact: Magnus Meyer In close co-operation with Hamilton’s knowledgeable and creative lawyers specialized within other employees with +46 8 412 52 12 competence throughout the whole [email protected] employees coming from all parts of business areas we are able to assist www.tengbom.se the world, Equator are well prepared our clients in structural issues, capital design process. ON Arkitekter work with: Commercial real estate, Housing to meet the demands of local as well funding and establishment of funds as international clients. These unique etc. related to real estate. and Infrastucture. Through personal commitment and qualities result in architecturally a transparent work-method their successful projects achieving Contact: Per Månsson commonly established goals while +46 8 505 501 00 solutions add economical value in White [email protected] the architectural premium layer. maximizing value for our clients. The White is one of www.hamilton.se ON Arkitekter work with clients office has a long history and expertise Scandinavia’s who depends on great architectural in working with sustainability in our leading solutions for the benefit of their own projects. Recently, Equator architectural business. completed Liljeholmstorget, a large companies, with mixed use project and the first LEED 500 employees Contact: Lars Westerberg platinum certified project in Europe. +46 8 599 090 89 Monica von in Sweden and Trägårdh Advokatbyrå [email protected] Schmalensee Denmark. White Contact: Annica Carlsson Trägårdh Law Erik von Matern has to its credit Annica Carlsson VD Arkitekt MSA +46 8 599 090 88 also one of the strongest brands in +46 8 5060 25 14 Firm is an [email protected] [email protected] independent law www.onark.se the industry. The company is www.equator.se firm specialized employee-owned and has a unique in Real Estate law, organizationON ARKITEKTER for developing ideas M&A and and know-how. Whites entire range Thomas Enckell Insolvency law. of expertise includes architecture, We advise e.g. on Tengbom urban planning and design, real estate transactions, corporate Tengbom is the landscaping, interior design and LINK signatur environmental management in the transactions, real estate investments, third largest LINK signatur AS processes of strategy, concept and re-organizations and other real estate architectural firm is one of production. A few of their recent and corporate matters. In recent in Scandinavia northern projects are Stockholm Water Front years, our lawyers have been involved and employs 320 Europe’s largest - a new congressbuilding, the new in several of the major real estate architects and architect university hospital at Karolinska, transactions on the Swedish market. Magnus Meyer architectural companies and Stockholm, a new architecture The firm’s lawyers have long expe- engineers at Linda Marend with a unique school in Umeå, a new visitor rience within our core areas and from offices in Stockholm, Gothenburg, alliance. WSP centres by Vänern. They recently major international law firms as well Malmö, Helsingborg, Uppsala, Umeå Sweden AB and Multiconsult AS in won a competition in Uleåborg, as from the private enterprise sector. and Kalmar. Founded in Stockholm Norway, two large multidisciplinary Finland. They are also in the Our office is located on Citykajen 1906 by Ivar Tengbom the firm is one companies, are shareholders in LINK, winningteam in H+, a competion to in the central business district of of the oldest architectural firms in enabling LINK to offer complex and create the Helsingborg of the future. Malmoe and we focus mainly on the Europe. integrated consultancy services.

38 fastighetssverige #2/2010 This is an ad

Cooperating with WSP and holm, Umeå, Skellefteå, Lidköping, ture through our 40 or so employees Multiconsult is a great opportunity to Falköping. Trollhättan and Strömstad. devising solutions for people and Banks & Credit work in multidisciplinary teams, their wellbeing. Scheiwiller Svensson institutions delivering edge competence in, for Contact: Linda Marend is also involved in various projects instance, the increasingly important +46 8 688 79 19 relating both to research and to the [email protected] SBAB fields of energy and climate. www.linkarkitektur.se further development of traditional SBAB, with its 365 LINK signature AS has a unified mindsets in architecture. employees, is staff of around 250 professionals in Our ADK fields of development cover wholly owned by Sweden and Norway. The size of the Analysis, Design and Construction, the Swedish company and depth of knowledge Scheiwiller Svensson Arkitekt- which make for a long-term, sustaina- Government. enables LINK to handle large scale, ble working approach including a de- kontor The owner s advanced projects, whilst the 14 re- clared view of the future. We can also We work – re- Per O. Dahlstedt mandate to SBAB gional offices also work independent- offer everything in the way of digital sponsively, creati- is to act to ensure ly on local markets. LINK combines services through ssark medialab, qua- vely, professio- diversity and competition in the large scale projects with fine detail lified lighting consultation from Light nally and Swedish residential mortgage market work: from urban planning to interior Support, and heritage expertise. cost-effectively whilst obtaining a return on invest- design, from airports to kindergar- – with all aspects ment in line with market rates. SBAB’s tens, from hospitals to residential and Contact: Ari Leinonen of architecture. market share is about 10 percent from general outlines to business Ari Leinonen +46 8 5060 1656 From idea and [email protected] within the mortgage market. SBAB relocation. visualisation to implementation and www.ssark.se also provides corporate clients with In Sweden, the company is called follow-up from the exterior loans and credit facilities for the pur- LINK architecture AB, delivering and surroundings of the building to pose of residential and commercial services within architecture, interior its innermost parts. The span of our property financing. Per O. Dahlstedt, design, landscape design, master assignments is one of our greatest Head of Corporate Clients, manages planning and urban design. The busi- strengths. We see our work as a way a team of account managers, credit ness has a special focus on advanced of realising people’s dreams of how analysts, valuers and lawyers in medical care, schools, residences, they want to live, work, study, be Stockholm, Gothenburg and Malmö. offices, interior design, urban plan- cared for, shop, amuse themselves The team offers specialized expertise, ning and project management. The and move around in the city. a lean and speedy organisation and Swedish business including a staff of We work with humanistic architec- tailor-made solutions to clients. SBAB about 70, is located in 7 places; Stock- has been instrumental in many of the

The leading real estate private equity firm in Northern Europe This is the Swedish Real Estate industry

major Swedish property transactions SEB´s home markets. as residential properties. We work is conducted in strategic locations completed in recent years. SBAB also with a variety of projects ranging in Sweden, Denmark, Finland and offers competitive deposits to private Contact: Per Lindblad from land acquisitions to finished Norway. individuals and corporate clients. +46 8 763 93 01 property. Our portfolio currently [email protected] www.seb.se includes just over 550 000 square Contact: Jan Odelstam Contact: Per O. Dahlstedt meters of building rights for +46 10 448 00 00 [email protected] +46 8 614 43 51 residential and commercial space to [email protected] www.skanska.com www.sbab.se an assessed project value totalling SEK 12 billion. The property portfolio is centred in Stockholm and Skåne with the head office located in Malmö. Some current development Construction projects include: 15 000 m2 office premises in central Stockholm. 25 000 Owner/ DnB NOR company m2 office premises and 230 DnB NOR is residences, Västra Hamnen in Malmö. investor NCC Norway’s largest 28 000 m2 store premises and resi- NCC is one of the Corem financial services dences, Malmö. 17 000 m2 exhibition leading Corem is a listed group with total hall and commercial premises and construction and property assets compri- 200 residences in Hyllie, Malmö. 140 property company that sing more than 000 m2 commercial premises, offices, development owns, manages Ove Juvén NOK 1,400 billion. hotel and residences, Lund. 1 300 re- companies in the and develops The Group sidences, 30 000 m2 commercial and Nordic region. industrial, includes the strong brands DnB NOR, Robert Hägg service premises, Kävlinge. 30 000 m2 NCC had in 2009 warehousing, Vital, Nordlandsbanken, Cresco , hotel, residences, cinema complex, Rutger Arnhult sales of fully SEK 52 billion, with logistics and Postbanken, Salus Ansvar and Svensk offices and store premises, Helsing- 18,000 employees. NCC Property retail properties in central and Fastighetsförmedling. Sweden is borg. 12 000 m2 store premises and Development develops and sells southern Sweden and in Denmark. defined as core market. DnB NOR residences, Lomma. commercial properties in defined Our vision is to become the leading have over 600 employees in Sweden growth markets in the Nordic and property company within these alone covering the business areas: Contact: Magnus Skiöld Baltic regions. +46 10 470 74 05 segments. Since the end of 2007/start corporate customers, retail, banking, Our extensive experience has resul- [email protected] of 2008, Corem has made acquisitions life and pensions insurance, asset mpd.midroc.se ted in a process where development and supplementary investments management and leasing products. and construction is faster, better and worth a total of more than SEK 2 Ove Juvén is the Head of Real Estate safer at a lower price, with environ- billion. The total property value Financing in Sweden. mental sustainability in focus. We see amounts to around SEK 4.8 billion, our offerings as strategic tools for our with a leasable area of approximately Contact: Ove Juvén Skanska +46 473 41 00 customers. The concept Future Office 790 000 m2 divided among 128 [email protected] by NCC® is based on extensive studies Skanska is one of properties. We are working actively to www.dnbnor.se and experiences of future workpla- the world’s combine marketing management ces and environments. The aim is to leading project within our segments and, in time, to promote creativity and reduce stress, development give a market-level yield. Corem has which among other things contribute and construction been listed on the NASDAQ OMX to higher efficiency and fewer days groups with Stockholm Stock Exchange as a Small SEB of sick leave. We see environments Jan Odelstam expertise in Cap company since June 2009 and SEB is a leading and facilities as an investment - not construction, has a market value of around SEK 2 Northern as a cost! development of commercial and billion. European Three years in a row, we have been residential projects and public-priva- banking group awarded the best property developer te partnerships. Based on its global Contact: Rutger Arnuhlt and partner for in the Nordic countries by the green experience, Skanska aims to be +46 8 503 853 33 corporations and the clients’ first choice for Green [email protected] international financial magazine www.corem.se Per Lindblad financial Euromoney. solutions. The Group currently has institutions. Our 49,000 employees in selected home activities comprise banking services Contact: Robert Hägg markets in Europe, in the US and as well as life insurance operations. [email protected] Latin America. Headquartered in SEB’s 20,000 employees serve more +46 (0)8 585 523 72 Stockholm, Sweden and listed on the www.ncc.se than five million private individuals Stockholm Stock Exchange, Skanska’s sales in 2009 totaled SEK 137 billion. SveaReal and some 400,000 corporate SveaReal is a real Skanska Commercial Development customers and institutions in many estate company Nordic initiates and develops parts of the world. The real estate that own and property projects in offices, logistics market is becoming increasingly develop various international. SEB has a considerable centers and retail warehouses. Office Midroc Property Development types of presence in Northern Europe, with operations focus on the four large Midroc Property properties real estate activities focused around metropolitan regions in Sweden, the Development Claes Malmkvist located in the the Nordic countries, Germany, Copenhagen region in Denmark, develops and southern and Poland and the Baltics. SEB offers Helsinki region in Finland and Oslo in manages central parts of Sweden. Our financing and other products to Norway. The development of logistics commercial properties are set to contain three professional real estate clients in centers and volume retail properties premises as well various types of business activities: Magnus Skiöld

40 fastighetssverige #2/2010 ThiS iS AN Ad

offi ce, logistic and industry. The core diligentia expertise consists of 130 employees. in the Stockholm region, primarily of SveaReals business is based on Diligentia, one of Members of the management team the inner city of Stockholm, Solna knowledge, commitment and Sweden’s largest are Anders Kupsu, Marita F Hellsten, and Hammarby sjöstad. understanding of our customers real estate Torbjörn Hugosson, Bo Jansson, Fabege manages a well positioned needs. Through customing our companies, Helena Lundborg, Sven Orefelt, property portfolio that is continually properties we actively assist our develops, Sven-Åke Persson, Markus Pfi ster and being developed through improve- customers to achive profi tability and manages and Michael Wessel. ment projects, sales and acquisitions. to improve their brand. We focus on Anders Kupsu rents properties The concentration of properties to logistic and warehouse facilities. All throughout Contact: Anders Kupsu well contained clusters brings the properties are situated close to major Sweden’s three growth regions: +46 8 573 655 90 company closer to its customers, [email protected] transport routes and we constantly Stockholm, Gothenburg and Malmö. www.diligentia.se which, coupled with Fabege’s develop our facilities to meet the We focus on three distinct business extensive local expertise, creates a requirements of modern logistic areas – Offi ce space, Retail/ solid foundation for effi cient property companies. SveaReal strive to create Commercial properties and management and high occupancy. and develop logistic facilties of the Residential buildings – each of which At year-end 2009, Fabege owned future. SveaReal have currently over demands its own specialized 148 properties with a total market 600 customers, 79 estates and a total knowledge and expertise. Though we value of SEK 29.2bn. Rental revenues space amount of 736 000 m2. We run these business segments Fabege in 2009 were SEK 2.2bn. Fabege’s want our customers to take pride in independently to accommodate their Fabege is one of shares are quoted on the Nasdaq their workplace and to gain specialized demands, the end result Sweden’s leading OMX Nordic Exchange Stockholm profi tbility through our properties. is a unique combination of property property in the Large Cap segment. CEO is portfolios that complement and companies Mr.Christian Hermelin and Mrs.Åsa Contact: Claes Malmkvist balance one another. Our mission is focusing mainly Bergström holds the position as De- +46 705 56 67 21 to contribute to our commercial on offi ce puty CEO and CFO. Fabege’s vision is [email protected] Christian Hermelin premises and www.sveareal.com customers’ business success and to be the most proactive, innovative ensure a safe and comfortable living property and competent commercial property environment for all residential development. Fabege off ers company in Stockholm as well as an tenants. We supply about 1 300 000 attractive and effi cient premises, important partner for its clients and m2 lettable space, including offi ces mainly offi ces but also retail and society in general. and commercial properties as well as other premises. The company’s attractively situated fl ats. Our operations are highly concentrated to Contact: Christian Hermelin a number of fastgrowing sub-markets +46 8 555 148 25

Pandomus — a partner-owned Luxembourg based company, is offering high- quality corporate and accounting services to Real Estate structures, including:

121, avenue de la Faiencerie L-1511 Luxembourg Company domiciliation & office space Tel (+352) 266 365 1 Fax (+352) 266 365 350 www.pandomus.lu Central administration

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Mobile. (+352) 621 264 298 Corporate secretarial services Direct. (+352) 266 365 357 [email protected] Independent & resident directors SICAR & SIF

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Mobile. (+352) 621 498 050 Direct. (+352) 266 365 353 Any services are efficiently managed and coordinated via our dedicatedNordic Desk. [email protected] This is the Swedish Real Estate industry

[email protected] and see new patterns that can be 1940 the company owned a total of Baltic Real Estate Investment Mana- www.fabege.se developed to benefit customers 68 properties, of which 60 were in ger’ in 2009 and 2010. and shareholders. End of March, Stockholm and the remaining eight 2010 Kungsleden had 556 properties located in different provincial towns. Contact: Simon de Château with a booked value of 21,2 billion. The involvement with Gothenburg +46 8 54507500 [email protected] Its growth property types are com- commenced in 1967 with the www.sveafastigheter.se mercial properties, care properties, acquisition of three centrally located Klövern schools, retirement homes and properties. International expansion The listed modules. The management team is with an initial focus on Tokyo property Thomas Erséus, Johan Risberg, Eskil commenced in 1970, followed by company Klövern Lindner, Göran Linder, Åke Theblin, further acquisitions in Paris, London shall with Cecilia Gannedahl and Per Johansson. and Berlin. Foreign interests were Akademiska Hus closeness and divested in 1997. NK Cityfastigheter Environments for commitment Contact: Thomas Erséus AB was acquired in 1998 and in 1999 higher education, Gustaf Hermelin meet the +46 8 503 052 04 the operating focus was on the research and customer’s needs [email protected] innovation. That www.kungsleden.se central parts of Stockholm and of premises and services in Swedish Gothenburg. Hufvudstaden’s is what we are growth regions. Klövern’s business business idea states that in properties involved in. Pure model emphasises orientation in central Stockholm and central Mikael Lundström and simple. By toward the development of Gothenburg offer successful focusing solely community strength. Klövern has a companies high-quality office and on the academic world we have vision of creating the communities of retailing premises in attractive gathered experience that will be of tomorrow. Klövern’s personnel work Castellum marketplaces. By the end of March considerable benefit to our according to the motto of ”making Castellum is one 2010 the value of Hufvudstaden’s customers throughout the country as the customer’s day easier every day”. of the major properties was SEK 18,3 billion. we join forces to develop Sweden as Klövern’s ten business units ensure listed real estate Hufvudstaden currently has a staff of a nation of knowledge. With a the day-to-day management of the companies in approximately 90 co-workers. The property value of almost SEK 50 properties. The market value of Sweden CEO is Ivo Stopner. billion and net revenue of SEK 5 Klövern’s properties was at the end of operating solely billion we are the second largest March 2010 SEK 12 billion and the Håkan Hellström in this sector. The Contact: Ivo Stopner property company in the country. company comprise a staff of 125 real estate +46 8 762 90 00 Demand for knowledge environme- co-workers. Klövern’s management portfolio is owned and managed by [email protected] nts is increasing steadily and with a www.hufvudstaden.se team is headed by Gustaf Hermelin, six subsidiaries with strong local project portfolio in excess of SEK 15 Britt-Marie Einar, Hans Lindh, Thomas presence in five growth regions. The billion we have an exciting future Nilsson, Elisabeth Norling, Mattias Castellum share is registered on ahead of us to say the least. Read Rickardsson and PG Sabel. NASDAQ OMX Stockholm AB Large more about us and knowledge Cap. Castellum holds a real estate Sveafastigheter environments at akademiskahus.se. Sveafastigheter is Contact: Gustaf Hermelin portfolio with a fair value of approx. +46 155 44 33 00 SEK 30 billion and a total lettable a leading Nordic Contact: Mikael Lundström [email protected] area, commercial premises, of approx. real estate private +46 31 63 24 45 www.klovern.se equity house that [email protected] 3.2 million square metres. Operations www.akademiskahus.se focus on cash flow and earnings has launched growth, which provide the three funds since preconditions for good, long-term Simon de Château 2003. Kungsleden growth in the company, while In March 2010 Kungsleden is a shareholders can be offered a Sveafastigheter held a first closing in property competitive dividend. its third fund - Sveafastigheter Fund company that is III. The fund will focus on property Jernhusen always open to Contact: Håkan Hellström acquisitions in primarily Sweden Jernhusen owns, new business +46 31 60 74 56 and Finland. The fund’s investment manages and opportunities— [email protected] strategy is opportunistic with a develops one of Thomas Erséus regardless of the www.castellum.se value-added approach to asset Sweden’s most type of property management. exciting property or its location. The deciding factor is Sveafastigheter Sverige I had a holdings high and stable returns, with risk committed capital of SEK 450 million Per Berggren of stations, of- diversification being a vital and focused on cash flow generating fices and railway ingredient. Rather than being Hufvudstaden properties in Sweden. Sveafastighe- depots throughout the Swedish controlled by geography or property Hufvudstaden ter Fund II was launched in 2006, with railway system. We are a real estate type, Kungsleden’s ownership and has long committed capital of SEK 1.2 billion, company in the transport industry. management is controlled experience of and closed for new investments in Jernhusen will contribute towards a by the business opportunities the preserving and 2009. Fund II is a Nordic opportu- more streamlined transport sector, company sees in locations, buildings, developing nistic property fund with focus on promoting increased travel by public premises and areas. Thanks to its properties. The properties with high and sustainable transport and increasing rail freight committed and skilled professionals, Ivo Stopner company was yield, irrespective of property type, volumes, all on a commercial basis. Kungsleden produces valuable founded back in primarily in Sweden and Finland. As the natural public transport hub, solutions for customers, which help 1915 and was listed on the Stockholm Sveafastigheter has been awarded Jernhusen has a dual role. On the one create high and stable returns for the Stock Exchange in 1938. From the ’Best Real Estate Investment Manager hand we offer traffic operators and long term. Kungsleden’s objective is very outset the Stockholm region has in Sweden’ in 2005, 2006, 2007, 2009 maintenance companies functional always to operate close to the market always been a principle market and in and 2010 as well as ’Best Nordic and stations and railway depots, while on

42 fastighetssverige #2/2010 This is an ad

the other we meet travellers’ needs 1997, specializes in large, complex management/board includes CEO for security and service in stations projects that demand expertise and Lars Swahn who has 25 years and the opportunity for efficient innovative thinking, from concept to experience in real estate, Leif Garph travel. Common to all our properties development plans and implementa- (former deputy CEO of Vasakronan), are their attractive locations, their tion. Close collaboration with Svenska Bostadsfonden Esbjörn Wincent (former Head of history, and their future potential. partners and tenants also contributes Svenska Properties at Folksam) and Tommy Jernhusen’s property holdings to our strong position in property Bostadsfonden is Persson (former Market Area encompass 270 properties. The total development. Sweden’s fastest Manager at Fastighets AB Förvalta- market value of our property hol- Our business concept is to buy buil- growing ren). dings is estimated at SEK 9,1 million dings or areas, develop them with a residential real as at 30 June 2010. The company has mix of services, housing and busines- estate fund with Contact: Lars Swahn 180 employees and the main office is ses, and sell when the project is ready more than 2 000 + 46 (0) 8 518 00 420 Lars Swahn + 46 (0) 70 550 99 99 situated in Stockholm. for pure administration. investors. The [email protected] Since its inception, the company has company´s strategy is to be a www.svenskabostadsfonden.se Contact: Jernhusen AB acquired about 1.3 million square long-term owner and manager of Tel: +46 8 410 626 00 meters of floor space, about half residential rental property in Sweden [email protected] www.jernhusen.se of which is fully developed and focusing on quality properties in sold. Current real estate holdings at growth regions with attractive yields. AREIM yearend 2009 had a market value of According to IPD residential property AREIM develops more than SEK 2.2 billion. has a higher, more stable total return unique and Vasallen is active all over Sweden and than other asset classes thanks to a profitable real currently has a presence in nine lo- regulated market which isn´t estate concepts Vasallen cations. Our more interesting current sensitive to market turbulence. based on the projects include new residential areas Vasallen is a Svenska Bostadsfonden has local approach of “how in Vaxholm, Strängnäs, Borås, Visby leading Swedish property management and is seen as Leif Andersson can we achieve and Karlskrona. property a trustworthy owner by tenants, more?” This has development investors and sellers. The goal is resulted in a range of unique real Contact: Håkan Steinbüchel company. Our growth through acquisition and estate projects, including the +46 19 764 86 01 collaboration with municipalities by company, which [email protected] Waterfront Building, the greenest Håkan Steinbüchel was founded in www.vasallen.se building new property, due to the building in Sweden. Where our extensive shortage of housing. The competitors baulked at the idea of

The optimal solution for the real estate sector Matrisen specialise in efficient workflows for accounting and administrative services to meet the demands in the real estate market. Our optimal and unique solutions include all continuous services such as current accounting, rental notification mailings, electronic supplier invoices and reporting, as well as access to one of the most effective IT platforms on the market. We also provide advisory services on real estate specific VAT and tax issues, consolidated financial statements, mergers, international accounting principles, and much more. Our clients range from medium sized to large Swedish property companies to international and listed property funds. Interested? Please contact Gunnar Nyhlén, tel: +46-8-506 591 76 or email: [email protected] www.matrisen.se

Matrisen is one of the leading Swedish companies within accounting, pay-roll and financial advisory services. The company has approximately 200 employees located in Stockholm, Gothenburg, Uppsala, Malmö, Linköping and Västervik. This is the Swedish Real Estate industry

building a congress hall in central project will consist of 15,000 square Dagon value and sell properties with good Stockholm, we determined that it meters of office space, 2,300 square Dagon is a profitability on the market north of could certainly work with a little inno- meters of retail premises and about Swedish the River Dalälven. The company’s vative thinking. The rest is history. The 250 parking places. developer in the overall objective is to create good Waterfront Building is much more The operations of Fastighets AB real-estate profitability in the property portfolio, than a congress hall, with a four star L E Lundberg have been quality business with a thereby providing the company’s hotel, restaurant and offices – and it certified in accordance with ISO property shareholders with a long-term high was sold before it was even finished. 9001:2000 since 1998. The company Roger Stjernborg portfolio with a and stable return on equity, and to be One of AREIM’s greatest strengths is is also environmentally certified in Eriksson market value at one of the leading property players our flexibility. We are nimble and accordance with ISO 14001:2004 and over SEK 5,4 on our chosen geographical market. agile with a shorter decision process. energy certified in accordance with billion. Dagon’s business concept is We are also able to be more creative, SS-EN 16001:2009. The management the creation of long-term growth and Contact: Christer Sundin innovative and break free of old team consists of Roger Ekström, increase in value through the +46 706887283 [email protected] orthodoxies and traditional real Louise Lindh, Pernilla Cronerud, Kjell combination of management of www.dios.se estate concepts. For us, every Johansson, Johan Ladenberg and commercial property and develop- solution is unique. Why not put us to Peter Lundgren. ment of commercial as well as the test? residential real estate. The stock Contact: Peter Whass consists of 116 properties, mainly Contact: Leif Andersson +46 11 21 65 00 commercial real estate, with an [email protected] +46 (0)8 501 055 10 element of project properties, in +46 (0)704 54 65 20 www.lundbergs.se [email protected] southern and central Sweden. Dagon AMF Fastigheter www.areim.se focuses on two main branches, AMF Fastigheter Management and Project develop- takes a long-term ment. Between these two there are approach to Oscar Properties obvious synergies and they can be developing and Oscar Properties seen as communicating vessels. The managing is a young cash flow from management goes flexible and into project development to develop company, and we Mats Hederos attractive Fastighets AB LE Lundberg see this as a and process properties. The profit commercial office Fastighets AB L E strength. Since from the projects is channeled back and retail premises. Its properties are Lundberg is one 2004 we’ve built to management for new property primarily located in Stockholm and acquisitions. Dagon’s executive group of the major Oscar Engelbert a service-orien- Gothenburg, with central Stockholm private real estate ted organization consists of Roger Stjernborg Eriksson, as its main focus. owners in with a strong sense of curiosity and Peter Olsson, Per Johansson, Lars The 33 properties have a market value Sweden. The real adaptability. For us, this mentality is a Axelsson, and Lars Nihlén. The Dagon of about SEK 20 billion, making AMF Peter Whass estate portfolio necessity in order to build the share is currently quoted on the OMX Fastigheter one of Sweden’s largest consists largely of properties our ambitions call for. Nordic Exchange Stockholm. property companies. The organi- centrally located residential, office Despite its young age, Oscar Pro- sation, which is nonetheless small and retail properties. With strategic perties has amassed a great deal of Contact: Roger Stjernborg Eriksson and personal, has the objective of positions in several of Sweden’s +46 40 6074839 experience, having now completed [email protected] being the best possible partner for expansive municipalities, the more than 500 residences, with an www.dagon.se its customers – understanding their company is well positioned for equal number currently in produc- business, their needs and finding the continued strong growth. The real tion. We are one of just a few housing right solutions. estate holdings include 150 wholly developers in Sweden who have AMF Fastigheter is a long-term, finan- and jointly owned management chosen to focus on identifying older cially strong property owner whose properties in 15 municipalities properties with high potential and, Diös entire profit accrues to its owner, throughout central and southern with the help of the country’s most Diös Fastigheter pension company AMF, which mana- Sweden, with particular focus on talented architects, transforming AB is a property ges assets totalling SEK 335 billion for major metropolitan areas and them into private apartments. management some 3.8 million savers. university cities. This meeting between old and new company based The company’s property manage- is true of even our own organization. in the north of Contact: Mats Hederos ment is divided into four regions; Fifty percent of Oscar Properties is Sweden, +46 8 696 31 83, +46 70 260 93 46 Gothenburg, Stockholm, Western [email protected] owned by Skandrenting and Erik Christer Sundin established in www.amffastigheter.se and Eastern. Most of the holdings in Selin, a well-established figure within 2005, with the real estate portfolio were built the Swedish real estate market. The operations mainly in Borlänge, Falun, during the 1960s and 1970s, and remaining fifty percent is owned by Mora, Gävle, Sundsvall, Östersund consists largely of structures built Oscar Properties’ CEO, Oscar Engel- and Luleå. The property portfolio on a proprietary basis. The division bert (b. 1976), one of the industry’s contains 120 real properties of between residential and commercial youngest executives. centrally located retail, office, properties is relatively even, 49 % and industrial and warehouse premises Vasakronan 51 %, respectively, of rental value. Contact: Oscar Engelbert, Ulrika Arph and residential properties in all Vasakronan is the Several centrally located new con- +46 8 510 607 70 locations, 547 350 square meters in all. struction projects have been studied, [email protected] leading property [email protected] The head office is located in and some of these projects may be company in www.oscarproperties.se Östersund, and the company has a Sweden. The started in the next few years.In Norr- total of 56 employees. The Diös share köping, a major new construction focus is on office is listed in the Nordic Small Cap list of and retail project has been in progress since the Stockholm Stock Exchange. Fredrik Wirdenius premises July 2009 in the Lyckan property. The Diös should acquire, manage, add

44 fastighetssverige #2/2010 This is an ad

supplemented by a wide range of HEBA Fastighets AB portfolio consisted of a total of 48 metres rentable area with a market services. The core business activity is HEBA Fastighets properties, five of which are project value of approximately 7 billion SEK. commercial property. Vasakronan has AB is a Swedish properties, to a book value of 3.5 The property portfolio is concentra- operations in Stockholm, Göteborg, property MDKR. ted both geographically and to type Malmö, Lund and Uppsala. The company of property. Prioritized areas are; property portfolio comprises 221 focusing on Contact: Per-Gunnar Persson Stockholm, Gothenburg, Malmö and properties with a total floor space of rental residential +46 31 631216 the Mälardalen region. More than [email protected] 2,746,000 m2.The portfolio is valued Lennart Karlsson properties. The www.platzer.se 90% of the total property stock is at SEK 73 billion (September 2009). business concept retail property. Another, and equally Central Stockholm and other prime is to offer the tenants a high level of important, part of our business is the locations in the Greater Stockholm service, an attractive and safe development and renewal of shops area such as Kista, Nacka Strand, housing with focus on the Stockholm for Coop and other cooperative Solna, Telefonplan and Värtahamnen region and with a long-term companies. We supply everything account for almost 67 per cent of the ownership, engaged property Genesta from an identified new location to a value of the portfolio. Vasakronan is fully turnkey and operational shop. management and active property Genesta Property owned equally by the First, Second, When we are creating attractive mar- development. Nordic is an Third and Fourth Swedish National ketplaces our aim is to be the player HEBA Fastighets AB owns 64 proper- independent real Pension Funds. that best integrates them with other ties consists of approximately 3400 estate fund parts of society as well as contribute housing and 200 premises. manager that Contact: Fredrik Wirdenius to a sustainable development. We Since 1994 HEBAs share are quoted invests in +46 8 566 205 10 on the Mid-Cap list of the Nasdaq can achieve this through our know- [email protected] David. C Neil commercial ledge and competence as builders, www.vasakronan.se OMX Stockholm. assets in the managers, property owners and retail The management team is Lennart Nordic region. Through our local centre developers. KF Fastigheter has Karlsson CEO, Frank Sadleir CFO, Jan expertise combined with our approximately 110 employees. Lundin Property Manager, Marcus international capabilities, investors Tärnåsen Project Manager and Ann- get the combined benefits of first Marie Severin CEO Assistant. Contact: Bernt-Olof Gustavsson class asset management and +46 8 743 25 20 Steen & Ström in-depth market knowledge together [email protected] Steen & Ström is Contact: Lennart Karlsson with solid experience in the capital www.kffastigheter.se +46 8 442 44 40 an offensive, [email protected] markets and fund management. professional, www.hebafast.se Genesta has a hands-on-approach commercial and responsibility for the quality of all our profitable owner, key functions – analysis, acquisitions, developer and fund- and asset management servi- Citycon Wilner Anderson commercial ces to our clients. Citycon is an driving force Since our inception in 2003 we have active owner and behind the leading shopping centres, Platzer Fastigheter completed commercial real estate long-term situated in the most attractive centres Platzer transactions with a cumulative value developer of of commerce in Scandinavia. Fastigheter is a of over 1.1 billion euro. Our current as- shopping More than 200 years have pas- Swedish property sets have a total investment value of centres, laying sed since 1797 when the wine and company that approximately 880 million euro. The Ulf Attebrant the foundation colonial merchant Samuel Ström owns, manages portfolio includes a diverse selection for a successful opened his shop in Oslo. Emil Steen and develops a of office, retail and logistics assets retail business. Citycon’s retail came into the picture in 1856, which Per-Gunnar Persson property in Finland, Sweden, Norway and properties serve both consumers and led to the creation of the company portfolio of Lithuania. Genesta’s offices are loca- retailers. The company takes into Steen & Ström in the same year. Since around 310 000 m2 in the Gothen- ted in Stockholm, Helsinki, Oslo and account environmental interests and then Steen & Ström has developed burg area. Platzer’s overall objective Luxembourg and our management the wellbeing in the areas surroun- into a shoppingcenter company with is to run long-term commercial team consists of David C Neil, Jonas ding its retail properties. The market many strong, local trademarks. The operations and, in so doing, create Berg and Carl-Henrik Roselius. leader in the Finnish shopping centre group profiles itself therefore as a lasting value for the owners. Platzer’s business, Citycon also has a strong purely Scandinavian shopping centre organisation is divided into two Contact: David. C Neil position in Sweden and a firm company with commercial activity in geographically separate market +46 706 8585 00 foothold in the Baltic countries. [email protected] Norway, Sweden and Denmark and areas, City and Storgöteborg. Each of www.genesta.se Citycon owns a total of 33 shopping owning more than 50 shopping cen- the market areas has its own centres and 49 other retail properties. tres. Our vision is to enrich modern management organisation. Projects Citycon shares are listed on the shopping by providing our owners, and operation/maintenance are run NASDAQ OMX Helsinki Ltd. leaseholders and the visitors to our by two operational units. All shopping centres with added value. operations are performed by Platzer’s Contact: Ulf Attebrant Our ambition is to provide the best own personnel. Platzer’s Group and +46 8 522 80 310 KF Fastigheter [email protected] possible quality on every occasion at staff functions consist of the MD, KF Fastigheter ww.citycon.com each of our shopping centers. business development, economy, manages and finance, communications and the develops a Contact: Wilner Anderson environment. geographically +46 8 508 99 909 Platzer’s vision is to be the leading [email protected] strategic www.steenstrom.com property company within commer- portfolio of retail cial premises in the Gothenburg area Bernt-Olof property of over - the natural first choice. Gustavsson 500,000 square On 30 June 2010, the property

#2/2010 fastighetssverige 45 This is the Swedish Real Estate industry

Unibail-Rodamco +46 8 86 230 00 asset managers. In 2002, IPD Norden markets. The SIPA members represent Created in 1968, [email protected] was set up as a subsidiary of IPD in the largest and most important www.unibail-rodamco.com Unibail-Rodamco Stockholm. It offers a full range of players on the Nordic markets. The is Europe’s comparative products to clients, majority of the members are coming leading listed including standard and bespoke from Denmark, Finland, Norway and commercial benchmark reports. IPD has more Sweden. The total property value property than 60 clients in the portfolio represented by the majority of SIPA’s Olivier Coutin company with a analysis service in Sweden, Denmark members exceeds EUR 60 billion. portfolio valued Organisations and Norway. IPD’s Pan-Nordic SIPA has 43 members. SIPA ́s MD is at €23.3 billion on June 30, 2009. services include Nordic Index with a Elinor Fors. Present in 12 European Union Business Region Göteborg Nordic overview and a Pan-Nordic countries, the Group is the leading Business Region Portfolio Analysis Service. In Sweden Contact: Elinor Fors operator, developer and long term Göteborg AB is a IPD offers a specialized tool for +46 8 10 09 60 non-profit [email protected] investor of large shopping centres in private and municipal holders of www.sipa.nu Europe. Its 95 shopping centres, 47 of company residential portfolios which provides which receive more than 7 million representing 13 a detailed analysis of property visits per annum, are generally located member income and costs to report internally in major continental European cities Petra Sedelius municipalities. and externally. IPD coordinates with superior purchasing power and We work to around ten events in the Nordic extensive catchment areas. The Group strengthen and develop trade and countries each year. The type of industry in the Göteborg region. The continuously reinforces the events held varies from conferences, The Swedish Property Federation goal is to contribute to strong valuations seminars, briefings, attractiveness of its assets by The Swedish growth, a high level of employment training courses and launches. IPD upgrading the layout, renewing the Property and diversified trade and industry. Norden has a team of eleven in tenant mix and enhancing the Federation is an Our focus areas are: business Stockholm. The MD for the Nordic shopping experience. The Group is interest based development, projects promoting Region, based in Stockholm is also a key player in the Paris region organization and clusters and industries, marketing the Christina Gustafsson. office market, where it focuses on trade association modern, efficient buildings of more region nationally and internationally, Reinhold Lennebo that promotes a creating and collaborating with Contact: Christina Gustafsson than 10,000 sqm. Finally, in joint smoothly venture with the Paris Chamber of international networks and providing +46 8 400 252 37 service and advice to investors and [email protected] functioning real estate market. Our Commerce and Industry, Unibail- www.ipd.com/nordic 20,000 members – organized in one Rodamco owns, operates and newly established companies in the region. Business Region Göteborg is a of Sweden’s 6 regional property develops the major convention and associations – are owners of premise exhibition centres of the Paris region. one-stop shop for companies who want to establish themselves in the and apartment rental buildings, Unibail-Rodamco is also the largest industrial properties and tenant developer of commercial real estate in region. We provide confidential consultancy which is free of charge. owners’ associations. We are by far Europe. Its development pipeline the largest property owners’ represents approximately 6 billion In order to help companies, we have SIPA produced a toolbox consisting of Scandinavian organisation in Sweden. This means euros of investment and 1.2 million we can both assist the individual square meters. This portfolio databases, networks and experts. International Property members and have the ability to encompasses major projects designed influence the society to promote by world famous architects who share Contact: Petra Sedelius Association is an +46 31 61 24 22 exclusive private property ownership. The Unibail-Rodamco involvement in [email protected] organization for objective of the Federation is to make developing sustainable buildings. www.businessregion.se management of property in private Everywhere it operates, Unibail- Elinor Fors major property investors with ownership a more efficient and Rodamco is keen to participate in the generally better reputed line of economic, social and urban interests in the Nordic countries and was established in 1989. SIPA offers a business, that offers improving development of the major cities and, service to tenants. The Federation for instance, is involved with the City unique network, combining the members’ outstanding knowledge of represents the private property of Paris in the redesign of Les Halles owners’ interests by means of contact IPD the property markets and the historic centre and of Porte de with politicians and the mass media, IPD is a global excellent experience from the Versailles with its iconic project of courses, conferences and furthered information members’ investments across the Tour Triangle. Unibail-Rodamco’s 1,700 by giving advice on economic, legal business, world. The Association is exclusive employees create value for and technical issues. One of the dedicated to the and open only to those that through shareholders through an integrated primary tasks for the Federation is to supply of their size or their activity type can approach which combines all aspects educate and improve the members independent play a essential role on the North of property management, investment so that they are well prepared for Christina Gustafsson market indices European property markets. and development. The Group’s their business. The Federation also and portfolio SIPA offers a unique gateway for commitment to environmental, initiates and supports research and benchmarks to the property industry. those that are interested in the dyna- economic and social sustainability has development activities within the IPD collects full portfolio records from mic property markets in the Nordic been recognised with listings in the property field. The Swedish Property over 500 major property investors countries. The Association and its DJSI (World) and FTSE4Good indexes. Federations MD is Reinhold Lennebo. Unibail-Rodamco is listed on Euronext across 22 countries - in a database members works for a more property and is a member of the CAC 40, AEX capturing over 72,000 properties with friendly climate on their respective homemarkets. Throughout the years Contact: Reinhold Lennebo and Dow Jones EURO STOXX 50 a market value of € 850bn. IPD’s +46 8 613 57 10 indexes. system is then used to deliver SIPA has developed to be a natural [email protected] benchmarking and portfolio analysis partner for foreign investors to find www.fastighetsagarna.se Contact: Olivier Coutin services to real estate investors and their way into the Nordic property

46 fastighetssverige #2/2010 FASTERFORWARD

Navigating the seas of change. Colliers International is charting the course as the first true alternative to real-estate-as-usual. As an investor, owner or occupier, your real estate strategy will never feel adrift. Our local specialists, throughout 480 offices in 61 countries worldwide, allow you to tap hidden opportunities, moving your business forward. Welcome aboard.

www.colliers.se [ Analysis by Eddie Ekberg ]

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. how will the market develop in the coming year?

1. How will the real interest rate develop in the coming year? 2. How will the vacancy levels develop in the coming year? . How will the rents develop in the coming year? 4. How will the yield levels develop in the coming year? . How will the international investments develop in the coming year? Picture: Lindqvist Mats

ThoMAS PErSSoN economy that tenants and property owners are currently taking Catella with them into their rent negotiations. Fundamentally speaking, there is room for offi ce rents to generally increase by 5-10 per cent for offi ces over the space of a year in addition to the approxima- 1. “During the second quarter, a number tely 5 per cent increase we have already seen since the low level of international economic indicators at the end of 2009. ” that are signifi cant to Sweden’s growth have degenerated. In spite of the Swe- 4. “Th e yield requirements have fallen for principally all property dish economy’s rapid recovery, infl ation types over the past six months. It is a natural development, bea- has remained low and the krona is at its ring in mind improvement in the outlooks for the rental market highest level for 24 months. Th e belief is also that Riksbanken will and the way the fi nancing market has been strengthened. In one raise the repo interest more slowly over the next twelve months year’s time, we will probably see that the yield requirements are than what was indicated in the bank’s July forecast.” continuing to fall somewhat since the yield on properties exceeds the yield on many alternative investments. Th e competition is 2. “Where commercial properties are concerned, we are prin- also increasing in most segments and the number of attractive cipally positive about the development for offi ces in attractive properties on the market is limited.” locations where the vacancy level should fall signifi cantly. Th e change in demand, i.e. the increase in offi ce jobs, is judged to 5. “Foreign investors have represented as little as 10-15 per cent clearly exceed the increase in the offi ce properties.” of the Swedish transaction volume during 2009-2010, which is the lowest rate since 2002. Th e expectation is that interest will 3. “With the support of the vacancies development that we are increase in the future because Sweden appears to be relatively forecasting, offi ce rents are set to rise again, although negative strong compared with many other markets. However, we will pri- news from the surrounding area may disturb the fundamental marily attract what is known as core capital, although core plus support from the increase in offi ce jobs and belief in the Swedish and value added are also meant to be on the up.”

48 fastighetssverige #2/2010 Picture: Liedberg Niclas Svenska Bostadsfonden Institutional A low risk high return asset

Svenska Bostadsfonden is Sweden’s Vacancy rate fastest growing residential real estate 16,00% fund with more than 2 000 investors. 14,00% According to IPD Swedish residential 12,00% property has had a higher, more 10,00% stable total return and a lower risk 8,00% level than virtually every other asset 6,00% class for decades. This stability is due 4,00% to the massive shortage of housing in 2,00% Sweden in combination with a regulated 0,00% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010P residential market that isn´t sensitive to Office, Stockholm CBD market turbulence. Property owners are Municipal housing companies, Sweden by legislation compensated for higher Municipal housing companies, Stockholm, costs, including operational and interest Gothenburg and major Swedish cities > 75 000 rate costs. Rents SEK/sqm

5 500 1 000

To take advantage of the fact that 900 5 000 an increased number of large and 800 attractive residential property portfolios 4 500 700 are available on the Swedish market 600 the company recently launched an 4 000 500 institutional fund. 6 well-known Nordic 3 500 institutions are already committed to 400 the new fund, Svenska Bostadsfonden 3 000 300 Institutional 1 and the first acquisition 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Office, Stockholm CBD will take place in the near future. Residential, Sweden

Strong demand and low building activity leads to stable growth The residential rental market in Sweden is characterized by government rent control and structural shortage of housing which creates long term rental growth, secure cash flows and ensures long term capital growth. Existing properties can be acquired at a third of the replacement cost of a new building which creates barriers to entry for building companies. This has lead to an exceptionally low level of constructional activity which further limits the supply of available apartments on the market. There is also an ongoing trend of conversions from rental to owner-occupied apartments which further increases the potential of the Fund. Picture: CB Richard Ellis

PErNiLLA ArNrud MELiN The Institutional Fund – Characteristics CB Richard Ellis Svenska Bostadsfonden Institutional fund is a core fund with an investment strategy that focuses on acquiring and managing residential properties in Swedish cities, especially in areas with long term shortage of housing, a steady population growth and a healthy business structure. The return target of the fund is 10-15 % IRR net after performance fees and taxes of which 4-7 % is annual distributions. The fund is aiming at creating a highly attractive and 1. “Th e repo interest rate will help to stable income return from day one combined with significant long term capital growth. achieve the infl ation target of 2 % and will be raised in the coming year from Strong and quality driven pipeline The new Institutional Fund will take advantage of Svenska Bostadsfondens strong dealflow the 0.5 % low of today. I believe that which includes access to an attractively priced off market investment pipeline exceeding Riksbanken will follow its interest rate 400,000 sqm in the Funds’ target cities. The company also has excellent and long-lasting relations with Swedish municipalities which are divesting large parts of their property path. On the other hand, the economy portfolios. and recovery around us will play a part in the development of the repo interest at the end of next year. My current belief is that the Fund manager with a proven track record Svenska Bostadsfonden has a proven track record and long-term experience in finding, repo interest will be closer to 1.75 per cent at the end of 2011, i.e. acquiring and managing residential real estate. The company has already launched and is somewhat below Riksbanken’s forecast.” currently managing 10 residential closed-end funds. Svenska Bostadsfonden – An independent and focused fund manager 2. “We are seeing an increase in confi dence in the future among • Established in 2003 • Dedicated management team focusing entirely on Swedish residential funds companies, yet still a certain amount of caution. Since the eco- • Market leader in managing indirect fund products investing in the Swedish nomy is being jump-started and the companies are doing better, residential sector • Strong skill set and experience - the team consists of 30 professionals combining the vacancy levels will obviously fall in a number of areas. Offi ce experience from asset and tenant management to finance and fund management tenants are mainly out to fi nd the modern and effi cient premises, • The management team and board members includes, among others, CEO Lars Swahn who has 25 years experience in real estate, Leif Garph (former deputy CEO which is why vacancies in the poorer performing segments are of Vasakronan) and Esbjörn Wincent (former Head of Properties at Folksam). still being sluggishly fi lled. Property owners are starting to take another look at their dormant offi ce projects, and most of them For more information, please contact Lars Swahn (CEO) [email protected] mobile: +46 (0) 70-550 99 899 or may begin at relatively short notice. In spring of 2009, the retail Linda Hallén (Head of Institutional Sales) [email protected] mobile +46 (0) 702-66 82 03 letting was limited as almost all retail chains put their expansion 5. “During 2009, just a few foreign investors invested in the Swe- plans on hold. Since the beginning of 2010, the take-up as well as dish property market. Now, the majority of these have started demand has gone back to normal levels as the market has regai- to show interest in investing, mainly in prime properties. Our ned confi dence and retail chains have continued their expansions. Capital Markets department is in contact on a daily basis with Th is will contribute to the fall in retail vacancy levels in the next foreign investors who are interested in investing in Sweden. We year.” will probably have to wait another few years for the opportunists to start coming out of the woodwork.”

3. “Retail rents in prime locations have been fairly stable while Picture: Angermann rents in retail parks have been more aff ected by the downturn kNuT wALTrÉ in the economy. Th e average rent for modern offi ce premises Angermann increased in Stockholm CBD during the second quarter and is estimated to be 4 100 SEK per m2 compared with the previous 4 000 SEK per m2, which had remained unchanged since the 1. “Th e Swedish economy has develo- third quarter of 2009. Th ere is great demand for these offi ce pre- ped strongly after the recession. Ho- mises and the shortage of offi ce projects in CBD has helped to wever, the confi dence indicator for the sustain the increase. In Stockholm’s other offi ce areas, the top- business sector fell in August and there level rent is estimated to remain unchanged. Improvements in are sign of weakness in the US eco- the economy and greater confi dence among companies will help nomy. Th e Riksbank considers these to push up the rents, but the fi rst thing that will happen is that are reasons why the repo rate is needed to be held at a rate lower rent discounts will subside. Shop rents in the best locations have than normal over the coming period with a gradual increase of remained relatively stable while retail rents have been aff ected around 100-125 bps in one years’ time.” more by the recession. With consumption holding its own and sales increasing for retail companies, the coming year will see a 2. “Th e recovery in the labour market is expected to continue, gradual rise in the rents. Today’s legislation means that shop pre- with employment gradually beginning to rise in the private sector. mises have a lock-in eff ect, which means that attractive premises Overall this will lead to an increasing demand for offi ce space, es- rarely become available to the property owner for re-leasing, i.e. pecially in Stockholm. However, companies still have excess space without transferring a contract.” after the recent downturn and we expect overall offi ce vacancy levels to remain relatively stable and start to decrease slightly in 4. “Th e improvement in the economy and the increase in the the end of the coming 12-month period.” trans action volume during the fi rst six months are positive indi- cations for the price levels. Th e prime yield for offi ces and retail 3. “Overall in Stockholm, average rents are expected to remain has already fallen back and it is thought that it will continue to stable and start to increase in the end of the 12-months period. fall slightly. I would not be surprised if we were to see some rates In Stockholm CBD, rents for modern premises have started to at below 5 % in Stockholm CBD during the next year, and then rise slightly with a limited supply of modern premises in the very it is primarily domestic buyers who are looking for a specifi c pro- best location entering the market. Th is development is expected perty and who take the opportunity when it comes.” to continue, spilling over to other submarkets in Stockholm.”

50 fastighetssverige #2/2010 Core investors such as German open ended funds are very active.

4. “Yield levels for prime object within the respective submar- yields have stabilized and are expected to remain stable.” ket and property type have decreased during the last six months period. Th e capital target high quality investments whilst the 5. “Core investors such as German open ended funds are very supply of such assets has been relatively limited. Th ere is a active. Investment opportunities for value add and opportunistic more sound market sentiment as regards price expectations investors have been limited compared to other markets in Europe. from buyers and sellers, and prime yields are expected to con- A number of foreign investors are anticipated to reduce its expo- tinue to decrease slightly. An improving rental market also give sure to Sweden but overall international investors are expected to momentum to value add investments. For secondary assets remain net buyers.”

We look after your interests in Sweden The Swedish Property Federation is a highly pro-active trade organization promoting a very efficient real estate market in Sweden. Our 20,000 members represent the entire spectrum of the property industry, owning or managing premises and rental apartment buildings, industrial properties and tenant-owners’ associations. Order our brochure from [email protected] and find out how we can help you in the Swedish real estate market!

www.fastighetsagarna.se [ Property funds by Eddie Ekberg ]

Nordic property funds in Luxembourg on the up

Over the past ten years, Luxembourg has built up its position as one of the most popular domiciles for regulated property fund structures, although funds initiated from the Nordic countries have thus far constituted a relatively small share. However, there will be considerably more within the near future according to fund manager Pandomus, one of few players in Luxembourg with a special Nordic department using Nordic personnel.

According to the ALFI (Association of the Luxembourg Fund “But I do believe the fi gure will increase to 5-6 per cent within Industry), 15 regulated Luxembourg property funds (Luxembourg a few years. We have contact with several players and there is a Real Estate Investment Funds, “REIF”) were launched in 2009, relatively substantial amount of interest. A Swedish solution is which has meant that a total of 128 property funds (with 150 sub- no good if you’re looking to attract global capital,” says Charlotte funds) have been set up and are run from Luxembourg, with total Lahaije-Hultman, partner at Pandomus. net assets of around SEK 200 billion. With regard to their exter- A signifi cant part of the group that is simply called “European” nal infl uence, Luxembourg REIFs probably actually hold more promoters does have a strong link to the Nordic region though, than double this amount of assets. and already today there are some players in Luxembourg who Th us far, initiators from the United Kingdom and the USA have Swedish and Nordic connections, e.g. Genesta, Cordea Sa- launched most of the property funds in Luxembourg while Nord- vills, Aberdeen and CapMan. ic representatives constitute only around two per cent of the initiators for the Luxembourg direct property funds. there are several advantages, both functional and fi nan-

Pandomus is an independent The cooperation with Langham confi rmed expertise within the company in Luxembourg that of- Hall, winner of Specialist Profes- alternative funds fi eld. Langham fers services for establishing and sional Service Firm of the Year Hall has successfully established managing funds and companies BVCA Private Equity Awards good relations with a number of plus book-keeping and indepen- 2009, has given Pandomus leading property funds and fund dent board members. privileged exposure for their managers.

52 fastighetssverige #2/2010 Picture: Pandomus cial, of establishing a property fund in Luxembourg. “Th ere’s political stability here in Luxembourg and there’s continuous political support for the development of the fi nancial services industry. Th ere is a high level of protection in an extremely fl exible system for whoever invests, plus here you also have access to a well-functioning banking system. It’s also easy to obtain various types of subsidy if you establish something such as a property fund that is environmentally orientated, which is something that’s very popular at the moment. However, perhaps the most important advantage is that more of the major international investors are looking at Luxembourg, so if you’re looking to attract global capital, establishing the fund here rather than somewhere like Sweden is almost a must,” says Charlotte Lahaije-Hultman.

 saw the introduction of the SIF (Special Investment Fund), a structure that has become an internatio- FuNd LiFT. There are several advantages to be gained from establishing a property fund in Luxembourg rather than nal reference for European and global property somewhere like Sweden. Perhaps the most obvious thing is funds. that it opens up signifi cantly greater possibilities of attracting international capital to your fund. Charlotte Lahaije-Hultman and John Wantz at Pandomus think that Nordic players’ interest in establishing funds in Luxembourg will considerably increase over the next few years. A Swedish solution is no good if you’re looking to attract global capital.

#2/2010 fastighetssverige 53 [ Fastighetsfonder av Eddie Ekberg ]

“Th e main advantages of an SIF, which accepts only “well-in- native investment funds (Alternative Investments Funds, “AIF”) formed” investors, are its broad range of acceptable assets, the within the European Union and is expected to off er Luxembourg level of infl uence permitted, the diversity of available legal forms substantial options. Th is has caused several off shore funds to al- (structured as a fund in the form of a company (SICAV) or as ready start moving their head offi ces to Luxembourg. an agreement-based co-ownership (FCP)), the type of security it “Alternative fund managers really would benefi t from having can issue, its fl exibility as regards the valuation of its assets and its an EU passport for cross-border dividends to professional inves- simple supervision rules from Luxembourg’s fi nance inspectorate, tors and simultaneously participating in the profi t through the Commission de Surveillance du Secteur Financier (CSSF),” says endorsed and regulated terms in Luxembourg,” says Charlotte John Wantz, partner at Pandomus. Lahaije-Hultman. • Soparﬁ . Th e unregulated Luxembourg structure Soparﬁ , there are a few other factors to indicate that more which is often used to structure so-called club deals and which funds will choose Luxembourg: continues to enjoy a bright future, since the AIFM Directive is • Th e EU Directive aimed at managers of alternative invest- expected to make it possible to market unregulated funds within ment funds (Alternative Investment Fund Managers, “AIFM”). EU Member States by using national rules for private invest- Th is aims to create rules and regulations for managers of alter- ments.

There’s political stability here in Luxembourg and there’s continuous political support for the development of the fi nancial services industry.

54 fastighetssverige #2/2010 Tengbom is the third largest architectural firm in Scandinavia and one of the leading architectural offices in the Nordic countries. Find out more about us at www.tengbom.se [ Benefactor by Nicklas Tollesson ]

“I’ve given away everything I own”

The Swedish property giant Roger Akelius has built up a wealth of ten billion SEK, but he is now in principle giving away the whole of that wealth to charity.

Today, Akelius Fastigheter is Sweden’s biggest private property company with around 30 000 apartments − 22 000 in Sweden and 8 000 in Germany. Th e value of the property is around 30 billion SEK and the loans 20 billion. Instead of living a life of luxury, Roger Akelius has chosen to give his money to vulnerable children around in the world. “I’ve wondered for many years about what I’d do with the money. I don’t think it does any good to give your children (he has one daughter and two sons from two diff erent, now broken, rela- tionships) many billions. Th ey’ll manage perfectly well on a few hundred million. Th e Nobel Prize already exists so that idea was out. It was extremely diffi cult to fi nd a way of donating it so that the money would not already be spent 20 years after my death. I decided that the way I’m donating it now is the most sensible; at least a thousand “adopted children,” says Roger Akelius. So, Akelius Fastigheter is now owned by a foundation, the Akelius Foundation, and the dividends from the foundation will go to nobody other than vulnerable children.

roger aKelius says that he cannot withdraw money for him- self from the foundation. “Th e foundation’s work is controlled by a number of noble statutes that clearly state where the money will go, and I’m not inclu- ded in the list. I’ve given away everything I own to the foundation.

How much money can you say is yours today? “20 million, maybe 25. I can manage well on that.” Five people who are linked to the Akelius company make up the foundation’s board, and behind these are fi ve auditors who will ensure that the board does things properly. “I can be involved and have an infl uence though. If I want to have a children’s home in India rather than in Africa, that’s what I get”.

56 fastighetssverige #2/2010 “I’ve given away everything I own”

FACTS Name: Roger Akelius. Age: 65. Lives: Mainly on the Bahamas, otherwise in Sweden and Germany. Family: Living apart − “she lives on the Bahamas for a few months less than I do each year − Tove, a daughter, plus two sons. The Alsatian Vicky, 3.” About the stock exchange: “I don’t follow the stock exchange. I buy for a 20-year period so it doesn’t matter how the stock exchange is performing next week. Akelius Fastigheter doesn’t buy any buildings for a shorter period than 30 years. The company will therefore never be sold on the exchange where share astrologers give you tips on what the next quarter’s going to be like.” About his biggest extravagance: “I charter a private aircraft now and then. It’s nice to avoid having to stand for four hours in the terrorist queue in New York. Otherwise, I have no need for anything special.”

Picture: Nicklas Tollesson

ompany, Akelius ay everything I own oger Akelius. A GivEr. Roger Akelius has built up a wealth of around ten billion but now says that he no longer has access to it. His c Fastigheter, is now owned by a foundation and the dividends from there will go to vulnerable children. “I’ve given aw to the foundation. Our dividends are controlled by a number of noble statutes and I’m not one of the recipients,” says R

#2/2010 fastighetssverige 57 Picture: Nicklas Picture: Nicklas Tollesson there were big headlines in Sweden last winter when the Akelius Foundation donated 100 million SEK to the earthquake- battered Haiti. Said headlines were partly due to the exceptionally large amount, but also due to the subsequent quarrel between Akelius and the Red Cross’ Swedish chairman, Westerberg. Akelius chose to donate the money via SOS Barnbyar, and Ro- ger Akelius strongly criticised the Red Cross and Westerberg for high administration costs and high wages for the leading people. “I said that any of my top managers would be able to take over the Red Cross and save 100 million SEK per year, which could instead to go charity. I’ve offered to lend them a manager.”

If you yourself were offered the opportunity to take over the Red Cross, would you say yes? “Yes, in one year. If I’m given the task of saving 100 million SEK, and am given the mandate to do so.”

when fastighetssverige meets Roger Akelius, the meeting takes place at his summerhouse in Western Sweden. He lives otherwise lives in the Bahamas for most of the year, and for a few months in Germany. The summerhouse has a nice location by a small lake, but there is nothing really to indicate that a billionaire lives here – quite the SIMPLE. Roger Akelius spends most of his time on the Bahamas, but opposite in fact. The panelling is rotting and when we visit, the prefers to spend the summers in Sweden, and preferably in the summerhouse where there is no sign of the luxurious life of a billionaire at all. “I flushing mechanism on the toilet has not worked for a few weeks. could of course have bought a luxury yacht like Abramovich, but I doubt “I’ll look into it in a while, but it’s not all that important. I had an he’s any happier on the seventh floor of his yacht than I am in my rowing outside toilet when I was small. At the moment I fetch the flush wa- boat here,” says Akelius. ter from the lake as it’s only a few metres away. We’re going to de- molish the house next year and build another one, although nothing Picture: Nicklas Picture: Nicklas Tollesson modern because that wouldn’t fit in here,” says Roger Akelius. “I could of course have bought a luxury yacht like Abramovich, but I wouldn’t have been any the happier for it. I enjoy myself just as much in my rowing boat as does in the seventh floor of his boat. I got my money too late in life to start being extravagant.” He is 65 and is no longer the chairperson of the company. That position has been taken over by Leif Norburg, former MD of Danske Bank in Sweden. Akelius Fastigheter has also gained a new MD this year, Pål Ahlsén, who went the long way thorough the company. “He started as a seller in 2004. He was a good student at Ake- lius University and climbed rapidly in the company. It’s nice to see blokes who just carry on upwards,” says Roger Akelius.

You are “only” a board member today. How much work do you do? “That’s difficult to answer. It can be said that I do a great deal of HOLIDAYS. 65-year-old Roger Akelius is still involved in “most things” where Akelius Fastigheter is concerned. He says that, while he does do work if you count everything I read. I’m also involved in a great a lot of work, he has holidays all the time and has plenty of time to play deal. At the same time, it can be said that I take holidays all the with his Alsatian, Vicky. time. They run into one another.

58 fastighetssverige #2/2010 The Full Service Property House

Newsec is the leading property consultancy in Northern Europe. We offer a comprehensive range of services to property investors and to occupiers of premises in the business areas of Advice, Transactions and Asset Management.

Visit www.newsec.com to read more about our services [ The transaction market by Nicklas Tollesson ]

The trend is towards an ever increasing diﬀ erentiation in the pricing between good and inferior properties. The transaction volume has steadily increased since the lows around the end of 2008 and the start of 2009, but Daniel Gorosch, Head of Property Transactions at Jones Lang Lasalle, believes that the rate of increase is declining now. There’s plenty of money – for the right properties

Since the complete defl ation of the transaction market at the capital, players who were in principle invisible during 2009,” says start of 2009, the transaction volume for commercial properties Daniel Gorosch. in Sweden has shown a steady increase and, during the second “Th ere’s also been a continued infl ux into the systems. Th is is quarter of this year, it amounted to SEK 28 billion according to where there’s money to invest, and they’re still underexposed in Jones Lang Lasalle’s assessment. Th e volume has almost tripled properties. Th ey’re now looking to increase their exposure. Th e compared with the same period in 2009. main demand is for prime properties.” Th e foreign players are returning to the Swedish market and “Th ere seems to be any amount of capital for really good pro- the transaction volume for cross-border transactions has increased ducts, good properties in good locations with stable tenants who by 135 per cent. have long contracts. Th ere’s great demand for prime properties in “It’s primarily about German funds and Norwegian pension Stockholm but there’s virtually nothing available. When a prime

Bild: Jones Lang LaSalle property comes up there’s a real scramble and extremely attractive pricing for the sellers.” “It’s the opposite where inferior products are concerned, though; there’s no demand for these at the levels the sellers want.”

So there’s a trend towards a substantial diff erence between good and poor properties, a development that most asses- sors think is healthy? “Absolutely. A few years ago it hardly made any diff erence whether the properties were in central Stockholm or out in the middle of nowhere. Th e inferior properties were completely in- correctly priced.” Th e prime yields in Stockholm are now at approximately 5.5 riSiNG. Jones Lang Lasalle’s Head of Property Transactions Daniel Gorosch per cent, a level that Daniel Gorosch thinks will remain for a thinks that the transaction volume for the year will be between SEK 70 and while. 80 billion, which is in parity with the levels for 2004 and 2005. “Th at’s approximately where the 15-year average lies. Th e yields

60 fastighetssverige #2/2010 ThE TrANSACTioN voLuME iN SwEdEN SEK billion 2001 39,967 2002 33,411 200 58,126 2004 70,868 200 98,928 2006 130,897 2007 129,405 2008 103,333 200 39,977

2008-Q1 23,836 There’s plenty of money 2008-Q2 32,607 2008-Q 20,717 2008-Q4 26,173 200-Q1 5,323 200-Q2 7,207 200-Q 8,888 When investing – for the right properties 200-Q4 18,559 2010-Q1 16,058 in the Nordic region 2010-Q2 24,324 Source: Jones Lang Lasalle Since 1994, AGL has been a partner to more than 100 real estate companies in the Nordic region in strategic and operational decision-making.

Today, AGL advises over 60 clients on treasury and financial management with portfolios in excess of €20bn and assist clients in transactions over €2bn were around 4.4 per cent when they were at their lowest. Th ey yearly. Several of these clients have outsourced their then rose to around 6.0. I now believe they’ll remain fairly static entire treasury operations to us. at these levels.” Our independence, strong access to local financial Won’t they fall? markets and use of real time market information ensure that our clients get the best financial solutions “No. Interest rates are on the way up and the banks will have a available. By using the latest technology and simula- higher capital adequacy requirement, which aff ects both willing- tion techniques, we can help clients to optimise their ness to lend and the margins. We won’t see the squeezed margins hedging strategies in currency and money markets. off ered by the banks two or three years ago. We won’t experience the savage market rally we had in 2007.” To ensure that best value is achieved we support Th e transaction volume for the fi rst six months amounted to our clients with ongoing analysis, reporting and SEK 46.4 billion. Daniel Gorosch’s tip is that the fi gure for the benchmarking of their portfolios.When it comes to financing and risk management, choose AGL as your whole of 2010 will be around SEK 80 billion, which is on a level independent local partner. with the volumes for 2004 and 2005. “Out there in Europe, we’re seeing a trend where more major Contact: investors are looking at the future with greater caution. People are Linus Ericsson starting to see the eff ects of a second crisis wave with the deve- Joakim Nirup lopment in Greece and those countries. Some major players are holding back and are no longer aggressive. Th e banks in England reduced their lending for properties during the second quarter, Drottninggatan 25, 111 51 Stockholm which clearly breaks the trend.” Tel +46 8 545 017 00 [email protected] www.agl.se [ Major transactions ] major transactions in recent times

Top three Stockholm 2009/2010 AxFAST BuYS oFFiCE ProPErTY iN SToCkhoLM CBd Fabege is selling the Orgelpipan 4 property situated next to Klarabergsgatan in Stockholm CBD. The buyer is Axfast, who is paying a purchase price of SEK 230 million. The property is provided with leasehold rights and accommo- 2 Buyer Seller Property Price, SEK dates a leasable area of 4 550 m , consisting of offi ces and shops. The price per m2 is estimated 1. KLP Fastigheter RBS Nordisk Renting Frösundavik in Solna for 57 000 m2 of 1,1-1,3 billion* to be SEK 50 500 and Newsec estimates the which 40 000 m2 is offi ce space. direct yield to be around 5.25 per cent.

2. KLP Fastigheter RBS Nordisk Renting Radisson SAS Royal Viking Hotel in 1,2 billion* dAGoN SELLS hoTELS iN central Stockholm. kArLSkroNA ANd hELSiNGBorG AMF Fastigheter Rreef Investment The Hammaren 15 offi ce building in 905 milion The property company Dagon is selling two GmbH (Deutsche Stockholm CBD. hotel properties to Tastsinn AB, which is owned Bank) by Uwe Löﬄ er. The properties are situated in Karlskrona and Helsingborg. The hotel in Karls- krona is newly erected and is leased by Scandic, just like the one in Helsingborg. The purchase Top three Gothenburg 2009/2010 price amounts to around SEK 276 million. In all, the hotels include 344 rooms. Uwe Löﬄ er has a long history in the hotel and restaurant industry. After the sale, Dagon will instead focus primarily on other commercial types of premises.

AMF ACQuirES NEwLY-ErECTEd oFFiCES iN SuNdBYBErG Buyer Seller Property Price, SEK AMF is buying two properties situated in Sund- 1. Deka Immobilien Host Hoteleiendom First Hotel G by Gothen- 440 milion byberg centre. The seller is Jernhusen and the GmbH AS burg Central station. underlying property value amounts to SEK 465 million. The properties, designated as Sundby- 2. Jernhusen iii (Internationales Centralhuset by 400 milion* berg 2:78 and 2:81, are called Centralhuset and Immobilien-Institut Gothenburg’s central Sundbybergshuset. They accommodate a total GmbH) station. of around 17 000 m2 offi ce and shop premises. Sundbybergshuset was built in 2006 while Cen- 3. Doughty Hanson Sveafastigheter The Sörred 8:4 property 400 milion* tralhuset underwent a total reconstruction that that is leased to Volvo was completed in 2009. The assigned property covering 49 000 m2. value corresponds to a m2 price of SEK 27 400 and Newsec estimates the direct yield to be in the range of 5.75–6.25 per cent. Completion will Top three Malmö 2009/2010 take place at the end of 2010/start of 2011.

ALM EQuiTY BuYS ThE kvArNEN GALLErY iN uPPSALA Uppsala Kommun Fastighets AB is selling the Kvarngärdet 34:4 property to a joint company owned by ALM Equity and Andersson Company. The property, situated by Vaksala Torg in Upp- Buyer Seller Property Price, SEK sala, accommodates the Kvarnen Gallery with 1. Merger of Cineasten AB (Jan Barchan) and The formation of a new 650 milion the residences above it. The total leasable area, Fastighets AB Trianon (Olof Andersson) company called Trianon. excluding garage, amounts to a good 16 500 m2, 66 per cent of which consists of residences. The 2. Focus Nordic Cities Deutsche Bank Baltzar City in Malmö. 405 milion* aim is to create more planning permission to 3. Svenska Bostäder Skanska The Hjälmarekajen offi ce 400 milion build homes at the existing developments. The AB (changing name project. underlying property value of the transaction, to Executive Property which is subject to approval by the city council Svenska AB) and the companies’ boards, amounts to SEK 248 million. Source: Newsec * Estimated purchase price

62 fastighetssverige #2/2010 Major transactions in recent times

Wallenstam acquires Top ten Sweden 2009/2010 in Gothenburg Wallenstam buys the Kungsportsavenyen 1 property with the designation of Lorensberg 43:1 in Gothenburg. The seller is Alaska Properties and the property value of the transaction amounts to SEK 225 million. The leasable area covers 4 100 m2, giving a m2 price of almost SEK 55 000. Wallenstam has recently acquired several nearby properties Buyer Seller Property Price, SEK with the aim of developing the avenue. 1. The Fourth National Vasakronan Dombron with 78 housing properties 5,4 bilion Pension Fund covering 480 000 m2 in Uppsala, SPP buys city property Storstockholm and Gothenburg. from Diligentia Norska SPP is acquiring the Fyrfotan 1 property 2. Pandox Norwegian Property Norgani Hotels covering a holding 4,4 bilion provided with leasehold rights from Diligentia. ASA in the Nordic countries, of which 44 (refers only to the Swedish The property is situated on Vasagatan in central properties (41 of them hotels) are property Stockholm. The purchase price amounts to SEK 410 located in Sweden. value in the million. The leasable area covers around 15 500 m2, transaction) consisting of offices and shops at street level. The 3. Sagax and Hemfosa DK Properties (the DK Properties with 33 properties 3,05 bilion building is currently in principle empty and will be owners) covering 368 000 m2 in Greater converted. SPP will then utilise around 60 per cent Stockholm and Malmö. of the surface areas for its own operations. The m2 price is estimated at SEK 26 500. 4. Hemfosa Landic VI (the bond Landic VI with 44 properties covering 2,36 bilion holders) 300 000 m2 in seven municipalities. Diös Properties in major deal in Skellefteå 5. Västerbottens-Kuriren Västerbottens-Kuri- The formation of the property com- 1,7 bilion* Diös Properties is acquiring eight central pro- and Balticgruppen ren and Balticgrup- pany Kuriren AB covering 130 000 m2. perties in Skellefteå. The seller is the local player pen Stella Polaris Invest AB. The property value of the transaction amounts to SEK 383 million and the 6. Diligentia Boultbee 3 properties accommodating the St. 1,44 bilion buyer gives the direct yield as being 7.7 per cent. Per in Uppsala, Commerce in Skövde The holding covers a leasable area of 42 700 m2, and Domino in Norrköping centres. consisting of mostly shop and office premises and a smaller number of residences. The level of leasing 7. Consortium of pen- Skanska Two projects in Sollentuna and 1,25 bilion sions foundations: Atlas Malmö accommodating a security (refers only is in principle 100 m2. The m2 price is estimated at to Skanska’s close to SEK 9 000. Copco, Apoteksbolaget, prison and a police station. investment Ericsson, Sandvik, Skan- volume in the projects) Skanska sells office ska, Stora Enso and Volvo projects in Malmö 8. KLP Fastigheter RBS Nordisk Renting Frösundavik in Solna of 57 000 m2, 1,1-1,3 bilion* Svenska Vårdbostäder, which is changing its name of which 40 000 m2 are offices. to Executive Property Swedish AB, is acquiring Hjälmarekajen in Malmö. Hjälmarekajen includes 9. KLP Fastigheter RBS Nordisk Renting Radisson SAS Royal Viking Hotel in 1,2 bilion* two buildings of 12 400 m2 offices. One of the central Stockholm. buildings was erected in 2006 while the other building is from 1978 but was converted in 2006. The 10. Hemsö (Kungsleden Vasallen 4 old regimental properties of 1,15 bilion tenants include KPMG, Brio and White Arkitekter. and the Third National 122 000 m2 converted into office and The purchase price amounts to SEK 400 million and Pension Fund) educational premises. Newsec estimates the direct yield to be around six Source: Newsec * Estimated purchase price per cent. Last spring saw the publication of the purchase of from Sjödin Properties. The underlying property Bouwfonds buys residential a residential property in Tensta from Norwegian value amounts to around SEK 240 million. The around Stockholm Heimstaden. Bouwfonds REIM’s acquired assets properties, with designations Norden 24, Mag- Vestigia is selling seven residential properties to amounted to EUR seven billion in 2009. nus Stenbock 18 and Fiskaren 43, are situated Bouwfonds REIM whose registered office is in Hol- along Kullagatan and include a leasable area of land. The purchase price amounts to around SEK Additional acquisitions from nearly 6 000 m2 consisting of offices, shops and 265 million. The properties are situated in Nacka, Swedish Vårdbostäder residences. The buyer, Swedish Vårdbostäder, Vallentuna and Gubbängen. In all, they accommo- Swedish Vårdbostäder is acquiring three is changing its name to Executive Property date 182 apartments and 20 premises. The acquisi- centrally situated properties in Helsingborg Svenska AB. tion is Bouwfonds’ second investment in Sweden.

#2/2010 fastighetssverige 63 the largest transactions of 09/10

vASAkroNAN SoLd doMBroN 300 000 m2 offi ce, warehouse, industrial and kLP ACQuirEd FröSuNdA- To ThE FourTh SwEdiSh NA- housing areas. The holding is located in Västerås, vik iN SoLNA FroM rBS TioNAL PENSioN FuNd Sundsvall, Luleå, Umeå, Skellefteå, Södertälje and NordiSk rENTiNG At the start of June 2010, the sale of Uppsala. At the time of the acquisition, the level I February 2010, Norwegian KLP Vasakronan’s1 residences through Dombron to of leasing amounted to around 93 per cent with Properties acquired Frösundavik from RBS the Fourth Swedish National Pension Fund was Vattenfall and TeliaSonera as the largest tenants. Nordisk Renting. Frösundavik, situated in Solna published. The underlying property value for the The property value in the transaction amounts to municipality in Stockholm, was erected in the 78 properties amounts to SEK 5.4 billion. In total, SEK 2 364.4 million or SEK 7 900 per m2. mid-1980s to accommodate the SAS head offi ce. the leasable area covers 480 000 m2, of which SAS has in recent years left large parts of the pro- around 75 per cent is situated in Uppsala, a good perty, which covers a total of 57 000 m2 of which 20 per cent in the Stockholm area and the rest in TrANSACTioN rESuLTEd iN around 40 000 m2 consist of offi ces. No purchase Gothenburg. The m2 price is estimated at SEK 11 ThE ForMATioN oF A NEw price was stated at the time of publication but 300 and Newsec believes the direct yield will be ProPErTY CoMPANY Newsec estimates it to be in the range of SEK around 5.25 per cent. In September 2009, the Västerbottens- 1.1–1.3 billion. 5Kuriren newspaper group and the Balticgruppen property company formed a new property com- PANdox BouGhT NorGANi pany by the name of Kuriren AB. The company kLP ACQuirEd rAdiSSoN wiTh  hoTELS ArouNd was formed by Balticgruppen adding the new SAS roYAL vikiNG hoTEL ThE NordiC CouNTriES company to its ready-developed properties and iN SToCkhoLM With fi nancial support from its owner- Västerbottens-Kuriren providing the capital. Fol- During spring 2009, RBS Nordisk ship companies, the hotels company Pandox ac- lowing the transaction, Kuriren AB covers around Renting sold the fi ve-star Radisson SAS Royal quired Norgani Hotels from Norwegian Property 130 000 m2 and Newsec judges the underlying Viking Hotel in Stockholm to KLP Properties. The ASA at the end of August 2010. The purchase value of the transaction to be around SEK 1.7 property, situated by the central station, has a price amounts to SEK 9.9 billion. Norgani’s pro- billion. The properties include mostly offi ces but leasable area of 26 400 m2, the largest share of perty holding is in Sweden, Finland, Norway and also housing. Famous buildings that are part which consists of the hotel with its 459 rooms. No Denmark and consists of 73 hotels plus a congress of the transaction include Umedalsparken, Vita purchase price was published at the time of the facility. According to press details, the value Husen, VK-huset, Uminova and Patienthotellet. purchase but Newsec estimates it to be around of the Swedish properties, which add up to 44 SEK 1 200 million. properties including 41 hotels, amounts to SEK 4.4 billion. The buyer gives the direct yield as around BouLTBEE SoLd ThrEE seven per cent. The implementation of the deal ShoPPiNG CENTrE Pro- Bild: Fingerprint Illustrationer is dependent upon fi nancing and approval from PErTiES To diLiGENTiA the competition authorities. Diligentia acquired three shopping centre properties from Boultbee in June 2010. The properties include the S:t Per in Uppsala, hEMFoSA ANd SAGAx Commerce in Skövde and Domino in Norrköping ACQuirEd dk centres. The purchase price amounts to SEK 1 440 ProPErTiES million. The properties cover a total leasable area In a joint purchase, Sagax and Hemfosa of 77 000 m2 and 45 000 m2 garages. As well as acquired DK Properties in June 2010. DK Proper- shopping areas, the transaction also covers hotels ties have 33 properties in Stockholm, Huddinge, and offi ce premises. Botkyrka and Malmö which together cover 368 000 m2. The holding includes industry, offi ces vASALLEN ANd hEM- and warehouses. The purchase price amounts to SkANSkA SoLd Two MAJor Sö iN TrANSACTioN SEK 3 050 million, which makes the m2 price SEK ProJECTS iN SoLLENTuNA worTh BiLLioNS 8 300. Around 88 per cent of the surface areas are ANd MALMö Hemsö, jointly owned by situated in the Stockholm area while the proper- In November 2009, Skanska sold two Kungsleden1 and the Third National Pension Fund, ties in Malmö are mostly offi ces. major ongoing projects to a consortium con- acquired four properties from Vasallen in June sisting of seven Swedish pension foundations. 2010. The properties, situated in Visby, Östersund, The projects, situated in Sollentuna in northern Karlskrona and Borås, previously accommoda- hEMFoSA BouGhT ThE Stockholm and Toftanäs outside Malmö, cover a ted the regiment. The total leasable area is 122 LANdiC hoLdiNG oF 44 leasable area of 40 600 m2 consisting of a security 000 m2, consisting mainly of offi ce and training ProPErTiES prison and a police station. No purchase price premises. The purchase price amounts to SEK 1 Hemfosa acquired 44 properties that was communicated at the time of publication 150 million or SEK 9 400 m2, and the direct yield is 4were part of the sixth of Landic’s bond structures but Skanska’s investment volume in the projects estimated to be 7.5 per cent. in February 2010. The deal includes around amounts to SEK 1 250 million.

Source: Newsec

64 fastighetssverige #2/2010 The largest transactions of 09/10 Sveafastigheter launches new Nordic opportunity fund

In March Sveafastigheter, the leading Nordic private equity company focusing solely on real estate investments, holds a rst closing in its new Nordic property fund, Sveafastigheter Fund III. The fund will target investments in primarily Sweden and Finland with a particular focus on assets that have potential for value enhancement through active management.

With a target total fund size of EUR 300 – 400 million, the fund is likely to carry out transactions with a total GAV of EUR 800 – 1,200 million.

Since 2004 we have carried out transactions valued at EUR 1.8 billion in the countries around the Baltic Sea and delivered exceptional investor IRRs. Through our funds we have consistently outperformed IPD Sweden and KTI Finland by a wide margin and was awarded “Best Investment Manager in the Nordic/Baltic region” by Euromoney in 2009.

We are currently meeting with investors that have expressed their interest in participating in future closings of the fund. If you want to request further information or wish to be considered for an investment in Sveafastigheter, please contact Simon de Château at +46 708 485 152 or Patrick Gylling at +358 40 542 63 97. We are at MIPIM March 16–19.

Sveafastigheter Norrlandsgatan 15 SE-111 43 Stockholm Sweden +46 08 545 075 00 www.sveafastigheter.se

NAMED BEST INVESTMENT MANAGER SWEDEN AT THE EUROMONEY LIQUID REAL ESTATE AWARDS [ Gigantic hospital construction by Nicklas Tollesson ]

Europe’s biggest PPP hospital now being built

Sweden was way behind the rest of Europe where PPP (Public Private Partnership) projects were concerned. However, new Karolinska Solna is breaking new ground and the PPP solution is a unique solution, adapted to the Swedish market.

The new hospital, whose construction has just be- Picture: Holger Staffansson gun, is unique from several aspects. It is the first PPP procurement of design, construction and property management a hospital facility in Swe- den, and it is also the biggest PPP hospital being built in Europe. It is a consortium consisting of Swedish Skan- ska and British Innisfree that is erecting the new hospital, with Coor Service Management as the cooperation partner for services.

the cost of building the new University hospital is around SEK 14.5 billion, which means that this is Skanska’s biggest construction assignment thus far. The PPP agreement also includes services for the running of the property up until the year 2040 with an option to extend for a Johan Karlström, further 15 years. MD at Skanska. “With the new Karolinska Solna, we’re taking a big step into the healthcare and medical treatment of the future. We’ve signed a long-term agreement to minimise risks of de- lays and greater expenses for the tax payers. This gives the county council and the tax payers the biggest level of security possible,” says Catarina Elmsäter-Svärd (M), chairperson of the county council’s board and finance commissioner at Stockholm county council. The PPP agreement that has just been signed is unique to Swe- den, and it is thought that its design may lead to considerable interest in similar projects in Sweden in the future. “This is a version of PPP that’s been adapted to the low level

66 fastighetssverige #2/2010 ZOOM BUYER SELLERZOOM SCALE M2 BUYER M3 SELLER SCALE ISOMETRICM2 LOADING GRIDM #3 1 ISOMETRIC GRID # 2 LOADING GRID # 1 GRID # 2

Europe’s biggest PPP hospital now being built

biggest. The new Karolinska Solna will be Sweden’s first and Europe’s biggest PPP hospital. Tengbom has drawn the hospital on the basis of a concept created by White. A consortium of British Innisfree and Swedish Skanska is currently erecting the hospital. ZOOM BUYER SELLERZOOM SCALE M2 BUYER M3 SELLER SCALE ISOMETRICM2 LOADING GRIDM #3 1 ISOMETRIC GRID # 2 LOADING GRID # 1 GRID # 2

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14.5 billion.The construction cost for the new hospital amounts to around SEK 14.5 billion, which means that this is Skanska’s biggest construction assignment thus far. A project company of which Skanska and Innisfree each own 50 %, has been formed to run the project.

of interest and the strong public finances in Sweden. Along with FACTS ON THE PROJECT banks and the owners will finance the the broad political anchorage for the new Karolinska Solna, we AGREEMENT remaining amount. believe that it may increase the interest in this type of procure- • The project company Swedish Hospital • One-off payments to a total of SEK 1.4 billion to be paid after a construction phase ment in the Nordic countries,” says Johan Karlström, Skanska’s Partners (co-owned by Innisfree and Skanska) is responsible for the financing has been completed. Group Manager. and the implementation of the project. • Annual fees to a total of SEK 1.2 billion. With the county council taking a changed risk and by utilising • During the agreement period, Stockholm During the operation period: capital more efficiently for both the county council and other inves- county council will pay the project company an established annual fee. This will When the hospital is in full swing, the an- tors, the arrangement means there is less of a need to borrow and cover construction costs, financial costs, nual fee will amount to just below SEK 1.6 that means lower interest expenses. The county council determines maintenance, operation and services at billion per year (in today’s value of money). how the financing takes place and the Skanska and Innisfree con- the hospital (e.g. cleaning and washing). If the hospital is not completed in time or THE PROJECT COMPANY’S sortium implement the financing and invest equity in the project. if the quality does not correspond to the FINANCING county council’s requirements, the fee • The project company will be financed the big advantage of this solution is that the private players may be reduced or not be paid at all. through loans from Swedish and foreign carry the risks regarding construction and service, operation and business and investment banks. The total THE COUNTY COUNCIL’S financing amounts to a good SEK 9.9 bil- maintenance and guarantee a fixed price and a fixed timetable for PAYMENTS lion and the equity to twelve per cent. the project while the county council utilises its strong finances to In all, the county council’s payments to the • The project company will pay a fixed base optimise the capital structure. project company will amount to around interest rate for its loans. This will be valid SEK 52 billion, corresponding to around throughout the agreement period and is Skanska and Innisfree have formed the joint company Swedish SEK 27 billion in today’s value of money. locked at 3.86 per cent. A credit margin Hospital Partners, of which each of the companies own 50 %. of 0.25 per cent will be added to secure Last summer, Inger Olsson, Skanska employee for more than During the construction period: the interest rate of the commercial banks’ loans. 30 years, was appointed as MD of the company. In 2010-2017, the county council will pay the project company almost SEK ten billion • The commercial banks’ credit margin is “Being able to assist with creating, building and running the kronor, divided up as follows: 2.15 per cent for the first ten years. It then properties for a top class University hospital feels like a huge and • Results-based payments to a total of rises and there will be strong incentives for the project company and the very interesting challenge. Along with our customers and part- 7.3 billion. The total will correspond to around half of the construction costs. The county council to rearrange the loans at

ners, we’ll make sure that this is a successful project that makes Picture: Tengbom/Skanska a lower interest rate when the a contribution to improved healthcare and medical treatment,” construction has been finished; says Inger Olsson. according to the agreement, the county council itself can request The plan is to start healthcare and medical treatment operations refinancing and then receives 90 at the new Karolinska Solna at the end of 2015/start of 2016. The per cent of the profit in the form whole of the hospital will be ready to open in autumn 2017. of a reduced annual fee.

68 fastighetssverige #2/2010 The client is always right.

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Number 1 2011 is distributed by the end of February. The magazine will also be available at the Mipim fair.