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Annual Report Contents 2017 Annual Report Contents OVERVIEW Statement by the CEO 4 Goals and strategies 8 Vasakronan in seconds Market overview 14 Dynamic city environment 15 Property management 18 Smart energy 19 VASAKRONAN’S ASSIGNMENT Schneider Electric 21 New Segelhuset 24 is to generate a high, risk-weighted return for Property development 26 our owners the First, Second, Third and Fourth Uppsala Science Park 29 Swedish National Pension Funds, though never Transaction activities 30 at the expense of the environment and people. Sthlm Seaside 31 A return that will benefit Sweden’s current and Financing 32 future pensioners. Green financing 35 Property holdings 36 Office solutions 37 WE TAKE RESPONSIBILITY Retail 39 for the people who are affected by our business. We do so by applying fair work conditions and REGIONS creating good work and urban environments. Our regions 42 It goes without saying that we also say no to Region Stockholm 44 any form of discrimination. Region Gothenburg 50 Region Öresund 54 Region Uppsala 58 HOW WE CREATE VALUE To accomplish our assignment, we must create ADMINISTRATION REPORT AND value in the business. This is achieved through FINANCIAL STATEMENTS good property management and development, Contents financial statements and notes 62 and supplemented by active transactions. Administration Report 63 Our strategy builds on our having attractive Risks and risk management 64 properties, being a good landlord and having Corporate Governance Report 68 dedicated employees. The Board of Directors and Auditors 74 Senior executives 75 Other information 76 Comments to the financial statements 78 Notes 90 Proposed appropriation of profits 109 Auditors’ report 110 GRI AND OTHER INFORMATION Sustainability reporting with GRI Index 114 Auditor’s statement on the sustainability report 126 Impact Report, Green Bonds 127 Auditor’s statement Impact Report 130 Quarterly and five-year overview 131 Definitions 134 Addresses, website, calendar and production 136 This Annual Report is a translation of the Swedish original. Vasakronan in seconds OUR AMBITION IS TO BE SWEDEN’S LEADING PROPERTY COMPANY Vasakronan is Sweden’s largest property company with a portfolio comprising 179 properties with total area of OUR VISION 2.4 million sq. m. is to create future-proof cities for everyone, We own, manage and develop centrally located office and retail where people and properties in Stockholm, Gothenburg, Malmö, Lund and Uppsala. companies thrive. The majority of the portfolio is located in Stockholm. The market value of our property portfolio amounts to approximately SEK 127 billion. The number of employees is approximately 350. WE WILL ACHIEVE THIS BY: • Generating a high total yield that should also exceed that of the industry in general. UPPSALA • Being the preferred choice for tenants looking STOCKHOLM for office or retail premises. • Being perceived as the most attractive employer in the industry. GOTHENBURG • Assuming social responsibility and striving for long-term sustainable development. LUND MALMÖ SIGNIFICANT EVENTS IN 2017 Property values increase due to rising market rents SEK127BILLION SEK 4.7 BILLION The value of the property Net operating income increased to portfolio increased 6.9% and SEK 4,678 million (4,459), up 6% nudged SEK 127 billion. against comparable property holdings. Contracted rent by geographic market Stockholm, 62% Offices, 74% Gothenburg, 19% Retail, 18% Öresund, 12% Other, 8% Uppsala, 7% Vasakronan in brief SEK m 2017 2016 Rental revenue 6,490 6,251 Net operating income 4,678 4,459 Profit before value changes and tax 3,413 3,217 Net interest –1,165 –1,152 Change in property values 7,973 12,056 Change in value of financial instruments 468 –764 Net profit for the year 9,269 11,472 Market value of property, SEK bn 127 116 Contracted rent, SEK m 6,638 6,481 Occupancy rate, % 93.1 94.2 Interest coverage ratio, multiple 3.9 3.8 Loan-to-value ratio, % 45 46 Number of properties 177 179 Area, thousand sq. m. 2,430 2,426 Environmental certification, % 84 77 Energy performance, kWh/sq. m. 100 110 Number of employees 349 339 Vasakronan’s ambition is to run its entire business in a sustainable manner. Consequently, reporting of our sustainability agenda has been integrated into the company’s annual report. A summary of how we control, set targets and follow up our significant sus- tainability topics is on pages 114–125. 2 VASAKRONAN ANNUAL REPORT 2017 SIGNIFICANT EVENTS IN 2017 • A 20-year lease was signed with Scandic • An agreement was signed to acquire the Hotels for 20,000 sq. m. at Platinan in newly developed Sthlm Seaside property central Gothenburg. at Hammarby Sjöstad for SEK 900 million. The total area is 12,500 sq. m. of office • The reconstruction of Klara C, opposite space. Stockholm’s Central Station, comprising a total of 34,000 sq. m. of office and retail • A 15-year lease was signed with the space was completed. National Food Agency, Sweden for 8,300 sq. m. of space at Celsius in Uppsala. • A new green bonds framework was launched and was awarded the highest sec- • A lease was signed with the Swedish ond opinion, Dark Green, by the Center for Transport Agency for 3,500 sq. m. at Kista Q1 International Climate Research, CICERO. Entré just outside Stockholm. Q2 • Willys Hemma signs lease and, as a result, • Leases signed with Tyréns in Stockholm Q3 all our retail properties along Södra for 12,000 sq. m. and with UNIQLO for Q4 Förstadsgatan in Malmö are let. 2,100 sq. m. • Redevelopment and extension of Sergel- • Completion of the fully leased properties huset at Sergels torg in central Stockholm Hubben at Uppsala Science Park for started. 12,500 sq. m. and Nöten 5 at Solna Strand for 4,400 sq. m. • Vasakronan retained its lead position with a Green Star rating in the annual • The cross-sector initiative Älskade stad sustainability survey, Global Real Estate received the Sustainability Award from Sustainability Benchmark (GRESB). the Swedish Confederation of Transport Enterprises. VASAKRONAN ANNUAL REPORT 2017 3 STATEMENT BY THE CEO Record net operating income Rising rental revenue, low vacancies and technology-driven cost savings mean that we achieved a record net operating income in 2017. Now we are focusing on a new organisation to enable full utilisation of the potential that modern technology offers in our properties. At SEK 9,269 million after tax (11,472), we once again Malmö in the most central locations or when we already posted a healthy net profit for the year. Particularly have contracts with tenants. In the attractive location gratifying was the robust improvement in net operating next to Triangeln, a completely new office building is being income, which rose a full 6% to SEK 4,678 million (4,459). developed in the Priorn property and half of the office Already at the start of the year, we identified potential for space is already leased. a stronger net operating income, but could not dream of such a significant increase. Healthy earnings from operat- Higher project volumes ing activities will be even more important when the prop- The need for new, modern and space-efficient offices erty market levels off and profits are no longer driven by means that Vasakronan continues to invest in new con- value increases. struction and renovation of existing properties. Over the Throughout 2017, market rents continued to climb in all next few years, we expect to increase investments from of Vasakronan’s markets. On average, the year’s renegoti- SEK 2.5 billion to SEK 3 billion annually. All project devel- ations have resulted in rent increases of just over 10%. opment entails some risk. Consequently, our project Stockholm noted the highest increase in rent levels stimu- developments are always in prime locations and we always lated by continuous growth in office employment, low aim for long-term ownership. As market leader, we also vacancies and continued low increases in office space. have many tenants who have changing needs and require new premises, which also lowers risks in our project ven- Positive rent trend tures. Nonetheless, because we are probably at the peak The trend toward more efficient office space utilisation of the economic boom, we are cautious and conscious of and less square metres per employee is still going strong. all market changes. Recent years’ positive rent trend has meant that Stock- holm now has the third highest office space rents in Successful projects Europe — only London and Paris have higher square metre The recently completed construction of Hubben in rents. Also Gothenburg, Malmö and Uppsala report healthy Uppsala is a good example of successful project develop- demand for premises. But while new construction is ment. Hubben is the central location and knowledge hub expected to remain low in Stockholm, Gothenburg and at the Uppsala Science Park research and innovation Uppsala, the selection of new office space is greater in centre. Uppsala is a market characterised by stability Malmö. This explains the weaker trend in both rent levels and strong confidence in the future. A 20-year lease and property values in the Öresund region. Therefore, was signed with Region Uppsala even before the start of despite healthy underlying demand, we only build new in construction. Moreover, we are now constructing a new 4 VASAKRONAN ANNUAL REPORT 2017 VASAKRONAN ANNUAL REPORT 2017 5 STATEMENT BY THE CEO “The overall assessment is that city retail has good potential to manage the paradigm shift that retail is now undergoing.” FREDRIK WIRDENIUS, CEO VASAKRONAN building on behalf of the National Food Agency at Science lise the opportunities that new technology offers and fur- Park. Another example of the long-term nature that distin- ther enhance our customer offering. It is also important guishes our project activities is the lease that Vasa kronan that we can thus become an even more attractive signed with the consulting firm Tyréns for 12,000 sq.
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