Generación de estadísticas diversas

Market overview

properties (excluding single-family dwellings and agri- cultural properties). Residential properties make up approximately 67 per cent or 453 million sqm of this total area, and commercial properties the remaining 33 per cent or 218 million sqm. The value of the total Swedish property portfolio amount to approximately SEK 4,000 billion, with investors’ property port folios valued at approximately SEK 1,090 billion. The market value of the listed companies’ property holdings amount to approxi- mately SEK 272 billion.1)

The largest property owners in Sweden are institu- tions such as Akademiska Hus, Alecta, SEB Trygg Liv, Skandia and Vasakronan, and property companies such as Castellum, Fabege, Hufvudstaden, Klövern and Kungs- leden.

Interest in investing in the Swedish property market has grown in recent years, thanks to factors including stable macroeconomic trends compared with the rest of Europe. However an increasingly strong currency has had a moderating effect. Investors have been primarily inter- ested in centrally located properties in major cities, a factor that has in turn exerted downward pressure on yield requirements. As a result, the transaction market has gradually expanded over time from primarily encom-

passing Sweden’s three largest cities to increasingly including growth municipalities around the country.

Property companies have increasingly turned to alternative financing such as borrowing by issuing bonds or preference shares, even though the Swedish credit market is considered to be relatively liquid in comparison with many European credit markets.

Transaction volume in the Swedish property market

In 2013, the total turnover in the Swedish property market was SEK 91 billion2)_{. The equivalent figure for}

2012 was SEK 107 billion, corresponding to a decrease of approximately 14 per cent, driven primarily by fewer number of transactions in the office segment. Breakdown of transaction volumes by property segment

There were 200 property transactions in 2013, of which approximately 14 per cent were logistics, warehouse and industrial properties, nine per cent community service properties and 22 per cent offices properties in growth municipalities, while 55 per cent were other types of properties.

Figure 4 – Total transaction volume in the Swedish property market in BNSEK 2005–2013 by segment

121 153 146 133 30 98 85 107 91 0 40 80 120 160 2013 2013 2011 2010 2009 2008 2007 2006 2005 Retail

Offices Other (such as hotels, land) Residential Logistics, Warehouse and Industry

Community service properties SEK billion

source: newsec

1) Source: Newsec and Byggstatistik, the Swedish Investment Market 2010/2011. 2) Based on transactions exceeding SEK 100 million in value.

Figure 5 – Share of transactions in Sweden in 2013, by property segment Office properties in growth municipalities Community service properties Logistics, warehouse and industrial properties Other 55% 14% 22% 9% source: newsec

Market overview

In the past three years, logistics, warehouse and indus- trial properties have represented approximately ten per cent of total transaction volumes. Community service properties have accounted for five per cent of total trans- action volumes in 2013, while the equivalent figure for 2012 was approximately 16 per cent. Office properties outside Central Business Districts (“CBDs”) and the Stockholm, Gothenburg and Malmö city centres repre- sented approximately 14 per cent of the total transaction volume in 2013 and 18 per cent in 2012.

Geographic distribution of the transaction market

Just above 40 per cent of all completed transactions in 2013 were completed outside Sweden’s three largest cities. The largest buyers were financial institutions and property companies. Examples of completed transac- tions are Klövern’s acquisition of properties in Linköping, Norrköping, Västerås and Växjö for MSEK 320;

Wihlborg’s acquisition of Ikano Properties’ office proper- ties in Lund’s Idéon area for SEK 1.5 billion; SPP’s acquisi- tion of two properties in Uppsala from Skanska for

MSEK 537; and Lerstenen Umestan’s acquisition of Umeå municipality’s business park for MSEK 470. Activity by foreign investors in the Swedish property market has been low during 2013 and 2012.

Total yield on properties

The total yield on properties over time is presented in Figure 6. This is defined as direct yield plus the annual change in value, without taking financing of the assets into account. According to the Swedish Property Index (IPD), the total yield on properties in Sweden was 6.4 per cent in 2012, equivalent to a decline of 3.8 per cent com- pared with 2011. The decline in the total yield from 2011 to 2012 was due to a weaker increase in value.

Office and residential properties produced the highest yields in 2012 compared with other segments, producing a total yield of approximately 6.6–6.7 per cent. For retail properties, the total yield was approximately 5.9 per cent, while industrial properties (which includes logistics properties) produced a total yield of 4.9 for the whole year of 2012.

Figure 6 – Total percentage yield by property segment –5 0 5 10 15 20 25 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Office

Retail Logistics, Warehouse and Industry Residential

Other Total source: ipD

Figure 7

Hemfosa as per 31 December 2013

Number of properties: 85

Total area (sqm thousands): 632

% of total property value: 47

Hemfosa defines community service properties as “properties with publicly financed tenants, either directly or indirectly, who account for at least 70 per cent of the rental value”. Community service properties are pri- marily properties where offices, educational activities, health care, retirement homes and the judicial premises are located. Community service properties currently account for approximately 47 per cent of Hemfosa’s property value.

Market dynamics in the community service property segment

Table showing ten major property companies with holdings of community service properties. Figure 8

Example of companies Sqm (thousands)

Hemsö 1,600 Rikshem 1,140 Hemfosa 632 Vasakronan 520 Norrporten 440 Lönnbacken 220 Diös 150 Roxanne fastighetsfond 120 Castellum 90 Vacse 80

source: company websites and the swedish national financial management authority (ekonomistyrningsverket)