Swedish listed property company SBB has grouped SEK 29 bn (€2.5 bn) in residential assets within its new subsidiary Sveafastigheter, aiming to attract additional investors.
The dedicated platform will be focused on developing and managing high-quality residential rental properties in Sweden.
Sveafastigheter boasts a 94% occupancy rate and a 13.6% increase in net operating income within comparable portfolios for the current year. Managing over 14,498 apartments directly with rights to manage nearly 15,500 additional apartments, it is a prime player in Swedish residential rentals. Additionally, SBB possesses 7,284 apartments in partly owned companies, with plans to transfer most of these apartments to Sveafastigheter.
The governance of Sveafastigheter will be entrusted to an independent Board of Directors and management team, with Erik Hävermark serving as head of business development and interim CEO, alongside Martina Lous-Christensen as CFO. Hävermark, previously the head of project development at SBB, and Christensen, formerly the finance director at Alma Property, will collaborate with SBB to implement the plan for broadening the shareholder base of Sveafastigheter in 2024.
Seasoned property management professional Ola Svensson takes the helm at Sveafastigheter as head of property management, bringing 25 years of experience from SBB, Rikshem, and Akelius. The complete leadership team and Board of Directors will be unveiled soon. Meanwhile, SBB's entire residential property management organization transitions to Sveafastigheter.
Leiv Synnes, CEO of SBB, said: ‘SBB's new group structure follows a distinct management model and portfolio strategy where Sveafastigheter will become one of our key holdings. We create optimal conditions for Sveafastigheter to benefit from its unique market position and growth journey. I am confident that, with his experience and expertise, Erik Hävermark will play a crucial role in guiding Sveafastigheter through this transition.’
Sveafastigheter foresees a gradual but steady rise in property development activity by 2024. This projected growth is expected to bolster SBB's financial stability, streamline its operations, and ultimately boost its market competitiveness.
