Swedish real estate company Stendörren Fastigheter has issued SEK 800 mln (€75 mln) of senior unsecured green notes as part of the larger SEK 1.2 bn (€105 mln) green bond framework.
The green notes carry a floating interest rate tied to the three-month Stockholm Interbank Offered Rate (STIBOR) plus 290 basis points. They will be listed on the sustainable corporate bonds segment of Nasdaq Stockholm.
Stendörren plans to use the proceeds from the green bond sale to support their sustainable financing strategy and to repurchase some of their existing SEK 600 mln (€52.7 mln) senior unsecured notes.
Nordea Bank, Skandinaviska Enskilda Banken, and Swedbank acted as arrangers and joint bookrunners for this green bond issuance, while Vinge provided legal support.
In May, Stendörren Fastigheter issued green subordinated hybrid bonds worth SEK 300 mln (€26.3 mln), as part of a larger SEK 400 mln (€35.1 mln) framework. Additionally, it offered to buy back its previously outstanding hybrid bonds, an offer accepted by investors for a total value of SEK 133 mln (€11.7 mln).
The company reported a 7% annual growth in net operating income for the first six months of 2024 to SEK 351 mln (€30.8 mln), driven by completed projects, new developments, and strategic acquisitions.
During H1, construction work started on three new light industry projects – 1,200 m2 at the Viby 19:30 property in Upplands-Bro, a 2,300 m2 building on the Nygård 2:17 property in the GreenHub in Upplands-Bro, and a 2,300 m2 building in Stockholm Syd – Almnäs.
Since July, Stendörren Fastigheter acquired three warehouse and logistics properties, in Botkyrka, Södertälje, and Helsinki, with a total leasable area of 16,835 m2 for a total of SEK 193 mln (€16.9 mln). The company believes the market continues to offer attractive opportunities and is actively evaluating several potential deals.
Stendörren Fastigheter is a publicly traded real estate company that acquires, develops, and manages properties in the logistics, warehouse, and light industrial sectors across the Nordic region. The company identifies suitable properties and rezones them for residential development, primarily in Greater Stockholm and the Mälardalen region.
