Net initial yield +0.2pp q-o-q to 5.9% in Företagsparken
In Q1'23, rental income and income from property management in Företagsparken were SEK 125m and SEK 62m, respectively, up 76% and 81% y-o-y; thus scaling well. Property value changes affected the results negatively in Q1'23, taking the equity position to SEK 3,166m vs SEK 3,227m in Q4'22. For Point Properties, the second zoning plan in Bollnäs (comprising ~100 rental units) is moving in a positive direction. Earnings capacity in Point was flat q-o-q and up 2% in Företagsparken. The value of Fastator’s holding in Studentbostäder, which is directly connected to its share price, fell by 30% q-o-q, and in our updated model, we expect a further negative value change of ~23%, or ~SEK 29m, in Q2'23.
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