We view the occupancy rate of 88% as a potential and increased asset management focus could, in our opinion, lead to sector-high like-for-like rental income growth. Moreover, we argue that the average yield requirement of 5.7% is too high relative to transactions seen in the direct market and for example, Castellum’s estimate of yields for logistics and light industrial properties in greater Stockholm. Add to that a building rights portfolio of 621,000 sqm (GreenHub Bro being the largest project) with potential construction starts in 2022-2026, and the capacity for high EPRA NRV growth is evident.
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