Higher margin driven by project completions
Stendörren delivered a stronger-than-expected Q2'24 NOI-margin explained by higher rents in projects completed in the last 12-18m. With about 85% of its outstanding debt financed at fixed terms, interest rate hedges continue to offset the impact of new debt being refinanced at higher margins, leading Q2'24 net financials to be lower than we had expected, and a Rec. PTP beat of ~9%.
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