Our 'BBB' long-term rating on Sweden-based community service property manager Intea Fastigheter AB (publ) and the stable outlook on the rating are unchanged following the announcement on 26 Nov. 2025 that the company has raised SEK 504m in new equity capital through the issuance of D-shares.
We estimate that the equity issue reduces Intea's net debt to SEK 11.5bn from SEK 12.0bn, effectively lowering NCR-adjusted net LTV to 45% on a pro forma basis as of 30 Sep. 2025. We view positively the company's ability to raise new equity capital to contain financial risk related to its project development portfolio. However, the reduction in leverage is expected to be temporary. The company has an estimated SEK 11.2bn in remaining project investments through 2030 and took possession of a portfolio acquired from Specialfastigheter on 1 Oct. 2025 valued at SEK 1.4bn. We estimate this will result in the company's NCR-adjusted net LTV increasing to about 48% at end-2025 and towards 51% by end-2027, consistent with its long-term net LTV financial target of 50–55%. The impact on the company's liquidity profile is limited, and we expect it to continue operating with a front-loaded debt maturity profile, which may result in temporary deficits of committed sources to uses.
Based on the events, we now expect the following key credit metrics for 2025–2027:
- NCR-adjusted net LTV of 48–51%;
- NCR-adjusted EBITDA/net interest of 2.6–3.3x; and
- NCR-adjusted net debt/EBITDA of 10.9–12.8x.
This compares with our potential positive rating drivers of improved credit metrics with net LTV below 50%, net debt to EBITDA below 10x, interest coverage above 3.0x over a protracted period together with improved debt maturity and liquidity profile as well as significantly reduced property concentration and lower project development exposure.
The company's significant cash outflows from its development portfolio limit its capacity for organic deleveraging compared with property managers with less development exposure. This, in our view, constrains the company's ability to maintain leverage ratios aligned with our positive rating drivers.
This commentary does not constitute a rating action.
Related publications
i) Swedish real estate snapshot (Q3 2025): With wallets wide open, deal flow ramps up, 24 Nov. 2025.
ii) Strong financing climate for Swedish real estate companies in an uncertain environment, 16 Sep. 2025.
iii) Swedish real estate snapshot (Q2 2025): Compressing credit margins upon refinancing expected to improve interest coverage, 1 Sep. 2025.
iv) Intea Fastigheter AB (publ) 'BBB' rating unchanged following equity issue, 22 May 2025.
v) Intea Fastigheter AB (publ) 'BBB' long-term issuer rating affirmed; Outlook stable, 14 May 2025.
Contacts:
Gustav Nilsson, analyst, +46735420446, gustav.nilsson@nordiccreditrating.com
Elisabeth Adebäck, analyst, +46700442775, elisabeth.adeback@nordiccreditrating.com