Swedish community service properties - a stable but broad asset class
NCR views the community service asset class as a supportive factor when assessing the creditworthiness of real estate companies.
Real Estate
Fastighets AB Stenvalvet (publ)
Fastighets AB Stenvalvet (publ) was founded in 2010 when AI Pension, Alecta Pension foundation and the Church of Sweden's pension foundation joined together with the purpose of purchasing, developing and managing homes for the elderly in the Mälardalen region. Following the acquisition of Roxanne Real Estate Foundation AB in 2014, the ownership structure was broadened to include Kåpan Pensions and the Swedish Foundation for Strategic Research.
NCR comments: Vacse AB 2019Q1 report
Our 'BBB+' issuer and issue ratings for Vacse AB are unchanged following the publication of its Q1 2019 financial report.
Nordic bond maturities in 2019 - a slightly more challenging affair
Our analysis suggests the issuers may have to refinance 2019 maturities at a premium from current levels.
NCR comments: Vacse AB 2018Q4 report
Our 'BBB+' issuer and issue ratings for Vacse AB are unchanged following the publication of its 2018 results.
NCR comments: Vacse's ratings unchanged following shareholder loan conversion
Nordic Credit Rating (NCR) said today that Vacse's 'BBB+' issuer and issue ratings are unchanged following an announcement that its subordinated shareholder loans have been converted to equity.
Vacse AB (publ)
Vacse is a Swedish property company focused on owning, managing, and developing public-sector properties leased under long-term contracts to Swedish government agencies and municipalities (mainly the police, prisons and courts administration) and municipalities. It was founded in 2009 by pension foundations associated with Apoteket AB, Atlas Copco AB, Ericsson AB, Sandvik AB, Skanska AB, Stora Enso AB and AB Volvo. In 2022, Volvo Personvagnars Pensionsstiftelse acquired Atlas Copco Pension's stake, resulting in two separate Volvo pension funds holding stakes in the company.
The Swedish real estate sector remains in a sweet spot
Nordic Credit Rating (NCR) believes the strong operating environment Swedish real estate managers are currently experiencing will continue over the next few years.