Moody’s affirms Vasakronan’s rating of A3, stable outlook

2023-11-17

As stated by Moody’s, the strong rating continues to reflect Vasakronan’s position as one of the leading office property companies in Sweden in terms of size, attractive locations, and asset quality; modern, efficient environmentally friendly buildings that attract strong market demand; an office property portfolio located in the CBD of Stockholm, and the most attractive CBD and inner-city locations in Uppsala, Gothenburg and Malmö.

Moody’s also highlight the strong links to the company’s owners, the First, Second, Third and Fourth Swedish national pension funds. In addition, Moody’s state that the rating action balances good rental growth, a very strong liquidity profile and good access to bank financing and bond markets.

Vasakronan is Sweden’s leading property company and one of the largest issuers in the Swedish and Norwegian capital markets. The market value of the property portfolio totals around SEK 181 billion. The company’s financial objective is to have as diversified a financing structure as possible, both in terms of tenors and sources of funding. Since the rating was acquired in 2018, financing activities have broadened further toward new bond investors in Europe and Asia.

As of 30 September 2023, Vasakronan’s total liabilities amounted to approximately SEK 77 billion with an average loan-to-maturity of 5.4 years. SEK 56 billion of the liabilities comprised unsecured bonds denominated in eight currencies. Of these bonds, approximately 87% were green bonds.

For further information, please contact:

Thomas Nystedt
Group Treasurer
Tel: +46 (0)70 686 25 41
E-mail: thomas.nystedt@vasakronan.se

Rebecca Liljebladh Thorell
Head of Corporate Communications
Tel: +46 (0)72 222 15 09
E-mail: rebecca.liljebladh-thorell@vasakronan.se

Om Vasakronan

Vasakronan is Sweden’s leading property company with a portfolio valued at around SEK 181 billion. The portfolio is focused on centrally located office and retail properties in the growth regions of Stockholm, Uppsala, Gothenburg and Malmö. In terms of city retail, Vasakronan is the largest in all regions. The property portfolio comprises 166 properties with a total area of about 2.4 million square metres. The company is owned in equal shares by the First, Second, Third and Fourth Swedish national pension funds. Our assignment is to generate a high, risk-weighted return. Though never at the expense of the environment and people. Read more at www.vasakronan.se