Vasakronan’s interim report January–June 2020


Strong lettings in the first six months

During the period, renegotiations and lease extensions corresponded to 185,000 square metres (171,000) and annual rent of SEK 485 million (473), resulting in an increase on the previous rent payable of 8.3% (13.9). The Swedish Medical Products Agency has extended its lease at the Uppsala Science Park property for slightly more than 20,000 square metres for a period of six years and Försäkringskassan (the Swedish Social Insurance Agency) has signed a six-year extension to its lease at the Godset property in Sundbyberg for 7,300 square metres.

  • Rental revenue increased to SEK 3,467 million (3,439). Revenue decreased SEK 59 million as a result of rent discounts provided due to Covid-19. For comparable property holdings, the increase was 2% (5).
  • New lettings corresponding to 84,000 square metres (129,000) and an annual rent of SEK 389 million (473) were contracted and net lettings amounted to SEK 134 million (171).
  • The occupancy rate increased to 93.8% (93.1) at the end of the period. Of total vacancies, 1.7 percentage points (2.6) were attributable to ongoing projects and development properties.
  • Operating surplus amounted to a total of SEK 2,543 million (2,579). For comparable property holdings, the increase was 0.3% (6).
  • Profit before value changes and tax decreased to SEK 1,540 million (2,781). The change was primarily due to lower earnings from joint ventures, loss of SEK 290 million (profit: 891).
  • The change in the property value amounted to a decline of SEK 1,208 million (increase: 4,626), corresponding to a 0.7% (increase: 3.4) decrease in value. The decline in value pertained essentially to the retail properties segment.
  • The portfolio value amounted to SEK 157,455 million (144,215) at the end of the period.
  • The value change in derivatives amounted to SEK 217 million (negative: 1,268), primarily due to falling long market interest rates in Norway.
  • Profit after tax amounted to SEK 360 million (5,030).

“The strong rental market we noted at the start of the year has changed and become more cautious for natural reasons. Nonetheless, we signed new contracts during the second quarter for SEK 111 million or 35,000 square metres. In these market conditions, being able to present such a strong performance in underlying operations is worthy of particular note. Moreover, we also have solid occupancy rates for our properties, both project and investment,” says Johanna Skogestig, CEO of Vasakronan.

During the period, Vasakronan issued SEK 6.6 billion in green bonds and arranged a green loan agreement of SEK 2 billion with the EIB. The loan supports the new construction and renovation of five properties in Stockholm and Uppsala, all of which have a low energy consumption and climate impact. The bond issues, new bank loans and the deferral of the proposed dividend leave Vasakronan in a stable financial position.

Vasakronan’s solar park in Uppsala was completed in June. On entering into operation in August, it will deliver around 4 GWh of electricity on an annual basis. Increasing the share of own-produced electricity is a key element of the company’s road map for becoming climate neutral across the value chain by 2030.

For further information, please contact:


Johanna Skogestig
Tel: +46 (0) 73-068 75 17

Christer Nerlich 
Tel: +46 (0) 70-968 15 40

Om Vasakronan

Vasakronan is Sweden’s largest property company with a portfolio valued at around SEK 157 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 174 properties with a total area of about 2.3 million square metres. The company is owned in equal shares by the First, Second, Third and Fourth Swedish national pension funds. Read more at