Vasakronan’s interim report January–June 2023


Strong income from property management

  • Rental revenue increased 16% (6) to a total of SEK 4,504 million (3,892). The increase was primarily due to indexing and more completed projects generating rental revenue. In comparable property holdings, the increase in rental revenue was 13% (4).
  • New lettings were contracted corresponding to 66,000 square metres (89,000) and an annual rent of SEK 342 million (519). Net lettings amounted to a negative SEK 95 million (positive: 187) for the period and a negative SEK 12 million (positive: 341) for the rolling 12-month period.
  • The price change after renegotiations averaged 3% above index (6). Renegotiations were completed in the period corresponding to an annual rent of SEK 851 million (603).
  • The occupancy rate was 91.5% at the end of the period and was 91.2% at the end of 2022. Of total vacancies, 1.0 percentage point (1.2) was attributable to ongoing project developments and development properties.
  • Operating surplus increased 14% (7) to a total of SEK 3,311 million (2,899). For comparable property holdings, the increase was 11% (3).
  • Net financial items deteriorated to an expense of SEK 841 million (expense: 508), due to higher interest expenses during the period.
  • The LTM interest coverage ratio decreased to a multiple of 4.0 (5.3), due to lower net financial items.
  • Income from property management amounted to SEK 2,330 million (2,253), up 3% (12).
  • The change in the property value amounted to a decrease of SEK 7,679 million (increase: 13,168) for the period, corresponding to a decline in value of 4.1% (increase: 7.3). The change in value was primarily due to higher assessed yield requirements. The property portfolio value at the end of the period amounted to SEK 182 billion.
  • The value change in financial instruments amounted to a decrease of SEK 229 million (increase: 1,763).
  • Profit after tax amounted to a loss of SEK 4,562 million (profit: 13,618).

“We reported strong income from property management for the first half of the year,” says Johanna Skogestig, CEO of Vasakronan. “Activity has increased in the lettings market but demand for high-quality products in our locations remains strong. My understanding is that we have never before seen such a large difference in willingness to pay when it comes the difference in quality not only of premises but also locations.

“The macroeconomic signals are difficult to interpret, but it is clear that we are heading towards more uncertainty in the market. Nonetheless, I remain confident, given the high quality of our properties and their prime locations as well as our strong financial position.”

For further information, please contact:

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

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

Dokument och länkar


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Fotograf: Bild: Vasakronan/TMRW/Dorte Mandrup

Om Vasakronan

Vasakronan is Sweden’s leading property company with a portfolio valued at around SEK 182 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