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Investor presentation Oslo september 2016
Change of control
Change of control clause in all capital market
and bank funding
”… when shares representing 51 % of the votes
in Vasakronan are not owned by one or more of
Första, Andra, Tredje and Fjärde AP-fonden”
Vasakronan in brief
• Market value, billion SEK b 109
• Total area, thousand m2 2,5
• Contracted rent, SEK b 6
• Number of properties 181
• Number of employees 355
Stockholm
Gothenburg
Malmö/Lund
Uppsala
Contracted rent by geographic market
Stockholm, 62%
Gothenburg, 19%
Öresund, 12%
Uppsala, 7%
Contracted rent by property type
Offices, 79%
Retail, 17%
Other, 4%
93,0 93,0 93,4 92,0 92,6
93,6
75
80
85
90
95
100
2011 2012 2013 2014 2015 2016 Q2
Stable occupancy rate
%
Duration contract portfolio Average term, 4,5 years
0
5
10
15
20
25
30
35
40
Share, %
Loan to value
49
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
75
2009 2010 2011 2012 2013 2014 2015 2016Q2
%
Interest cover ratio has improved
3,8
0
1
2
3
4
2009 2010 2011 2012 2013 2014 2015 2016Q2
times
1,9 times
Total return 2015
30,5
16
28,3
10,5
0,51 0
5
10
15
20
25
30
35
Vasakronan returnon equity
Vasakronan totalreturn
Listed real estatecompanies
Swedish Stockmarket
OMRX Bond
%
Total return 10 years
Vasakronan Return on equity
OMRX Bond Index
Swedish Stockmarket, SIX
Listed Swedish real estate companies
Vasakronan Total return
0%
5%
10%
15%
20%
25%
30%
0% 5% 10% 15% 20% 25% 30%
Average total return
Volatility (standard deviation)
Office rent - 50% up since 2009
3 000
3 500
4 000
4 500
5 000
5 500
6 000
6 500
2008 2010 2012 2014 2016
SEK/sqm
Office rent Stockholm CBD
6 000 6 000
150 000
60 000
25
10
0
5
10
15
20
25
30
0
20 000
40 000
60 000
80 000
100 000
120 000
140 000
160 000
2000 2016
Rent/sqm Rent/employee Sqm/employee
Rising rents but falling rental costs
Sqm Rent
More efficient office space
0
500
1 000
1 500
2 000
2 500
3 000
3 500
11 12 13 14 15 16 17 18 19 20 21 22
Other projects Ongoing and decided projects Planned projects
High potential in upcoming projects
M SEK
Sergelhuset
Platinan, Göteborg
57 billion
Loan portfolio
Diversified funding
MTN Bonds 20,3 SEK B
Bank loans with collateral 17,2
SEK B
Bank loans without collateral
0,5 SEK B
MTN Inflation linked bonds 0,8 SEK B
MTN Green bonds
4,7 SEK B
Commercial papers
11,1 SEK B
NOK-Bonds 3,2 SEK B
Bond issues in NOK
3,2 Billion
NOK
3-7 Years
5 Bonds
Revolving credit facility Shows large commitment from the AP-funds
• Agreement with owners to
purchase commercial papers
• Amount 18 SEK Billion
• Constant maturity 2 years
• Gives strong liquidity position and
low risk in short term funding
Loan maturity 3,3 years
0
2
4
6
8
10
12
14
16
18
20
0-1 1-2 2-3 3-4 4-5 5+
Commercial papers MTN Bonds Bank loans
33 %
22 %
15 %
8 % 9 %
13%
SEK Billion
år
Fixed interest term 4,2 years
46 % <1 Y
54 % ~8 Y
Välkommen till
en bättre värd
Thomas Nystedt
+46 (0)8 566 205 41