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Expansive Stendörren is also growing outside of Sweden

Published: November 29, 2022, 10:00 a.m. Updated: November 29, 2022, 10:53 a.m.The listed real estate company Stendörren is growing both within and outside Sweden’s borders. Previously, the property portfolio was focused on Stockholm and Mälardalen, but more recently, through acquisitions, Stendörren has also established itself in Western Sweden as well as in the Helsinki, Copenhagen and Oslo regions. Stendörren manages, develops and acquires properties for warehouses, logistics and light industry. In some of the more urban locations, the company is also pushing for detailed plans to be changed from business purposes to residential purposes, for its own development and management of housing. All management and development of properties is imbued with a sustainability mindset. Attractive land areas in StockholmThe property portfolio has gradually grown and is today valued at approximately SEK 12.7 billion. In addition to around 810,000 square meters of lettable space, the company has approximately 615,000 square meters of building rights in attractive land areas that are exclusively located in the hot Stockholm region. – Land with building rights is a scarce resource in the entire real estate industry. Especially in metropolitan areas. But with our building rights, we can continue to expand strongly within the existing stock that we already own, says Erik Ranje, CEO of Stendörren. New construction takes place on properties where there are currently no buildings, but also through densification. That is, additional buildings are erected on properties where there are already buildings but where the level of exploitation is low. Profitable conversion to housingA new direction for the company is housing development by converting industrial and logistics properties into residential areas. – As the city grows, there are urban locations that over time become more attractive for housing. For example, Lugnet’s industrial area in Stockholm has developed into the attractive residential area of ​​Hammarby Sjöstad, says Erik Ranje. Changing the detailed plan for other uses from industry to housing for own development and management is a very profitable deal for Stendörren. – The conversion also means that there is a loss of square meters in business properties, which means that the supply of these types of premises decreases and thus the rents for business properties increase. For Stendörren, the lower supply and the greater demand mean that the company can, when renegotiating the rents at the end of the contract period, raise these with an average of 20 to 25 percent. – This is an underlying structural growth factor for business properties in urban locations. Building new business premisesThe property company Stendörren is also building new business premises. Today, the company has just under ten of these under construction. Among other things, a logistics facility in Stockholm South in Södertälje and one in Brunna in western Stockholm. Further examples are two buildings for light industry in Uppsala and Västerås. Over time, the pace of construction increases and several projects have already received planning permission and are in the planning stage. In addition to this, the company has laid out a plan for geographical expansion by purchasing properties in the metropolitan areas of Helsinki, Copenhagen and Oslo. – Our plan is to take advantage of the urbanization trend in big cities in the Nordics and also of the increased e-commerce. Here it is usually said that a spent e-commerce kroner requires three times as much logistics space as a spent kroner in a regular store. Therefore, we see that the demand for logistics space is increasing, especially in urban and near-city locations, says Erik Ranje. Read more at stendorren.se The article is produced by Brand Studio in collaboration with Stendörren Fastigheter AB and not an article by Dagens industri

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