Fabege is the second largest property owner in Stockholm inner city, with 38 properties comprising 497,000 sqm. The portfolio is dominated by modern offices and retail outlets in prime locations. Currently, offices account for 76 per cent of the portfolio, which represents a market share of 6 per cent of the office market in Stockholm inner city. The rental value of Fabege’s properties in Stockholm inner city is SEK 1,181m, which represents 56 per cent of the Group’s total rental value.
At year-end 2011, the occupancy rate in the area was about 92 per cent. For many sectors, a central location is a high priority and price sensitivity is low, which is reflected in high rents. Tenants in the city centre mainly comprise finance companies, law firms, management consultants and other consultancies.
The main concentration of properties in the portfolio is in the area around Kungsgatan and Drottninggatan. Fabege’s holdings around Drottninggatan comprise eight properties. In the Kungsgatan–Norrlandsgatan–Lästmakargatan area, close to Stureplan, Fabege owns a well contained cluster of six properties. In these property blocks, Fabege is conducting an extensive project aimed at reinvigorating a central backstreet, thus creating an attractive location in the very heart of the city.
Another prioritised area for Fabege is Norrtull/Norra Stationsområdet, where the company now owns five properties, of which the Wenner-Gren Center is the landmark property. In the Kungsholmen district of Stockholm, Fabege owns buildings such as the DN Tower and the adjacent low-rise buildings.
Fabege’s rents experienced a positive trend during the year. Ahead of 2012, a stabilisation of the rental market is expected.
|
Rental value by category,
per 31 December 2011 |
Lettable area by category,
per 31 December 2011 |
 |
 |
Key figures, per 31 December 2011
|
2011 |
| No. of properties |
38 |
| Market value, SEKm |
16,809 |
| Lettable area, ‘000 sqm |
497 |
| Financial occupancy rate, % |
92 |
| Remaining contract term, years |
3.6 |
| Rental value, SEKm |
1,181 |
Largest tenants, per 31 December 2011
|
sqm |
| Nasdaq OMX |
34,000 |
| Bonnier Dagstidningar AB |
28,000 |
| Lantbrukarnas Ekonomi AB |
12,000 |
| Carnegie Investment AB |
10,000 |
| Cybergymnasiet i Nacka AAB |
10,000 |