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Dear shareholder,

Profit from property management in Q3, attributable to the parent company’s shareholders, amounted to SEK 760m, corresponding to an increase of 24 % per ordinary share to SEK 3.94. The increase was generated through a larger property portfolio with slightly higher rents per sqm, a better surplus ratio and good financing conditions. 

In terms of financing, we carried out two issues in the Eurobond market during the quarter, of which one was a senior unsecured bond with maturity in 2026 and a fixed interest rate of 1.95 % as well as a hybrid bond with a fixed interest rate of 3.13 %. We used the proceeds from the hybrid bond to retire our Preference shares just after the end of the quarter.

The property market

The property market in the Nordic region still feels stable with strong interest from investors and we usually see tough competition for attractive properties. The part of the market where we have noticed an increased supply and a more uncertain price level is the market for certain types of retail properties and for expensive residential building rights. The price of residential building rights has increased strongly in recent years in some places so a certain degree of correction does not feel completely unexpected. However, I am still optimistic about the residential segment over time.

In conclusion

I also remain optimistic about Balder’s long-term performance, based on our organisation, financing possibilities and our many different investments options.
Erik Selin
Chief Executive Officer