Pareto Nordic Real Estate Weekly-06/18/2026

Research evidence excerpt

Pareto Nordic Real Estate Weekly-06/18/2026

Pareto Real Estate Weekly

18 JUN 2026

Pareto Nordic Real Estate Weekly

Atrium Ljungberg CMD underscores long-term project-driven upside

• This Monday, Atrium Ljungberg hosted a CMD covering portfolio, strategy and the recently announced Ericsson letting, with nancial

targets left unchanged

• Management has reaf rmed project development as the primary growth driver, presenting a simulation suggesting ~113% NAVPS and

~110% IFPM growth by 2033, with the Ericsson project as a key contributor

• The CMD reinforced our long-term view on the case with an attractive portfolio in strategic locations, while the short-term outlook appears

more demanding

• We have a Hold recommendation and a 12-month TP of SEK 32 - LINK

Logistea acquires logistics terminal in Finland

• Logistea has acquired a site leasehold for a logistics terminal of 9,069 sqm at Turku Airport for an underlying property value of SEK 114m

and annual rental income of SEK 10.6m, of which FedEx and DHL account for ~90%

• We view the acquisition as positive, strengthening Logistea's Finnish presence and marking its second acquisition in the country within a

week

Sagax raises ~SEK 1.0bn in directed share issue

• Sagax has completed a directed issue of 30m D-shares at SEK 33.50/share, corresponding to a 5.2% discount to the 16 June close,

raising ~SEK 1.0bn and resulting in a ~6.0% share dilution for existing shareholders

• The equity raise enables Sagax to pursue further acquisitions while maintaining a strong balance sheet, underscored by Moody's recent

move to a positive outlook on its Baa2 rating

SBB sells Hägersten building rights for SEK 120m