Corem Property Group-Losing the anchor-05/26/2026

研报英文原文证据摘录

Corem Property Group-Losing the anchor-05/26/2026

Corem Property Group

RECOMMENDATION CHANGE | 26 MAY 2026

Losing the anchor Target price (SEK) 3.5

Yesterday Ericsson announced its relocation of Stockholm operations Share price (SEK) 3.2

from Kista, starting in 2028. While Corem's lease for Ericsson's Swedish

HQ (7.8% of YE25 rental value) was extended recently and runs until Q3

2030, the announcement is a clear blow to the Kista narrative and to the

sentiment for decentralised of/ce locations. Combined with continued

operational headwinds and IFPM growth driven by bank share dividends

rather than underlying improvement, we see few near-term re-rating Forecast changes

triggers and downgrade Corem to Hold (Buy), TP SEK 3.5 (4.3). % 2026e 2027e 2028e

Sales - - -

The anchor casts off NOI - - -

Yesterday Ericsson announced that its Stockholm operations will gradually be CEPS - - -

relocated from Kista to Hagastaden starting in 2028, having signed leases of EPRA NAV ps - - -

~95,000 sqm with Atrium Ljungberg and Castellum. We make no estimate DPS - - -

changes as the relocation falls outside our forecast period, supported by the Source: Pareto Securities

recent extension of Ericsson's ~39,000 sqm Swedish HQ until Q3 2030. However,

the announcement removes any optionality for a long-term extension on Corem's

most important Kista asset and con>rms that one of its largest tenants will Ticker COREb.ST, COREB SS

eventually vacate. More broadly, this is a clear setback for the sentiment around Sector Real Estate

Kista as an of>ce location, where vacancy already stands at 40% per recent Property sector Office

market reports, and reinforces the momentum favouring centralised high-quality Credit rating None

submarkets such as Hagastaden. Shares fully diluted (m) 1,339.6