Sweden's Eastnine property portfolio grows 27% after Warsaw deal

Overview

• Sweden-based office landlord's property portfolio grew 27% in Q3 compared with the previous quarter after Warsaw acquisition

• Rental income for Jan–Sep was flat yr/yr; comparable portfolio revenue rose 1.4%

• Profit from property management and net income declined for Jan–Sep vs prior year

Outlook

• Eastnine expects The Bridge property to be fully occupied in Q4 2027

• Company expects profit per share from property management to rise to EUR 0.36 upon full occupancy

• Company anticipates surplus ratio to reach 93.2% and yield 6.2% at full occupancy

Result Drivers

• WARSAW ACQUISITION - Co said purchase of The Bridge in Warsaw drove portfolio growth and is expected to provide long-term cash flows

• COMPARABLE PORTFOLIO GROWTH - Rental income in comparable portfolio rose 3% in Q3, supported by high occupancy and stable demand

• PROPERTY MANAGEMENT COSTS - Establishment of in-house property management weighed on property expenses

Company press release:

Key Details

Reuters Recommended Reads

• Oct 21 - Sweden's Wihlborgs 9-month rental income rises on new leases, projects and renegotiation

• Oct 21 - Sweden's Neobo Q3 profit from property management rises on lower costs

• Oct 21 - Fabege Q3 profit rises on residential development

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)