Eastnine
Eastnine is a Swedish real estate company focused on premium office properties in selected cities in Poland, Lithuania and Latvia. Its portfolio is centered on modern, sustainable office buildings leased to corporate tenants, with property ownership and active asset management carried out through local operations in its markets.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueDirect ownership of office buildings held for rental income and value creation.
Long-term office leases, tenant fit-out support and property-related services.
Selective development and refurbishment of office assets when supported by leasing.
Energy, certification, green lease and ESG-related property management activities.
Customers
Eastnine’s customers are corporate tenants that lease office space in its properties, with a focus on large and stable companies with international operations. The tenant base is concentrated in finance, ICT and e-commerce, where occupiers value modern offices, good locations and flexible layouts that support recruitment and retention.
Lease premium office space for regional or country headquarters and value stable, well-managed premises.
Buy office space in central locations with high service standards and strong building quality.
Lease flexible offices with modern technical standards and good indoor environment.
Use offices as operational hubs and want efficient, adaptable space in major cities.
Strategy
Eastnine’s strategy is to own and develop modern office properties in selected growth markets, with a strong emphasis on prime locations and sustainable buildings. It also seeks to secure long leases with high-quality tenants, use green leases and certifications to strengthen the asset base, and pursue selective acquisitions and development projects when leasing support is in place.
Adds scale in markets where Eastnine believes demand and financing are attractive.
Longer, higher-quality leases reduce vacancy risk and support recurring rental income.
Modern, certified and efficient offices support tenant retention and asset competitiveness.
Development can create value, but only when leasing and project economics are sufficiently secured.
Geography
Eastnine owns office properties in Poland, Lithuania and Latvia, with key cities including Warsaw, Poznan, Vilnius and Riga. The business is therefore exposed to local office demand, planning conditions, financing markets and macroeconomic trends in Central and Eastern Europe.
Risks
Eastnine’s main risks come from office demand, vacancy, financing conditions and the operating environment in its markets. The company also faces property-specific risks such as construction delays, technical defects, cyber threats, climate-related cooling costs and supply-chain compliance issues, all of which can affect operations and asset value.
- Office demand and vacancy riskImpact: HighLikelihood: Low
Rental income depends on tenant demand, lease renewals and occupancy in each market.
Exposure - Interest-rate and financing riskImpact: HighLikelihood: Low
The portfolio is capital-intensive and relies on bank debt and refinancing access.
Exposure: Interest-bearing liabilities and bank loan maturities
- Geopolitical and regional market riskImpact: MediumLikelihood: Low
Property values and tenant demand can be affected by political, economic and security conditions.
Exposure - Cybersecurity riskImpact: MediumLikelihood: Low
Digital property management systems can be disrupted by attacks or unauthorized access.
Exposure: IT systems and property management operations
- Supplier and contractor compliance riskImpact: MediumLikelihood: Low
Third parties can create delays, cost overruns and reputational issues if standards are not met.
Exposure - Climate-related operating cost riskImpact: LowLikelihood: Low
Warmer weather can increase cooling needs and energy consumption in office buildings.
Exposure: Buildings with high solar radiation and large glass surfaces
Accounting
Judgemental itemsProperty valuations depend on yields, vacancy assumptions and market comparables.
Impact: Can materially affect balance sheet values and reported profit
Lease maturity and occupancy determine rental visibility and vacancy exposure.
Impact: Affects revenue timing and property cash flow analysis
Swaps are used to manage interest expense and can create valuation effects.
Impact: Affects financing costs and derivative gains or losses
Costs must be judged for capitalization, timing and project feasibility.
Impact: Affects asset values and expense recognition
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Last updated: 24/09/2026