HEBA B
Heba is a Swedish property company that owns, develops and manages residential properties and elderly care facilities, mainly in the Stockholm and Mälaren regions. Its portfolio combines long-term rental housing with community service properties that support housing and care needs across different life stages.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueRental apartments and housing units for tenants in Heba's portfolio.
Properties used for elderly care and other socially important services.
New-build and project development activities that expand the portfolio.
Customers
Heba serves residential tenants who rent apartments in its portfolio, including households seeking stable housing in the Stockholm area. It also leases community service properties to operators of elderly care facilities and other socially important services. The company’s offering is designed for tenants and operators that value location, safety, long-term ownership and predictable property management.
Individuals and households renting apartments in Heba's housing portfolio.
Operators of care homes and community service facilities that lease specialized properties.
Organizations using properties for socially important services with long-term occupancy needs.
Tenants attracted by Stockholm-region locations, low vacancy and access to modern housing.
Strategy
Heba’s strategy centers on growing its portfolio through renovations, strategic acquisitions of community service properties and new residential builds. The company also emphasizes digitalized property management, sustainability and long-term ownership to support efficient operations and tenant retention.
Adds scale in markets with durable demand and supports long-term rental income.
Improves coordination, maintenance planning and operational consistency across the portfolio.
Supports tenant appeal, financing credibility and long-term asset relevance.
Geography
Heba’s business is concentrated in Sweden, with properties primarily in the Stockholm region and some exposure to the Mälaren region. These markets matter because strong population growth and low vacancy rates support demand for both housing and elderly care facilities. The company’s operating footprint is therefore tied to urban and suburban Swedish property markets rather than a broad international platform.
Risks
Heba’s main risks come from property operations, tenant satisfaction, financing and the condition of its buildings. Because the business is concentrated in long-term real estate ownership, it is exposed to interest rates, refinancing needs, maintenance issues, indoor-environment liabilities and regulatory or ESG expectations tied to housing and care properties.
- Interest rate and refinancing riskImpact: HighLikelihood: Low
The company is a net borrower and depends on external funding for property ownership and development.
Exposure: Property loans and interest-bearing liabilities
- Indoor environment and building condition riskImpact: HighLikelihood: Low
Tenants may be affected by ventilation, moisture, radon, temperature and fire protection deficiencies.
Exposure: Residential and care properties
- Geopolitical and cost inflation riskImpact: MediumLikelihood: Medium
Construction, energy and financing costs can be affected by broader macro and geopolitical conditions.
Exposure: Development and operating costs
- Employee recruitment and retention riskImpact: MediumLikelihood: Low
Service quality and property management depend on attracting and keeping skilled staff.
Exposure: Property management and customer service
- IT and cyber security riskImpact: Medium
Digital property systems and real-time data access increase dependence on secure systems.
Exposure: Operational systems and property data
Accounting
Judgemental itemsProperty values depend on yield requirements and normalized NOI, making fair value highly judgmental.
Impact: Can materially change asset values and profit or loss through valuation movements
Perpetual ground leases are recognized as lease liabilities and finance costs.
Impact: Affects liabilities, finance expense and NOI presentation
Borrowings and fixed-rate structure influence interest expense and hedging disclosures.
Impact: Affects financing costs, maturity profile and risk sensitivity
Management judgments affect recognized amounts for revenues, expenses, assets and liabilities.
Impact: Can affect comparability across periods
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Last updated: 24/09/2026