SFASTNasdaq StockholmReal EstateIFRS · SEK

Stenhus Fastigheter i Norden

Stenhus Fastigheter i Norden AB is a Swedish property company focused on owning, managing and developing commercial real estate in the Nordic region. Its portfolio is centered on income-producing properties and project-driven redevelopment, with operations organized through a listed parent company and property-owning subsidiaries.

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Revenue1,012m SEK
−0.7 %y/y
Net income56.0m SEK
+114.9 %y/y

Fiscal year 2024 · change from previous year

Development 2021–2024

02505007501,0001,250m SEK2021: 284 m SEK20212022: 712 m SEK20222023: 1,019 m SEK20232024: 1,012 m SEK20241,012
RevenueOperating profit (EBIT)
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Business

Share of revenue
Commercial property leasing70 %

Rental of office, warehouse and industrial premises to tenants under lease contracts.

Property management15 %

Ongoing management, administration and tenant service across the portfolio.

Property development and redevelopment10 %

Extensions, conversions and refurbishment projects that improve or reposition assets.

Ancillary and other property income5 %

Other property-related income such as service charges and contract-based additions.

Customers

The company serves tenants that need commercial premises, especially businesses seeking office, logistics, warehouse or light industrial space. Demand comes from organizations that value location, functionality and long-term lease stability rather than consumer-facing brands. Its customer base is therefore primarily corporate and institutional in nature, with revenue tied to occupancy and lease terms.

Commercial tenants

Businesses leasing offices, warehouses and industrial units for day-to-day operations.

Logistics and industrial occupiers

Tenants using larger functional properties for storage, distribution or production.

Office occupiers

Companies renting office space in Stockholm and other Nordic locations.

Project and redevelopment tenants

Occupiers that sign leases tied to refurbished or newly adapted premises.

Strategy

The company’s strategy is centered on owning income-producing properties while selectively developing and improving assets to strengthen long-term rental cash flow. It also relies on active property management and redevelopment to enhance tenant quality, occupancy and asset utility. Related-party service arrangements and project execution capabilities indicate a business model that combines portfolio ownership with hands-on development work.

Expand and optimize the property portfolioMedium term

Rental income and asset value depend on the quality and occupancy of the portfolio.

Redevelop and adapt propertiesMedium term

Refurbishment and extensions can raise rental potential and tenant fit.

Strengthen property management executionShort term

Efficient management supports occupancy, tenant retention and operating stability.

Geography

Stenhus Fastigheter operates mainly in Sweden and the broader Nordic region, with Stockholm as its corporate base. The business is exposed to Nordic property markets, local leasing conditions and regional financing and construction costs. Its geographic footprint matters because rental demand, vacancy and redevelopment opportunities are driven by local market dynamics.

Risks

The business is exposed to property-market risks such as vacancy, rent pressure, refinancing conditions and valuation changes in Nordic commercial real estate. It also faces execution risk in redevelopment projects, where delays or cost overruns can affect returns and lease-up timing. Related-party transactions and the use of external project services add governance and dependency risk that investors should monitor.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Property valuation risk1Interest-rate and refinancing risk2Vacancy and tenant demand risk3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Property valuation riskImpact: HighLikelihood: High

    Commercial property values move with yields, rents and market sentiment.

    Exposure: Nordic real estate portfolio

  2. Interest-rate and refinancing riskImpact: HighLikelihood: High

    Property companies are sensitive to financing costs and debt availability.

    Exposure: Borrowing tied to the property portfolio

  3. Vacancy and tenant demand riskImpact: HighLikelihood: Medium

    Rental income depends on keeping commercial properties leased.

    ExposureOfficeWarehouseIndustrial properties
  4. Project execution riskImpact: Medium

    Extensions and refurbishments can overrun budget or miss timing targets.

    Exposure: Development and redevelopment projects

  5. Related-party dependency riskImpact: Medium

    The company uses services from entities connected to its main owner and management sphere.

    ExposureAdministrationDue diligenceConstruction services
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Accounting

Judgemental items
Investment property valuation

Fair value changes can materially affect reported profit and equity.

Impact: Property yield, rent and market assumptions drive valuation outcomes

Capitalization of redevelopment costs

Whether project spending is capitalized or expensed changes earnings timing.

Impact: Extensions, refurbishments and due diligence costs

Lease income recognition

Rental income depends on lease terms, incentives and vacancy assumptions.

Impact: Comparability across periods and occupancy changes

IFRS 16 lease accounting

Lease-related assets and liabilities can affect leverage presentation.

Impact: Office and operational lease commitments

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Last updated: 24/09/2026