Randviken was founded in 2017 and has been very active in the transaction market since then. The company went public through a reversed takeover of Raybased in 2021 and has a target to grow its property portfolio to SEK 20bn by 2025. Approximately 50% of the property portfolio is made up of light industrial and logistics properties, and we expect most of the growth in the coming years to come from additional acquisitions.
Randviken aims to grow its property portfolio to SEK 20bn by 2025, which we believe would result in significantly better financing terms (interest- & capital maturities, interest rates) and portfolio diversification, i.e. lower overall risk. Additionally, we argue that its opportunistic approach combined with a strong management team and board of directors, will be able to generate accretive deals and value-enhancing projects.
General macro developments in the operating markets are crucial for commercial real estate companies. Randviken is active in growing regions (population & paid tax), but any changes to GDP growth or unemployment could pose a risk to occupancy rates and therefore the company’s rental income/earnings. Furthermore, Randviken’s interest maturity is one of the shortest in our coverage, which implies that it is more sensitive (short-term) to increases in interest rates.