Stenhus was listed in 2020 and has grown fast, primarily via acquisitions. The property portfolio amounts to ~SEK 14bn and consists of light industrial properties, grocery stores, public properties and offices, geographically split across Sweden. Stenhus focuses on cash-flow generating properties with strong tenants and long lease agreements. The management team has a long track record of transactions, and has in recent times completed both public takeovers (MaxFastigheter, Randviken) and divestments.
Stenhus has higher financial gearing (net LTV) and a shorter interest maturity than the sector average, meaning changes in interest rates and property values have a larger effect on Stenhus than comparable peers, all else equal. The company has grown fast in recent years and is focusing on achieving synergies and streamlining the property management organisation on the back of the Randviken acquisition.