Nyfosa is a spinoff from the former Hemfosa. The company is headquartered in Nacka, southeast of Stockholm. Nyfosa has an opportunistic approach regarding geographical exposure and property category. In addition, Nyfosa holds 50% (together with Sagax at 50%) of the real estate company Söderport which owns properties worth ~SEK 13bn in Stockholm and Gothenburg within the segments warehouse/industry and offices.
Macro developments within operating markets are crucial for real estate companies. For Nyfosa, we think that the risk of vacancies is above the sector average, while volatility in rent levels is below the sector average. Real estate firms generally depend on well-functioning banks to achieve favourable funding conditions. We believe that the liquidity risk of Nyfosa’s assets exceeds the sector average. Finally, Nyfosa has one of the shortest interest maturities in our coverage, which imposes a risk should the interest rate quickly increase.