Fastator - Transaction activity up due to two new JVs

High transaction activity via JVs and existing holdings Point and Studentbostäder both had strong quarters P/NAVPS of 85%, NAVPS CAGR of 37% in last 3 years Two JVs established in the quarter With the Q1 report, Fastator confirmed its identity as a real estate investment company that starts, develops, and manages fast-growing subsidiaries. The main quarter highlight was the establishment of a transaction intensive joint venture (JV), which aims to frequently acquire and develop industrial properties that by the time of divestment should fit into the portfolio of Fastator’s holding company, Företagsparken. A similarly purposed JV was started at the end of April, and together, the two JVs’ respective property values are ~SEK 800m and SEK 300m. Fastator also acquired Svenska Bostadskompaniet in Q1 (50%), an acquisition-driven, residential company with properties valued at SEK 300m in a stable region of southern Sweden (in Skövde, Jönköping and Falköping).

Its properties are typically too large for local players and too small for larger companies, thus creating a desirable niche for Fastator. Retailers’ interest for Point Properties remains high Activity in Fastator’s existing portfolio was highlighted by the largest and only wholly-owned subsidiary, Point Properties. It has SEK 1.

1bn in property value and the concept of developing retail properties in city centres of small and mid-sized cities, acquiring properties in two new cities and signing 3,300sqm of new deals (of the total 30,000sqm in Motala, Bollnäs & Trelleborg). Also, a SEK 600m bond loan (SEK 800m framework) at 3 years and a 5% interest rate was issued in the quarter. Studentbostäder i Sverige, with SEK 734m attributable to Fastator, or 29% of Fastator’s total property value, completed four acquisitions in Q1 for ~SEK 2.

6bn, of which the fourth is in Copenhagen at SEK 1. 6bn. We note that our estimates reflect new analyst coverage.

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