Interim Report January – March 2021


» Income amounted to SEK 807 million (837).

» The operating surplus amounted to SEK 524 million (558).

» Profit from property management amounted to SEK 309 million (324).

» Profit before tax amounted to SEK 909 million (882) and net profit, attributable to the parent company’s share-holders, totalled SEK 796 million (656), corresponding to SEK 0.67 (0.62) per ordinary share.

» Investments amounted to SEK 490 million. Project development, including development of building rights, contributed to increases in value of properties of SEK 122 million (97). In total, changes in value of properties amounted to SEK 406 million (593).

» During the quarter, 3 properties were taken possession of for SEK 152 million and 13 properties were divested and handed over for SEK 700 million. On 31 March 2021, the fair value of Klövern’s 341 properties, excluding properties classified as current assets, amounted to SEK 58,289 million. In addition, there are 9 properties classified as current assets which are reported at a value of SEK 1,014 million and have an estimated fair value of SEK 1,742 million.

» The interest coverage ratio amounted to 2.7 (2.5), leverage to 50 per cent (50) and the adjusted equity ratio to 43.9 per cent (43.2).

» The net reinstatement value (NRV) per ordinary share amounted to SEK 20.78.

» On 25 March 2021, Rutger Arnhult left Klövern’s board of directors and his position as CEO. The board has appointed Peeter Kinnunen, Klövern’s head of transactions, as acting CEO.

» On 29 March 2021, Corem Property Group AB (publ) announced a public offer with consideration in the form of newly issued shares in Corem to the shareholders of Klövern AB (publ). An offer document is expected to be published by the Offeror on or around 10 May 2021. The acceptance period for the offer is expected to end on 8 June 2021. Klövern's board of directors, together with its advisors, will evaluate the Offer and will publish its opinion on the Offer at the latest two weeks prior to the end of the acceptance period.

Statement by the CEO
Stable earnings in a recovering market

Like last year, 2021 will continue to be marked by the ongoing pandemic and the recovery from the same. However, I can note that the ongoing vaccinations, and a better starting point for the Swedish economy than in many other countries both contribute to good hope for a gradual normalization. For Klövern, the first quarter has been eventful in many ways. After having been head of transactions in the company for almost a decade, I am pleased to have also assumed the role as acting CEO. During the quarter, Corem Property Group has also announced a public offer to the shareholders of Klövern.

Klövern is reporting stable earnings for the first quarter which are fully in line with our expectations taking into account a cold and snowy winter as well as continued lower-than-normal parking revenues. Once again, we can note that the composition of the portfolio and the diversified customer base have provided stability during the pandemic. Profit from property management amounted to SEK 309 million and after positive changes in value of properties of SEK 406 million, profit before tax was SEK 909 million.

At the end of March, Corem announced a public offer to the shareholders of Klövern. The process is completely controlled by the offeror so that the offer does not affect ongoing work at Klövern. It is business as usual. The acceptance period for the offer is expected to end on 8 June. Klövern’s board will make a statement on the offer at the latest two weeks before the end of the acceptance period.

The swift downturn of the Swedish and the global economy during 2020 is historic. The consequences can be seen, inter alia, in increased unemployment. However, an increasingly positive picture of the world economy is now being painted. In the United States, for instance, extensive stimulation packages and efficient vaccination have contributed to positive macro signals. The Swedish economy’s resilience appears impressive from a European perspective and there is therefore every reason to be optimistic about the continued recovery during 2021. At the beginning of the year, the transaction market has been very strong with continued falling yield requirements while the rental market is more hesitant.

During the first quarter, net moving-in amounted to SEK –16 million and net letting to SEK –17 million. It is usually the case that more vacations and terminations take place during the first quarter than in subsequent quarters and the outcome was expected given that the letting climate is still hesitant in many cities. During the quarter, we have, however, welcomed a number of new tenants, including Eurofins which leases over 900 sq.m. in Uppsala and a number of new tenants at the property Solna Gate in Stockholm that together lease over 1,800 sq.m. During the quarter, lease contracts have also been signed with Matthew Kenney for approximately 730 sq.m. of restaurant space in New York, with Pharmadanmark for approximately 1,000 sq.m. in Copenhagen and with Servistore for around 1,600 sq.m. in Nyköping. Klövern is in a very project-intensive phase which is expected to have a large positive effect on net letting during the coming two years.

Based on our strategy, we have a clear picture of the growth locations and segments that we want to focus Klövern’s long-term ownership on. During the quarter, 12 properties were divested, mainly with warehouse/logistics premises, to Mileway in a transaction that took place at a premium of 21 per cent in relation to book value. We have also taken possession of three properties that complement the existing portfolios in Lund and Uppsala and in the exciting urban development area Söderstaden in Stockholm.

During the second quarter, a relatively small but strategically important add-on acquisition which improves the efficiency of the future project on Park Avenue in New York, is planned to be taken possession of.

The aggregate value of the property portfolio at the end of the quarter, excluding properties classified as current assets in Tobin Properties, was SEK 58 billion, of which the international portfolio in Copenhagen and New York accounted for 16 per cent.

Klövern’s project and urban development activities are extensive with a number of major ongoing projects and a very interesting pipeline. As at 31 March, development properties accounted for 16 per cent of the total property value. During the last four quarters, investments amounted to SEK 2,399 million and, in addition during the same period, Klövern’s project development, including development of building rights, contributed to increases in value of properties of SEK 538 million.

Klövern’s two largest ongoing new production projects are two office buildings of the highest quality in attractive locations in Manhattan. In New York, the letting market, as in the rest of the world, has seen less activity due to the pandemic and it will therefore take slightly longer to complete lettings associated with these projects. It is, however, gratifying that there are indications of a recovery. Everyone over 16 years of age is now entitled to vaccine in New York and it is planned for all public employees to return to their work places in May.

Exciting work is taking place at Uppsala Business Park focused on development of a living city neighbourhood and a location for innovation in life science. There is great interest in the area and we have extensive project plans for the coming years. Already now, Uppsala Business Park offers unique premises with laboratories and facilities for manufacturing of pharmaceuticals.

We are continuously working to secure long-term sustainable financing. During the quarter, we have issued SEK 2,500 million green bonds under Klövern’s MTN programme. Klövern now has green bonds amounting to a total of SEK 6,850 million. In the sphere of sustainability, it may also be mentioned that the over 30,000 sq.m. large, fully let property at Kalvebod Brygge in central Copenhagen which will be taken possession of at the beginning of May has obtained energy classification A.

We entered the second quarter backed up by stable earnings and with full focus on ongoing activities at the same time as we are monitoring developments associated with Corem’s offer. Ahead of me, I see an eventful year marked by a gradual normalization where we can again have physical meetings, not least at the office, to create new business in a climate of economic recovery. Even though both our and other’s business operations have made good progress with many digital meetings, they can never completely replace physical meetings. Human beings are social creatures and physical meetings are needed to build relationships, develop the corporate culture and create new business.

Peeter Kinnunen, Acting CEO

Klövern AB (publ)

For additional information, please contact:
Peeter Kinnunen, Acting CEO, +46 76 855 67 03,
Lars Norrby, IR, +46 76 777 38 00,

Klövern is a real estate company committed to working closely with customers to offer them attractive premises in growth regions. Klövern is listed on Nasdaq Stockholm. For further information, see

Klövern AB (publ), Bredgränd 4, 111 30 Stockholm. Phone: +46 10 482 70 00. Email:

This information is information that Klövern AB is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact persons set out above at 07.30 CEST on 28 April 2021.

This interim report has been published in Swedish and in English. In the event of a discrepancy between the language versions, the Swedish version shall take priority.


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