Claus Thestrup

Sixth Swedish National Pension Fund, CalSTRS, Capricorn Investment Group, StepStone Group and United Church Funds are among the latest investors added to the leading Responsible Investment Forum: West speaker line-up. Download the latest agenda to find out more on who you’ll hear from on 4-5 September and the emerging trends and topics that will be discussed: https://okt.to/SfkTR5 #RIFWest #ResponsibleInvesting #InvestorInsights #SustainableFinance #ESG Charles Buck, Peter Dunbar, Karl Eidem, Katherine Fackler, Anna Follér, Mandira Reddy

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Discover our tailored investment advisory services at Oister Capital. We specialize in principal investment and private equity to meet your financial goals. Our expert team is committed to helping you navigate complex financial landscapes, ensuring long-term success and growth. Whether you're looking to expand your portfolio or explore new opportunities, Oister Capital is here to provide strategic solutions designed for your unique needs. #InvestmentAdvisory #PrivateEquity #PrincipalInvestment #OisterCapital #FinancialGrowth #WealthManagement #InvestmentSolutions #TailoredInvestments #FinanceGoals #InvestmentStrategy #EquityInvestments #StrategicGrowth

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Peter Norhammar's Nordic listed real estate portfolio delivered strong performance in May. NRP Anaxo Nordic m2 returned 4,6% which was 2,3% ahead the benchmark, VINX Nordic Real Estate NOK NI. Since the share prices bottomed in October 2023, the funds has delivered a return that exceeds the benchmark by ca 14,2%. Since inception in 2020 the portfolio is ca 12,9% ahead of benchmark.  Read more at NRP Anaxo Management AS Jacob Grouff Horn Ronny Junge-Larsen The Swedish Riksbank lowered the interest rate for the first time in eight years, on the basis that inflation is on its way down to the target of 2% (it came in at 2.3% in April). Interest in the property sector is increasing both on the share and bond side. So far this year, a handful of companies have carried out new issues to raise equity capital. The hallmark of the vast majority of issues is that the capital is to be used for growth and that the issue price is set at a premium to value-adjusted equity (net property values), which benefits excited shareholders. The issues have all been oversubscribed and indicate a growing interest in the sector. In addition, the Nordic bond market has been open to quality issuers for the past six months and several companies have set bonds at levels that compete with the margins they get in banks and which are at levels at which the bonds in 2020-2021 were set. The Eurobond market was reopened for Nordic property companies in May when Sagax set a six-year bond of EUR 500m at an all-in rate of 4.39% (of which the margin is 1.55%). We read these signals as the market now seeing that there are more companies that will be able to create a good return on equity in the future and that the refinancing risk (or fear) is gone for the majority of the companies in the sector. The Q1 reports emphasize the majority of Nordic real estate companies are stable, and that most of the downward adjustment in property values ​​and increases in interest costs are behind us. 1) Net rental continues to be positive. The companies that reported negative net rental for the quarter are characterized by having a lot of exposure to offices in Stockholm (which is usually a cyclically sensitive city). 2) Property values ​​were unchanged for the median company. We believe that most of the downward adjustment of property values ​​has now been completed. 3) Cash flow per share was unchanged compared to the same quarter last year for the median company. Increased rental income has compensated for increased interest costs. Since most companies have made much of the increase in the level of interest against the market rate, we believe that more companies will report increasing cash flow per share in the future.

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Another Green deal has been done 🤝 Stadshypotek AB, Handelsbanken's wholly owned mortgage arm, made a return to the SEK Green covered bond market yesterday, as it issued a second Green bond in its home currency.   In a SEK market beginning to slow down, a new Green bond from Stadshypotek was welcomed by the market. With investor orders that peaked just over SEK 10 billion, Stadshypotek was able to tighten the spread from an initial guidance of +35/37bp over mid-swaps, down to a final outcome of +34bp. Compared to the conventional Stadshypotek curve, the so-called greenium or saving amounted to 5 basis points, a very strong outcome in today's markets.   "In Handelsbanken, we recognise the opportunity to support our customers in their sustainable transition in various ways. Channeling green lending to customers by issuing green bonds is an important part of this work and we are very happy to continue with yet another issuance", says Catharina Belfrage Sahlstrand, Handelsbanken's Chief Sustainability Officer.

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