1. Turismo

Key Economic Indicators and Events:
Date
2-Feb-15
4-Feb-15
5-Feb-15
6-Feb-15
Key figures update
Indicator/Event
ISM manufacturing
ISM non-manufacturing
BOE rate announcement
Non-farm payrolls
Company Event Calendar - Week 6
Company
Fabege
Country
US
US
UK
US
Date/Month
4-Feb-15
Event
Annual report 2014
02/02/2015
Bonds & CDS
Last
Last week
Last month
YTD
Interest rates
Norway
Sweden
Denmark
Euro
iTraxx Europe 5Y
59.78
11.3 %
-4.6 %
-8.8 %
Repo rate
1.25%
0.00%
0.05%
0.05%
iTraxx Crossover 5Y
322.96
8.3 %
-5.7 %
-8.6 %
1M (Nibor, Stibor, Cibor, Euribor)
1.44%
0.05%
-0.17%
0.00%
iTraxx Fin Senior 5Y
67.97
16.5 %
2.2 %
-4.1 %
3M (Nibor, Stibor, Cibor, Euribor)
1.32%
0.10%
-0.11%
0.03%
Norway 10Y Govt. index
1.3 %
1.4 %
-18.6 %
-18.5 %
6M (Nibor, Stibor, Cibor, Euribor)
1.18%
0.18%
0.06%
0.09%
Sweden 10Y Govt. index
0.6 %
-4.5 %
-31.7 %
-31.6 %
1Y swap
1.06%
0.06%
-0.08%
0.14%
UK 10Y Govt. index
1.4 %
-7.7 %
-24.0 %
-22.4 %
2Y swap
0.97%
0.10%
0.10%
0.15%
3Y swap
1.00%
0.19%
0.18%
0.20%
4Y swap
1.07%
0.31%
0.27%
0.24%
5Y swap
1.17%
0.45%
0.37%
0.30%
6Y swap
1.29%
0.58%
0.47%
0.37%
Equity indices
OSEBX Oslo
Last
Last week
Last month
YTD
596
-1.2 %
3.5 %
3.5 %
7Y swap
1.41%
0.70%
0.57%
0.45%
OMX Stockholm 30
1,574
2.4 %
7.5 %
7.5 %
8Y swap
1.52%
0.80%
0.66%
0.52%
OMX Helsinki 25
3,261
-1.0 %
9.1 %
9.1 %
9Y swap
1.62%
0.90%
0.75%
0.60%
811
1.1 %
8.9 %
8.9 %
10Y swap
1.70%
0.98%
0.83%
0.67%
OMX Copenhagen 20
Nikkei 225
17,674
0.9 %
1.3 %
1.3 %
S&P 500 COMPOSITE
1,995
-2.8 %
-4.1 %
-3.1 %
NASDAQ COMPOSITE
4,635
-2.6 %
-3.0 %
-2.1 %
DAX 30
10,694
0.4 %
9.1 %
9.1 %
FTSE 100
6,749
-1.2 %
3.1 %
2.8 %
Implied
leverage
Dividend
yield
NOKm
%
%
x
2,169
1,508
30%
0.00%
2.2
26,775
15,662
42%
2.44%
1.5
21,751
48%
Real estate equities
Last Last week Last month
Sweden
SEK
%
%
%
ALM Equity
124.0
-0.8 %
6.7 %
6.7 %
Atrium Ljungberg
124.8
3.3 %
8.8 %
8.8 %
Balder
119.9
41,692
YTD
EV
Market cap
NOKm
P/Book*
Last week
Last month
YTD
1.6 %
8.8 %
8.8 %
0.00%
1.8
86.5
0.3 %
-0.6 %
-0.6 %
1,320
1,264
4%
n.a.
2.1
GPR 250 PSI Europe
19.1
0.1 %
11.5 %
11.3 %
Castellum
130.2
2.5 %
6.6 %
6.6 %
40,491
21,097
48%
3.53%
1.7
GPR 250 PSI US
30.5
-1.5 %
5.4 %
7.1 %
Catena
109.0
2.3 %
3.1 %
3.1 %
5,632
2,633
53%
1.83%
1.4
GPR 250 PSI UK
19.1
-0.5 %
8.4 %
8.2 %
Corem
28.9
0.3 %
0.7 %
0.7 %
8,062
3,181
61%
2.42%
1.0
GPR 250 PSI Global
15.4
-1.3 %
5.0 %
6.1 %
D. Carnegie & Co
49.8
-1.4 %
9.7 %
9.7 %
9,595
3,068
68%
0.00%
1.1
Diös
62.3
3.8 %
7.8 %
7.8 %
11,544
4,382
62%
3.69%
1.4
Property indices
Last
Pangea Real Estate Indices (PREX)
Besqab
PREX Sweden
697.0
2.6 %
8.6 %
8.6 %
Fabege
113.2
3.8 %
12.5 %
12.5 %
36,360
17,637
51%
2.65%
1.5
PREX Norway
238.7
3.2 %
13.6 %
13.6 %
FastPartner
125.8
-1.0 %
15.6 %
15.6 %
13,194
7,067
46%
2.47%
2.1
PREX Denmark
195.5
1.0 %
6.1 %
6.1 %
Heba
95.0
4.4 %
-2.3 %
-2.3 %
5,075
3,694
27%
1.26%
1.4
PREX Finland
245.4
2.9 %
14.1 %
14.1 %
Hemfosa Fastigheter
178.0
3.2 %
7.9 %
7.9 %
20,873
11,020
47%
0.00%
1.7
PREX Office
353.8
3.0 %
9.4 %
9.4 %
Hufvudstaden
108.5
2.1 %
6.8 %
6.8 %
27,074
22,114
18%
2.53%
1.5
PREX Retail
652.9
2.9 %
16.5 %
16.5 %
JM
272.9
4.9 %
9.6 %
9.6 %
18,650
19,818
-6%
2.66%
4.8
PREX Residential
1,038.9
0.8 %
4.9 %
4.9 %
Klövern
8.7
1.2 %
5.5 %
5.5 %
31,351
12,315
61%
3.29%
1.6
PREX Construction
334.1
1.2 %
9.3 %
9.3 %
Kungsleden
63.5
7.2 %
12.4 %
12.4 %
21,236
10,887
49%
1.97%
1.6
PREX Mixed
334.1
1.2 %
9.3 %
9.3 %
NP3
38.5
1.0 %
11.3 %
11.3 %
3,504
1,757
50%
0.00%
1.5
PREX Warehouse
614.0
2.8 %
9.0 %
9.0 %
NCC
267.9
0.4 %
8.5 %
8.5 %
35,654
27,356
23%
4.48%
3.7
PREX Total
41.3
2.5 %
7.1 %
7.1 %
Peab
59.5
1.0 %
8.3 %
8.3 %
23,756
16,594
30%
3.03%
2.2
Platzer
35.7
-0.6 %
6.6 %
6.6 %
6,982
3,220
54%
1.68%
1.2
Sagax
70.3
19.1 %
58.9 %
58.9 %
17,820
10,380
42%
0.78%
2.8
Skanska
183.5
0.8 %
9.3 %
9.3 %
70,987
72,590
-2%
3.41%
3.8
Tribona
37.9
-2.1 %
-1.8 %
-1.8 %
4,628
1,737
62%
1.32%
0.9
7.9
8.2 %
27.4 %
27.4 %
3,812
820
78%
0.00%
0.6
137.1
0.0 %
5.7 %
5.7 %
36,797
21,956
40%
1.46%
1.9
1.8
Commodities
Last
Last week
Last month
YTD
WTI Spot ($)
47.8
5.6 %
-11.7 %
-10.6 %
Wallenstam
Crude Oil-Brent ($)
Victoria Park
48.0
0.7 %
-15.6 %
-14.0 %
Wihlborgs Fastigheter
162.0
3.8 %
13.5 %
13.5 %
24,862
11,729
53%
2.62%
Gold (U$/Troy Ounce)
1,273.2
-1.5 %
5.6 %
7.3 %
Norway
NOK
%
%
%
NOKm
NOKm
%
%
x
Silver (Cents/Troy ounce)
1,986.0
0.0 %
0.0 %
0.0 %
AF Gruppen
84.5
4.3 %
7.0 %
7.0 %
7,650
7,497
2%
7.10%
5.7
Alu (U$/MT)
1,835.5
-0.5 %
-1.2 %
1.8 %
Entra
83.3
3.7 %
Copper (Grade A U$/MT)
5,541.0
-0.1 %
-13.4 %
-13.0 %
Norwegian Property
Zink (U$/MT)
2,119.8
1.7 %
-2.6 %
-2.2 %
Olav Thon Eiendomsselskap
Currencies
NOK/USD
NOK/EUR
8.8 %
31,434
15,296
51%
0.00%
1.8
10.4
0.0 %
3.0 %
3.0 %
14,902
5,704
62%
0.00%
1.1
156.0
4.0 %
24.3 %
24.3 %
33,123
16,605
50%
0.90%
1.2
Selvaag Bolig
20.9
2.5 %
4.0 %
4.0 %
4,207
1,960
53%
2.39%
0.8
Storm Real Estate
12.3
-2.0 %
-2.0 %
-2.0 %
275
236
14%
13.06%
3.9
Veidekke
79.8
2.2 %
8.1 %
8.1 %
12,226
10,663
13%
3.76%
4.4
Finland
EUR
%
%
%
NOKm
NOKm
%
%
x
3.0
1.3 %
16.5 %
16.5 %
28,783
15,755
45%
4.99%
1.4
4.1
5.3 %
4.0
Last
Last week
Last month
YTD
7.8
0.5 %
5.1 %
5.1 %
Citycon
8.8 %
8.8
1.5 %
-2.3 %
-2.2 %
Sponda
12.7 %
12.7 %
10,202
56%
4.41%
0.8
SEK/EUR
9.4
0.0 %
-1.5 %
-1.5 %
Technopolis
3.1 %
8.6 %
8.6 %
10,945
3,782
65%
2.49%
0.9
NOK/SEK
94.4
1.2 %
-1.1 %
-1.7 %
Denmark
DKK
%
%
%
NOKm
NOKm
%
%
Jeudan
586.0
1.0 %
6.2 %
6.2 %
22,069
7,709
65%
2.05%
1.4
2.2
3.3 %
2.8 %
2.8 %
3,638
31
n.a.
n.a.
n.a.
Nordicom
23,104
Note: For comparison reasons, we have chosen to have a single currency on Market Cap and EV
x
Source: Reuters
* Based on lastest company reports and current market capitalization figures
Equity chart - Norway
Equity chart - Sweden
180
180
170
170
160
160
150
150
140
140
130
130
120
120
110
110
100
Source: Reuters
100
90
80
Jan-13
Apr-13
Jul-13
OSEBX
Oct-13
PREX Norway
Jan-14
Apr-14
Norwegian Property
Jul-14
Oct-14
Jan-15
90
Jan-13
Olav Thon
Apr-13
Jul-13
OMX
Oct-13
PREX Sweden
Jan-14
Hufvudstaden
Apr-14
Castellum
Jul-14
Oct-14
Jan-15
Wallenstam
Source: Reuters
– Page 1 –
Interest rate term structure – Nordic
Sight deposit rates - Nordic
2.0 %
2.5 %
1.5 %
2.0 %
1.0 %
1.5 %
0.5 %
1.0 %
0.5 %
0.0 %
3m
1Y swap
2Y swap
3Y swap
4Y swap
5Y swap
7Y swap
10Y swap
0.0 %
2010
-0.5 %
Norway
Sweden
Denmark
2011
2012
Norway
Euro
2013
Sweden
2014
Denmark
2015
Euro
Source: Reuters
Short term interest rates - Nordic
Long term interest rates (5y swaps) - Nordic
3.5 %
4.5 %
3.0 %
4.0 %
3.5 %
2.5 %
3.0 %
2.0 %
2.5 %
2.0 %
1.5 %
1.5 %
1.0 %
1.0 %
0.5 %
0.5 %
0.0 %
0.0 %
Jan-10
Jan-11
Jan-12
NIBOR
Jan-13
STIBOR
CIBOR
Jan-14
Jan-10
Jan-15
Jan-11
Jan-12
Norway
EURIBOR
Jan-13
Sweden
Denmark
Jan-14
Jan-15
Euro
Source: Reuters
Yield gap – Oslo office
Yield gap – Stockholm office
8.0 %
8.0 %
7.0 %
7.0 %
6.0 %
6.0 %
5.0 %
5.0 %
4.0 %
4.0 %
3.0 %
3.0 %
2.0 %
2.0 %
1.0 %
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
10Y swap
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
1.0 %
Jan-08
Jan-09
Oslo office yields
Jan-10
Jan-11
10Y swap
Jan-12
Jan-13
Jan-14
Jan-15
Stockholm office yields
Source: Pangea Property Research
Recent transactions – Norway and Sweden
Norway
Property
Date
Seller
Type
Estimated value (NOKm)
Size (Sqm)
Kalbakkveien 6, Oslo
Jan-15
Gunnar Landgraff Eiendom AS / Cognito AS
Private investor
Buyer
Retail
110
8,000
n.a.
Adviser
Portfolio of 6 properties in Lillestrøm, Moss and Fr. stad
Jan-15
Entra ASA
Hemfosa Fastigheter AB
Office (public institutions)
1,375
63,000
Pangea, Newsec
Nygårdskrysset Næringspark, Ås
Jan-15
Coop Eiendom
Syndicate
Retail
300-400
n.a.
n.a.
Grenseveien 95, Helsfyr
Jan-15
DNB Liv
Aberdeen Eiendomsfond Norge 1
Office
n.a.
10,500
n.a.
Industrial property at Aurskog
Jan-15
07 Aurskog AS
Harlem Eiendom AS
Industrial
55
n.a.
Haslevangen 45/47, Oslo
Jan-15
Haslelund Bygg AS
Syndicate
Office
195
6,000
n.a.
Drammensveien 211-213, Oslo
Jan-15
Egil Stenshagen
DTZ Corporate Finance
Office
220
11,000
Newsec (sell-side)
Realia (sell-side)
Sweden
Property
Date
Seller
Buyer
Type
Estimated value (SEKm)
Size (Sqm)
Metropol, Helsingborg
Jan-15
Midroc Property
Executive Property
Hotel, office, retail
n.a.
10,000
Leimdörfer (sell-side)
Briggen 5, Överby
Jan-15
Coop Fastigheter
Thon Property
Retail
n.a.
10,000
n.a.
Adviser
Kålsered 1:36, Torslanda Gothenburg
Jan-15
Göteborgs Stad
Prologis
Undeveloped land (logistics)
n.a.
130,000
n.a.
9 properties, across southern and central Sweden
Jan-15
Hemfosa
Estancia
Logistics, warehouse
900
116,000
n.a.
Berga 11:94, Österåker
Jan-15
Tegeltornet
Tenant association
Residential, office
155
8,800
n.a.
Marievik 27 & 30, Stockholm
Jan-15
Aberdeen
Brostaden (Castellum)
Office
324
11,500
n.a.
Skärholmen Centrum (6 properties), Stockholm
Jan-15
Centeni
Grosvenor
Retail
3,200-3,300
106,400
CBRE (sell-side), PwC (buy-side)
Source: Pangea Property Research
Contact details
STOCKHOLM
Pangea Property Partners KB
Visiting: Norrlandsgatan 15, 7th floor
Postal: Box 7740, 103 95 Stockholm
Tel +46 8 545 25 780
www.pangeapartners.se
OSLO
Pangea Property Partners AS
Tjuvholmen Allé 3-5, 8th floor
N-0250 Oslo
Tel +47 21 95 80 70
www.pangeapartners.no
– Page 2 –