Stendörren was founded in 1995 by Lars Andersson, via its parent company Kvalitena AB. Since then, the company has owned, developed and managed warehouses, logistics, industrial premises and office spaces in Stockholm and Mälardalen, with two overall goals:
We invest first and foremost in properties with development potential. This can mean that they have rent levels below market, vacancies that need to be filled, existing and potential planning permission that can be developed or other potential that can be converted into improved net operating income or increased property value.
Stendörren’s acquisition activity increases significantly and the number of properties in the portfolio increases to 135 with a total property value of SEK 11.7 billion at the end of the year. Acquisitions are made in Borås but also for the first time outside Sweden – in Copenhagen and Oslo. Bonds for a total of SEK 1.3 billion are issued during the year, which enables a higher growth rate. The dividend policy is adjusted and a new financial target is added – the annual growth in long-term net asset value should exceed 15 percent. The company decides to develop 350 appartments in Botkyrka and a building permit is obtained. In addition, the company receives building permits for a number of other facilities in warehousing, logistics and light industry around Mälardalen.
Erik Ranje takes over as the new CEO and the company’s management team is renewed. The Group’s property value rises and amounts to SEK 9.5 billion at the end of the year. Rental income increases by 7 percent to SEK 631 million and operating net increases by 21%, despite an outbreak of pandemic with major effects for tenants and society in general.
The company’s property value grows to SEK 8.6 billion, with a property portfolio of 122 properties. During the year, the company issues a hybrid bond which entails financing of SEK 800 million and a significant strengthening of the company’s equity / assets ratio.