According to the manager, real estate companies traded largely sideways during the month.
Two portfolio companies managed to report their fourth-quarter results.
"Platzer delivered slightly better-than-expected results, posting positive net leasing and rising property values. The CEO indicated an improving leasing market. The company will also continue its share buyback program until the annual general meeting. For Atrium Ljungberg, results were roughly in line with expectations, but net leasing was negative and property values were written down slightly. Nevertheless, the CEO remains cautiously optimistic about the property market, noting that the rental market is showing signs of recovery and that the increase in vacancies has peaked," Andersson commented.
An interesting data point highlighted is the National Institute of Economic Research's confidence indicator for property owners, which shows a clear uptick in leasing confidence during the fourth quarter and into the first quarter of 2026. This contrasts with the sector's weak relative performance against OMX, where real estate stocks have long lagged behind, according to the manager.
Other notable events include Trianon CEO and main owner Olof Andersson stepping down to become chairman of the board. This move is said to potentially open the door for structural deals or mergers with other residential property companies. Many players are still described as too small to garner significant attention on the stock exchange and to fully optimize operations and central costs.
Klarabo has announced a major property sale to the company Episurf. The deal was reportedly executed close to book value, but part of the purchase price consists of a three-year seller's promissory note as well as Episurf shares at a premium. Following the transaction, the management decided to reduce the fund's holding in Klarabo.
Additionally, Catena carried out a new share issue of nearly three billion kronor in January.
"The company is already one of the larger holdings in the fund, so we chose not to participate in the issue. Catena has a significant property acquisition of nine billion kronor likely to close soon, and to continue growing, they took the opportunity to raise more capital while the share was trading at a premium to net asset value," Andersson concluded.
The fund's largest holdings at the end of the month were Balder, Sagax, and Pandox, with portfolio weights of 9.3, 7.0, and 5.9 percent, respectively.
| Carnegie Fastighetsfond Norden, % | January, 2026 |
| Fund MM, change in percent | -0.94 |
