Swiss Life REF Nordic 2018 Quarterly Report | 2nd Quarter 2026
Photo: Shutterstock
Swiss Life REF Nordic 2018
Fund Information
Date
Event
Amount
01.02.2018
Closing I
NOK 505 million
12.06.2018
Closing II
NOK 314 million
05.04.2018
Acquisition of Sørlandet Næringsbygg AS
27.04.2018
Acquisition of Gothev Holding AB
04.12.2018
Closing III
NOK 564 million
31.01.2019
Closing IV - Final Closing
NOK 229 million
15.03.2019
Acquisition of Finlog II AS
22.05.2019
Acquisition of Risavika Kombibygg AS
01.06.2019
Acquisition of Finlog III AS
11.06.2019
Distribution to investors
30.09.2019
Acquisition of Stockhlog AB
04.11.2019
Acquisition of Postlog AS
26.11.2019
Distribution to investors
NOK 64 million
03.12.2020
Distribution to investors
NOK 32 million
30.05.2021
Sale of Finlog III AS
NOK 48 million
Source: Unknown, investment memorandum from Nordicals
Page 2
Swiss Life REF Nordic 2018
Fund Information
Date
Event
Amount
17.06.2021
Distribution to investors
30.09.2021
Acquisition of Norrlog II AB
11.11.2021
Distribution to investors
31.03.2022
Sale of Risavika Kombibygg AS
16.05.2022
Distribution to investors
NOK 277 million
05.12.2022
Distribution to investors
NOK 39 million
14.12.2023
Distribution to investors
NOK 32 million
19.06.2024
Distribution to investors
NOK 45 million
18.12.2024
Distribution to investors
NOK 32 million
17.06.2025
Distribution to investors
NOK 58 million
10.12.2025
Distribution to investors
NOK 45 million
15.06.2026
Distribution to investors
NOK 64 million
NOK 400 million
NOK 116 million
Source: Unknown, investment memorandum from SPG corp
Page 3
Swiss Life REF Nordic 2018
Source: Unknown, investment memorandum from Nordicals
Page 4
Table of Contents 8 Quarterly Highlights and Return 12 Fund Portfolio 17 Tenant Relations 21 Financing 22 Risk Management 24 Appendix 31 Team
Swiss Life REF Nordic 2018
Page 5
Fund Information
Fund Information Inception Date
Term
Investment Period Return Target Annual Distribution Target Legal Entity Name (AIF)
Seven years from the end of the Investment Period, extendable by consent of Investors representing at least 2/3 of total Commitments Ended February 2021 10-12% p.a. 5-8% Swiss Life REF Nordic 2018 AS
Investment Focus
Commercial Real Estate
Real Estate Focus
Logistics, office, warehouse, light industry and retail sectors (including mixed-use)
Geographical Focus
Source: Unknown, investment memorandum from Skanska/JC
17th of January 2018
Nordics (excl. Iceland)
Total Committed Capital
NOK 1,612 million
Paid In Capital
NOK 1,612 million
Swiss Life REF Nordic 2018
Page 6
Fund Information
”The fund achieved a quarterly return of 1.1% in Q2 and distributed NOK 1.0 per share to its investors”
Mäntsälä Arlandastad Swiss Life REF Nordic 2018 AS
Norrköping Kristiansand
Göteborg Växjö
Portfolio Company 1
Portfolio Company 2
Portfolio Company n
Helsingborg Køge
Swiss Life REF Nordic 2018
Page 7
Dear Shareholder
Dear Shareholder
The return for Swiss Life REF Nordic 2018 AS in Q2 2026 was 1.1 % per share, mainly driven by net lease income. Total return since inception is 63.1% per share (based on NOK 25 per share at inception).
The Fund’s property portfolio primarily consists of modern, well-located assets leased to financially sound tenants under long-term lease agreements. Approximately 90% of the portfolio is comprised of logistics properties.
PostNord has decided not to exercise the termination option for the TPL warehouse in Køge (Postlog AS). Consequently, the lease agreement will remain irrevocable through 19 December 2032. Apart from this extension, there have been no significant changes to the portfolio. Property operations continue in line with plan and budget. Contractually agreed rent has been received from all tenants across the portfolio, including prepaid rent for the third quarter of 2026 (July rent for tenants paying on a monthly basis). At present, we see no indications that any tenant will be unable to meet its lease obligations going forward.
Our strategy is to pursue a gradual divestment of the properties over the coming period. The fund has a formally defined initial term through Q1 2028. We have received concrete interest in the fund’s properties on several occasions; however, this has not yet materialized. We currently expect the next dividend distribution to be made in December. We wish all shareholders of the Fund a pleasant late summer.
The financing situation across the Fund’s portfolio companies remains stable, with all loan facilities being serviced in accordance with their respective loan agreements. As of the second quarter of 2026, the portfolio companies had an average loan-to-value ratio of approximately 53%. Approximately 92% of the total outstanding debt is hedged against interest rate fluctuations. The properties are valued by independent third parties on a semi-annual basis, in Q2 and Q4. Property values as of Q2 2026 remained largely unchanged compared to Q4 2025. The Nordic real estate market has continued the stabilization trend that began in the second half of 2025 throughout 2026. The logistics segment remains one of the most attractive sectors, supported by strong structural demand and robust rental growth.
Eirik Forthun - Senior Portfolio Manager Swiss Life Asset Managers Nordic
Swiss Life REF Nordic 2018
Page 8
Quarterly Highlights and Returns
Return The quarterly return was positive, mainly driven by net rent.
NAV per share at the end of the quarter was NOK 21.1 (1,359.8 MNOK). The quarterly return was 1.1 % per share.
Source: Shutterstock
Net lease income, after interest expenses, contributed NOK 0.4 per share (1.6 %) during the quarter. Positive property value adjustments added NOK 0.1 per share (0.2 %), while favourable foreign exchange movements contributed NOK 0.1 per share (0.3 %). Lower interest rates resulted in a negative fair value adjustment of the interest rate swaps, reducing returns by NOK 0.1 per share (-0.5 %). Other costs and items impacted returns by NOK -0.1 per share (-0.5 %).
Swiss Life REF Nordic 2018
Quarterly Highlights and Returns
Page 9
Total Return
Swiss Life REF Nordic 2018
Net Asset Value (NOK mill)
1,359.8
Accumulated distributions (NOK mill)
1,254.1
Accumulated distributions + NAV (NOK mill)
2,613.9
Total Return (NOK mill)
1001.8
Total Return (%)
62.1%
IRR since inception
9.6%
Multiples (NAV + Acc. Distributions)/Paid in Capital
1.6x
Distributions/Paid in Capital
0.8x
NAV/Paid in Capital
0.8x
Year-to-Date Return YTD Return (NOK mill) YTD Return (%)
-0.3 -0.02%
Quarterly Return
Source: Swiss Life
Quarterly Return (NOK mill)
15.1
Quarterly Return (%)
1.1%
Swiss Life REF Nordic 2018
Page 10
Quarterly Highlights and Returns
Swiss Life REF Nordic 2018 (NOK mill)
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
NAV in NOK per share
25.0
24.8
25.1
29.1
27.0
25.8
25.7
26.3
26.7
26.3
26.7
Acc. Paid in Capital
505.1
505.1
505.1
505.1
805.1
1,205.1
1,612.1
1,612.1
1,612.1
1,612.1
1,612.1
Net Asset Value (NAV)
504.3
501.7
507.7
588.3
869.7
1,244.7
1,657.2
1,698.9
1,722.4
1,692.8
1,719.7
-
-
-
-
-
48.2
48.2
112.7
112.7
112.7
112.7
Acc. distributions + NAV
504.3
501.7
507.7
588.3
869.7
1,292.9
1,705.4
1,811.5
1,835.1
1,805.5
1,832.4
Swiss Life REF Nordic 2018 (NOK mill)
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
NAV in NOK per share
28.1
28.5
25.7
26.2
27.4
27.8
25.3
26.0
21.8
22.8
22.7
Acc. Paid in Capital
1,612.1
1,612.1
1,612.1
1,612.1
1,612.1
1,612.1
1,612.1
1,612.1
1,612.1
1,612.1
1,612.1
Net Asset Value (NAV)
1,815.1
1,839.2
1,658.7
1,687.9
1,764.9
1,793.4
1,634.6
1,674.2
1,407.3
1,472.4
1,462.7
Accumulated distributions
144.9
144.9
544.7
544.7
660.8
660.8
938.1
938.1
976.8
976.8
976.8
Acc. distributions + NAV
1,960.1
1,984.2
2,203.4
2,232.6
2,425.7
2,454.3
2,572.7
2,612.3
2,384.1
2,449.2
2,439.4
Swiss Life REF Nordic 2018 (NOK mill)
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
NAV in NOK per share
22.7
21.6
22.0
21.2
21.4
21.4
21.7
21.4
21.6
22.1
21.9
Acc. Paid in Capital
1,612.1
1,612.1
1,612.1
1,612.1
1,612.1
1,612.1
1,612.1
1,612.1
1,612.1
1,612.1
1,612.1
Net Asset Value (NAV)
1,462.5
1,395.0
1,416.9
1,370.1
1,381.3
1,376.8
1,397.0
1,377.1
1,395.3
1,424.6
1,409.2
Accumulated distributions
976.8
1,009.0
1,009.0
1,054.2
1,054.2
1,086.4
1,086.4
1,144.5
1,144.5
1,189.6
1,189.6
Acc. distributions + NAV
2,439.3
2,404.0
2,426.0
2,424.3
2,435.5
2,463.2
2,483.4
2,521.6
2,539.7
2,614.2
2,598.8
Accumulated distributions
Swiss Life REF Nordic 2018
Quarterly Highlights and Returns
Swiss Life REF Nordic 2018 (NOK mill)
Q2 2026
NAV in NOK per share
21.1
Acc. Paid in Capital
1,612.1
Net Asset Value (NAV)
1,359.8
Accumulated distributions
1,254.1
Acc. distributions + NAV
2,613.9
Page 11
Swiss Life REF Nordic 2018
Page 12
Quarterly Highlights and Returns
2,800
NAV per share (Swiss Life REF Nordic 2018 AS)*
2,600
45
2,400
+ 2.2
+ 0.0
+ 5.6
40
- 4.4
2,200 16.3 19.7
30 25
Dividends NAV
2,000
+ 12.2
35
Paid-in equity
25.0
1,800 1,600 1,400
20
1,200
15
1,000
21.2
10
21.1
800 600
5
400
0
200 Initial share price
Net rent
Property values
FX-rate
Swap values
Expenses
Acc. Dividends & NAV 30.06.2026
* The values shown are per the total number of shares as of 30.06.2026. As such, these might differ slightly from values reported on a per share basis prior to the final share issue.
0
| 2018 |
2019
|
2020
|
2021
|
2022
|
2023
|
2024
| 2025 |
2026
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Swiss Life REF Nordic 2018
Page 13
Fund Portfolio
Fund Portfolio The fund portfolio consists of six portfolio companies with ownership of 11 properties leased to 16 tenants.
Per the end of the quarter the properties are valued at NOK 3,234 million, where Swiss Life REF Nordic 2018’s share is NOK 2,913 million. Total lettable area is 206,511 sqm where the Fund’s share is 185,600 sqm. The annual net rent is NOK 188 million of which the Fund share is NOK 171 million. Key Information
Fund Share
Total portfolio
Gross property value
NOK 2,913
NOK 3,234
Square meters (sqm)
185,600
206,511
NOK 15,697
NOK 15,660
NOK 979 mill.
NOK 1,057 mill.
Loan-To-Value (LTV)
53 %
54 %
Fixed interest
92 %
92 %
Market Yield*
5.8 %
5.8 %
5.5 years
5.9 years
Value/sqm Invested Capital
WAULT
Source: Unknown, investment memorandum from Savills
*Market Yield is defined as being rent less operational costs divided by the latest market value of the property.
Swiss Life REF Nordic 2018
Page 14
Fund Portfolio
Property Values Portfolio Company
Sørlandet Sørlandet Næringsbygg Næringsbygg
Gothev Holding AB
Gothev Gothev Gothev Gothev Holding AB Holding AB Holding AB Holding AB
Gothev Finlog II Holding AB AS
Risavika Finlog III AS Kombibygg AS
Stockhlog AB
Postlog AS
Norrlog II AB
Property
Kristiansand, Buråsen 24
Kristiansand, Dvergsnesbakken 3,
Göteborg Kålltorp 127:3
Mölndal Näverluren 1
Mölndal Näverluren 2
Växjö Kontrolltornet 1
Helsingborg Nyhagshuset 1
Helsingborg Nyhagshuset 1
Gneissitie 1 Mäntsälä
Niinistönkatu 16-18 & Lääninrajankatu
Energiveien 12 A Risavika
Daléns gata 7 Sigtuna
Nordhøj 12 & Ullsvei 1
Ströbogata Norrköping
Currency
NOK
NOK
SEK
SEK
SEK
SEK
SEK
SEK
EUR
EUR
NOK
SEK
DKK
SEK
Q2 2018
105.0 mill.
104.5 mill.
240.3 mill.
56.2 mill.
34.2 mill.
318.1 mill.
155.2 mill.
154.8 mill.
Q4 2018
105.0 mill.
104.5 mill.
268.0 mill.
63.0 mill.
39.0 mill.
327.0 mill.
174.0 mill.
157.0 mill.
Q2 2019
105.5 mill.
101.1 mill.
275.0 mill.
66.0 mill.
40.0 mill.
335.0 mill.
175.0 mill.
161.0 mill.
18.7 mill.
68.5 mill.
337.5 mill.
Q4 2019
105.0 mill.
100.9 mill.
278.0 mill.
67.0 mill.
40.4 mill.
340.0 mill.
177.0 mill.
178.0 mill.
20.9 mill.
68.5 mill.
350.0 mill.
258.0 mill.
582.0 mill.
Q2 2020
96.4 mill.
89.0 mill.
256.0 mill.
66.0 mill.
37.0 mill.
334.0 mill.
175.0 mill.
176.0 mill.
20.8 mill.
67.9 mill.
333.0 mill.
250.0 mill.
587.0 mill.
Q4 2020
92.7 mill.
85.8 mill.
250.0 mill.
67.5 mill.
37.0 mill.
344.0 mill.
180.0 mill.
184.0 mill.
21.8 mill.
68.1 mill.
345.0 mill.
257.0 mill.
599.0 mill.
572.0 mill.
Q2 2021
80.8 mill.
85.6 mill.
255.0 mill.
68.0 mill.
38.0 mill.
364.0 mil.
185.0 mill.
193.0 mill.
24.9 mill.
Sold
355.0 mill.
266.0 mill.
613.0 mill.
579.0 mill.
Q4 2021
68.9 mill.
80.0 mill.
262.0 mill.
71.0 mill.
40.0 mill
390.0 mill.
200.0 mill.
206.0 mill.
25.3 mill.
Sold
375.0 mill.
283.0 mill.
698.0 mill.
623.0 mill.
Q2 2022
68.0 mill.
75.5 mill.
265.0 mill.
71.0 mill.
40.4 mill
400.0 mill.
207.0 mill.
210.0 mill.
25.4 mill.
Sold
Sold
290.0 mill.
730.0 mill.
628.0 mill.
Q4 2022
45.3 mill.
71.4 mill.
250.0 mill.
68.0 mill.
38.0 mill.
371.0 mill.
190.0 mill.
195.0 mill.
24.8 mill.
Sold
Sold
270.0 mill.
633.0 mill.
589.0 mill.
Q2 2023
45.4 mill.
60.4 mill.
242.0 mill.
67.1 mill.
36.9 mill.
366.0 mill.
184.0 mill.
195.0 mill.
24.8 mill.
Sold
Sold
270.0 mill.
641.0 mill.
575.0 mill.
Q4 2023
43.8 mill.
60.5 mill.
237.0 mill.
66.9 mill.
36.3 mill.
364.0 mill.
183.0 mill.
192.0 mill.
24.0 mill.
Sold
Sold
264.0 mill.
635.0 mill.
563.0 mill.
Q2 2024
57.9 mill.
59.8 mill.
235.0 mill.
66.9 mill.
36.3 mill.
360.0 mill.
183.0 mill.
192.0 mill.
25.7 mill.
Sold
Sold
263.0 mill.
623.0 mill.
550.0 mill.
Q4 2024
58.8 mill.
61.2 mill.
235.0 mill.
66.2 mill.
35.9 mill.
362.0 mill.
184.0 mill.
192.0 mill.
26.1 mill.
Sold
Sold
263.0 mill.
613.0 mill.
550.0 mill.
Q2 2025
57.5 mill.
59.6 mill.
235.0 mill.
Sold
Sold
364.0 mill.
185.0 mill.
193.0 mill.
26.1 mill.
Sold
Sold
266.0 mill.
623.0 mill.
550.0 mill.
Q4 2025
58.3 mill.
59.9 mill.
232.0 mill.
Sold
Sold
371.0 mill.
187.0 mill.
195.0 mill.
26.1 mill.
Sold
Sold
272.0 mill.
632.0 mill.
565.0 mill.
Q1 2026
58.3 mill.
59.9 mill.
232.0 mill.
Sold
Sold
371.0 mill.
187.0 mill.
195.0 mill.
26.1 mill.
Sold
Sold
272.0 mill.
632.0 mill.
565.0 mill.
Q2 2026
56.3 mill.
58.3 mill.
234.0 mill.
Sold
Sold
372.0 mill.
188.0 mill.
196.0 mill.
26.0 mill.
Sold
Sold
274.0 mill.
632.0 mill.
569.0 mill.
Swiss Life REF Nordic 2018
Page 15
Fund Portfolio
Fund Portfolio Location
Segment
Net rent 2026 (MNOK)***
WAULT
Fund Ownership*
Share of Portfolio (Net Rent)
Market Yield**
Sqm
Main Tenant
4.2 25.07.2028
95.0%
2.3 %
8.9 %
Kristiansand
Office
7,522
National Oilwell Varco Norway AS + Momentum Industrial AS + Sørlandet Sykehus (October 2024) +Vacant
Kristiansand
Office
5,250
National Oilwell Varco Norway AS
5.2 31.12.2033
95.0%
2.9 %
7.6 %
23.5 12.05.2030
100.0%
13.8 %
10.0 %
Gøteborg
Retail
10,003
Media Markt Sweden, Airhop AB,Max Hamburger-restauranger AB, S.A.T.S Sports Club, m.fl.
Växjö
Logistics
27,409
Atea Logistic AB
22.3 31.03.2031
100.0%
13.1 %
6.0 %
Helsingborg
Logistics
17,640
Speed Group AB
10.7 31.12.2030
100.0%
6.2 %
5.7 %
Helsingborg
Logistics
10,833
Frigoscandia AB
10.8 11.03.2032
100.0%
6.3 %
5.6 %
Mäntsälä
Logistics
19,706
Maskun Kalustetalo Oy
15.6 15.03.2039
99.5%
9.1 %
5.5 %
Sigtuna
Logistics
14,320
Nelco Contact AB
15.1 30.09.2031
97.0%
8.8 %
5.7 %
Køge
Logistics
56,097
PostNord TPL A/S & Post Danmark A/S
49.0 22.03.2033
98.5%
28.7 %
5.3 %
Norrköping
Logistics
37,731
Martin & Servera Logistik AB
15.0 31.12.2036
49.9%
8.8 %
5.2 %
* Swiss Life REF Nordic 2018’s percentage ownership in the portfolio company ** Market Yield is defined as being rent less operating costs divided on the latest market value of the property *** Rent is converted to NOK using the quarter end FX-rates and relates to Swiss Life REF Nordic 2018 AS’ share
Swiss Life REF Nordic 2018
Page 16
Fund Portfolio
Lease Term (years)* Maskun Kalustetalo Oy Airhop AB Martin & Servera Logistik AB Power AB National Oilwell Varco Norway AS PostNord TPL A/S Frigoscandia AB Nelco Contact AB Sova Stockholm Retail AB Atea Logistics AB Speed Group AB Post Danmark A/S Max Burgers AB S.A.T.S Sports Club Sweden AB WAULT
Source: Arno Senoner
0
2
4
* Only tenants above 1 % of total fund net rental income are included
6
8
10
12
14
16
Swiss Life REF Nordic 2018
Page 17
Fund Portfolio
Distribution per segment*
Distribution per country*
Retail, 6%
Distribution by investment* Martin & Servera National Oilwell 1% Torpavallen, 6% Logistik, 8%
Finland, 15%
Office, 1%
Norway, 1%
Sweden, 53%
PostNord TPL/ Post Danmark, 31%
Atea, 13%
Speed, 7% Frigoscandia, 8%
Denmark, 31% Masku, 15% Logistics, 93%
* Distribution based on share of NAV
Nelco, 11%
Swiss Life REF Nordic 2018
Page 18
Tenant Relations
Tenant Relations All tenants pay rent according to the lease agreement. Weighted average lease term for the portfolio is 5.5 years.
GOTHEV HOLDING AB Modern logistics building Atea Logistics AB - Växjö Logistics property of 27,409 sqm on a plot with the size of 57,887 sqm. The lease agreement with Atea Logistics AB began at completion in April 2019, and runs until April 2031 (12 years). The lease is adjusted annually by 100% of the change in CPI. The tenant has an option of five years prolongation of the lease agreement, with a 24 months notification period. The owner is only responsible for replacement of technical installations, insurance and its own administration costs. The rent is guaranteed for by ATEA ASA. Source: Unknown, investment memorandum from Savills
It is estimated to be a development potential of 4,000 – 8,000 sqm on the plot.
Swiss Life REF Nordic 2018
GOTHEV HOLDING AB Modern bigbox retail property in Gothenburg Two buildings totalling 10,003 sqm with 390 outdoor parking spaces. The property is leased to six tenants; Power AB, Airhop AB, Max Burgers AB, SATS Sports Club AB, Arken Zoo Holding AB og Sova AB. Weighted length of the lease agreements is May 2030. All lease agreements are adjusted yearly by 100% of the change in CPI. The owner is responsible for outside maintenance of the building, replacement and maintenance of technical installations, insurance and its own administration costs.
GOTHEV HOLDING AB Modern logistics property Frigoscandia AB (previously Bring) - Helsingborg
FINLOG II AS Modern logistics property Maskun Kalustetalo Oy – Mäntsälä (Greater Helsinki Area)
Logistics building of 10,833 sqm. The lease agreement with Frigoscandia AB started at completion in March of 2019, and runs until March 2032. The lease is adjusted annually by 100% of the change in CPI. The tenant has an option of five years prolongation of the lease agreement, with a 24 months notification period The owner is responsible for replacement of technical installations, insurance and own administration costs.
Logistics building of 19,703 sqm completed in 2018. The lease agreement with Maskun runs until March 2039.
The property is LEED-certified at a gold level. GOTHEV HOLDING AB Modern logistics property Speed Group AB (prev. Plantagen Logistik AB) - Helsingborg Logistics building of 17,640 sqm. The lease agreement with Plantagen Logistik AB started at completion in March of 2019, and ran initially until March 2026. The lease agreement was extended in January 2024 by 5 years until December 2030. The lease is adjusted annually by 100% of the change in CPI within a range of minimum 1.5% and maximum 4.5%. The tenant has an option of five years prolongation of the lease agreement, with a 24 months notification period. The tenant is subject to a penalty in case they do not exercise the option for 5 years prolongation beyond 2030. The owner is responsible for replacement of technical installations, insurance and own administration costs. It is estimated a development potential of 1,000 – 2,000 sqm at the plot.
Page 19
Tenant Relations
It is estimated a development potential of 1,000 – 2,000 sqm at the plot. STOCKHLOG AB Modern logistics facility Nelco Contact AB – Arlandastad (Close to the airport outside Stockholm) Nelco’s new HQ and logistics facility of 14,320 sqm. The lease agreement with Nelco runs until September 2031. The lease is adjusted annually by 100% of the change in CPI. After the lease period the lease is automatically extended by 3 years, if not terminated within a 24 month notice period. The owner is responsible for structural repairs/replacements, technical installments and its own administration.
The lease is structured as a triple-net agreement, under which the landlord is only responsible for its own administrative costs. The rent is subject to annual indexation based on 100% of the CPI. Unless either the tenant or the landlord provides notice of termination at least 30 months prior to expiry, the lease will automatically be extended for an additional 7.5-year term. POSTLOG AS Two modern logistics facilities Post Danmark A/S and Postnord TLP A/S – Køge High quality and flexible warehouse (30,929 sqm.) and terminal (25,168 sqm.) fully let to two subsidiaries of Postnord AB. The properties were completed in 2017. Weighted lease term until 22.01.2033 (excluding break option). Break option for the terminal with economic effect from February 2028. If the option is called, no compensation is required for Post Danmark A/S. The lease is adjusted annually by 100% of the change in CPI. The owner is responsible for its own administration.
Swiss Life REF Nordic 2018
NORRLOG II AB Modern logistics building Martin & Servera Logistik AB Logistics property of 37,731 sqm on a plot with the size of 119,751. The lease agreement with Martin & Servera Logistik AB runs until December 2036. The lease is adjusted annually by 100% of the change in CPI. The tenant has an option for five years prolongation of the lease agreement with a notice period of 24 months. The landlord is responsible or technical installations and its own administration, while the tenant is responsible for all other costs. SØRLANDET NÆRINGSBYGG AS Two modern office buildings in Kristiansand, Norway National Oilwell Varco Norway AS (NOV), Sørlandet Sykehus, etc. + Vacant The property at Buråsen is 7,522 sqm. NOV vacated the areas on the 30th of June 2021. In Q1 2023 NOV signed a new 10-year lease agreement for 3,432 sqm. Momentum Industrial AS has signed a lease contract for 407 sqm. The agreement runs from 01.09.2023 to 31.08.2028. Sørlandet Sykehus has signed a 10-year lease agreement for 1,514 sqm which starts in October 2024. 2,200 sqm remains vacant. The property at Dvergsnes is 5,250 sqm and the lease agreement with NOV runs until 31.12.2033 with an option to vacate in 2030. The lease is adjusted annually by 100% of the change in CPI. The owner is responsible for external maintenance of the building, replacement of technical installations, insurance and own administration costs. The tenant at the Dvergsnes property is responsible for the property tax.
Tenant Relations
Page 20
Swiss Life REF Nordic 2018
Page 21
Financing
Financing Debt financing is acquired from banks. A substantial portion of interest rate risk is mitigated through fixed interest rate swaps. Per the end of Q2 2026, the loan to value of the portfolio companies (Fund share) was 53 %, where 92 % of the interest rate exposure is fixed. The weighted average interest rate for the portfolio, including margins, was 4.3 % at the end of the quarter. The weighted duration of the interest rate swaps is 1.9 years. The fund has a leverage ratio of 3.8 based on the gross method and 2.1 based on the commitment method. There are no guarantees from the fund to any portfolio companies, except for Postlog AS for covering interest rate in the years 2028/29 in case the tenant terminates the leases. Since the fixed interest rate swaps was entered into, the long-term interest rates have decreased. This results in the swaps being out-of-the money. By the end of Q2 2026, the value of the fixed interest swaps was NOK -2.8 million for the fund.
Source: Unknown, investment memorandum from CBRE
The fund has sold forward SEK 200 million, EUR 11 million and DKK 224 million to reduce foreign currency rate exposure. The market value of the swaps is per Q2 2026 valued at NOK 6.6 million.
Swiss Life REF Nordic 2018
Page 22
Risk Management
The Risk Management Function The Risk Management Function In the Alternative Investment Funds Act (AIFM Act) § 3-7 it is stated that the AIF manager should have a risk management function that is separated from the manager’s operational activities. In Swiss Life Asset Managers Funds is this, among other things, carried out by having separate leaders for the Portfolio Management functions and the Risk Management functions. The Risk Management function shall not perform any tasks that may be in conflict with the operational activities. The Board of Swiss Life Asset Managers Funds has also adopted instructions and a routine collection that all employees must be familiar with and comply with in their daily work.
Source: Shutterstock
The risk management function’s aim is also to support the Management team in the identification and reduction of risk. Central to this work is to facilitate, follow up and control the manager’s due diligence process in the implementation of new investments. With due diligence means review, evaluation and control of the investment object’s legal, technical, financial and other essential elements before the investment decision.
Swiss Life REF Nordic 2018
Risk Management
Risk Management Swiss Life Asset Managers Funds has established a Risk Policy for each AIF. Central is the AIF’s investment mandate, and in addition the Risk Policy contains other qualitative and quantitative management frameworks. The risk-elements are divided into and considered as follows:
Reporting Ongoing reporting to the responsible functions is a key part of the Risk Management function. The purpose of these reports is to document adherence to the relevant commitments, documenting deviations and establish reporting lines for handling exceptions. The Risk Management function reports quarterly as follows:
Market risk Market risk is the risk of losses or reduced future income and sales proceeds resulting from changes in market prices.
• • • •
Credit and counterparty risk Credit risk is the risk of financial loss due to charterers for each investment to meet their payment obligations. Liquidity risk Liquidity risk is the risk that the company is unable to meet short term financial demands when due. This usually occurs due to the inability to convert an asset to cash without a loss of capital in the process. Operational risk Operational risk is the risk of loss resulting from the operation of the investments or as a result of operational errors or weaknesses in the management of the Fund Company. Risk associated with leverage in the Portfolio Companies Risks associated with leverage is the risk of financial loss as a result of leverage in the Portfolio Companies, including non-fulfilment of covenants, amended swap- terms and -conditions, etc.
To investors in the AIFs (this report) To each Board of the AIFs To the Board of Swiss Life Asset Managers Funds To the Financial Supervisory Authority (”Finanstilsynet”)
In addition, it is reported continuously to the Management team of Swiss Life Asset Managers Funds and to the Depositary. The routines contain rules for escalation of the ”discovery” that Risk Management function optionally uncovers, including breach of an AIF’s investment mandate and risk policy. Conflicts of Interest AIF management entails several potential conflicts of interest that require transparency and information according to the AIF framework. The prospectus and private placement memorandum forming the official documentation for Swiss Life REF Nordic 2018, describes such conflict of interest and the management of these. All entities in the Swiss Life Asset Managers Group have guidelines for managing conflicts of interest in their rules and procedures. All agreements involving Swiss Life REF Nordic 2018 and agreements between entities in the Swiss Life Asset Managers Nordic Group are entered into on an arm’s length principle.
Page 23
Periodic information obligation In the Alternative Investment Funds Act (AIFM Act) § 4-3: The Manager must regularly provide the investors with the following information: • The Manager considers 100 per cent of the fund’s assets to be illiquid (with the exception of current operating liquidity/cash balance. This is based on the fact that commercial real estate is an asset class that is difficult to trade. The fund is levered and therefore seeks to maintain a reasonable level of liquidity. From the fund is fully invested surplus liquidity will be paid of to the investors on an ongoing basis (semi-annually) • There are no changes in systems for liquidity management • The Manager considers the fund’s risk profile to be high, based on the fund’s investment mandate which stipulates that all available capital must be invested.
Swiss Life REF Nordic 2018
Page 24
Appendix
Køge, Denmark
Køge, Denmark
Logistics Postnord TLP A/S
Logistics Post Danmark A/S
Source: Unknown, investment memorandum from SPG corp
Source: Unknown, investment memorandum from SPG corp
Property type:
Logistics
Property type:
Logistics
Portfolio company name:
Postlog AS
Portfolio company name:
Postlog AS
Address:
Nordhøj 12, Køge, Denmark
Address:
Ullsvej 1, Køge, Denmark
Year of construction:
2017
Year of construction:
2017
Lettable area (Sqm):
30,929
Lettable area (Sqm):
25,168
Plot size (Sqm):
68,234
Plot size (Sqm):
102,216
Tenant:
Postnord TLP A/S
Tenant:
Post Danmark A/S
Date of acquisition:
04.11.2019
Date of acquisition:
04.11.2019
End of lease term (WAULT):
19.12.2032
End of lease term (WAULT):
17.02.2033 (break option 17.02.2028)
Yield at acquisition:
4.8%
Yield at acquisition:
5.0%
Property price at acquisition:
DKK 262 million
Property price at acquisition:
DKK 320 million
Invested equity in the portfolio company:
DKK 102 million
Invested equity in the portfolio company:
DKK 125 million
Fund share in portfolio company (%):
98.5%
Fund share in portfolio company (%):
98.5%
CPI indexation:
100% of CPI
CPI indexation:
100% of CPI
Swiss Life REF Nordic 2018
Page 25
Appendix
Växjö, Sweden
Gothenburg, Sweden
Logistics Atea Logistics AB
Retail Power AB et al.
Source: Unknown, investment memorandum from Skanska/JC
Source: Unknown, investment memorandum from Skanska/JC
Property type:
Logistics
Property type:
Retail
Portfolio company name:
Gothev Holding AS
Portfolio company name:
Gothev Torpavallen AB
Address:
Nylandavägen, Växjo, Sweden
Address:
Torpavallsgatan, Gothenburg, Sweden
Year of construction:
2019
Year of construction:
2012 / 2013
Lettable area (Sqm):
27,409
Lettable area (Sqm):
10,003
Plot size (Sqm):
57,887
Plot size (Sqm):
27,160
Tenant:
Atea Logistics AB
Date of acquisition:
29.05.2018 (Handover 02.04.2019)
Tenant:
Power AB, Airhop AB,Max Burgers AB etc.
End of lease term (WAULT):
31.03.2031
Date of acquisition:
27.04.2018
Yield at acquisition:
5.3%
End of lease term (WAULT):
12.05.2030
Property price at acquisition:
SEK 318.1 million
Yield at acquisition:
6.4%
Invested equity in the portfolio company:
SEK 124 million
Property price at acquisition:
SEK 240.3 million
Fund share in portfolio company (%):
100.0%
Invested equity in the portfolio company:
SEK 93.4 million
CPI indexation:
100% of CPI
Fund share in portfolio company (%):
100.0%
CPI indexation:
100% of CPI
Swiss Life REF Nordic 2018
Page 26
Appendix
Helsingborg, Sweden
Helsingborg, Sweden
Logistics Frigoscandia AB
Logistics Speed Group AB (previously Plantagen Logistik AB)
Source: Unknown, investment memorandum from Skanska/JC
Source: Unknown, investment memorandum from Skanska/JC
Property type:
Logistics
Property type:
Logistics
Portfolio company name:
Gothev Holding AB
Portfolio company name:
Gothev Holding AB
Address:
Mineralgatan, Helsingborg, Sweden
Address:
Mineralgatan, Helsingborg, Sweden
Year of construction:
2019
Year of construction:
2019
Lettable area (Sqm):
10,833
Lettable area (Sqm):
17,640
Plot size (Sqm):
67,147 (Shared with Plantagen)
Plot size (Sqm):
67,147 (Shared with Frigoscandia)
Tenant:
Frigoscandia AB
Tenant:
Speed Group AB (previously Plantagen Logistic AB)
Date of acquisition:
29.05.2018 (Handover 01.03.2019)
Date of acquisition:
29.05.2018 (Handover 01.03.2019)
End of lease term (WAULT):
11.03.2032
End of lease term (WAULT):
31.12.2030
Yield at acquisition:
5.6%
Yield at acquisition:
5.6%
Property price at acquisition:
SEK 154.8 million
Property price at acquisition:
SEK 155.2 million
Invested equity in the portfolio company:
SEK 61.0 million
Invested equity in the portfolio company:
SEK 61.1 million
Fund share in portfolio company (%):
100.0%
Fund share in portfolio company (%):
100.0%
CPI indexation:
100% of CPI
CPI indexation:
100% of CPI, min 1.5% max 4.5%
Swiss Life REF Nordic 2018
Page 27
Appendix
Sigtuna, Sweden
Norrköping, Sweden
Logistics Nelco Contact AB
Logistics Martin & Servera Logistik AB
Source: Unknown, investment memorandum from A&P fastighetstransaktioner
Source: Martin & Servera
Property type:
Logistics
Property type:
Logistics
Portfolio company name:
Stockhlog AB
Portfolio company name:
Norrlog II AB
Address:
Daléns gata 7, Sigtuna, Sweden
Address:
Ströbogatan, Norrköping, Sweden
Year of construction:
2019
Year of construction:
2021
Lettable area (Sqm):
14,320
Lettable area (Sqm):
37,731
Plot size (Sqm):
~23,000
Plot size (Sqm):
119,751
Tenant:
Nelco Contact AB
Tenant:
Martin & Servera Logistik AB
Date of acquisition:
30.09.2019
Date of acquisition:
13.08.2019 (Handover 30.09.2021)
End of lease term (WAULT):
30.09.2031
End of lease term (WAULT):
31.12.2036 (15 years from completion)
Yield at acquisition:
5.2%
Yield at acquisition:
5.1%
Property price at acquisition:
SEK 235 million
Property price at acquisition:
SEK 470.0 million
Invested equity in the portfolio company:
SEK 94 million
Invested equity in the portfolio company:
SEK 65.6 million
Fund share in portfolio company (%):
97.0%
Fund share in portfolio company (%):
49.9%
CPI indexation:
100% of CPI
CPI indexation:
100 % of CPI
Swiss Life REF Nordic 2018
Page 28
Appendix
Kristiansand, Norway
Kristiansand, Norway
Office National Oilwell Varco Norway AS, etc.
Office National Oilwell Varco Norway AS
Source: Unknown, investment memorandum from SPG corp
Source: Unknown, investment memorandum from SPG corp
Property type:
Office
Property type:
Office
Portfolio company name:
Sørlandet Næringspark AS
Portfolio company name:
Sørlandet Næringspark AS
Address:
Buråsen 24, 28, 30, Kristiansand, Norway
Address:
Dvergsnesbakken 3, Kristiansand, Norway
Year of construction:
2008, 2009, 2011
Year of construction:
2008
Lettable area (Sqm):
7,552
Lettable area (Sqm):
5,250
Plot size (Sqm):
12,493
Plot size (Sqm):
8,371
Tenant:
National Oilwell Varco Norway AS, Sørlandet Sykehus (October 2024), etc. + Vacant
Tenant:
National Oilwell Varco Norway AS
Date of acquisition:
05.04.2018
Date of acquisition:
05.04.2018
End of lease term (WAULT):
31.12.2033
End of lease term (WAULT):
25.07.2028 (51 % of lettable area)
Yield at acquisition:
7.3%
Yield at acquisition:
7.3%
Property price at acquisition:
NOK 104.5 million
Property price at acquisition:
NOK 105 million
Invested equity in the portfolio company:
NOK 80.75 million
Invested equity in the portfolio company:
NOK 80.75 million
Fund share in portfolio company (%):
95%
Fund share in portfolio company (%):
95%
CPI indexation:
100% of CPI
CPI indexation:
100% of CPI
Swiss Life REF Nordic 2018
Appendix
Mäntsälä, Finland Logistics Maskun Kalustetalo Oy
Source: Unknown, investment memorandum from CBRE
Property type:
Logistics
Portfolio company name:
Finlog II AS
Address:
Gneissitie 1, Mäntsälä, Finland
Year of construction:
2018
Lettable area (Sqm):
19,706
Plot size (Sqm):
~47,000
Tenant:
Maskun Kalustetalo Oy
Date of acquisition:
15.03.2019
End of lease term (WAULT):
15.03.2039
Yield at acquisition:
6.3%
Property price at acquisition:
EUR 18.7 million
Invested equity in the portfolio company:
EUR 11.2 million
Fund share in portfolio company (%):
99.5%
CPI indexation:
100% of CPI
Page 29
Swiss Life REF Nordic 2018
Swiss Life Asset Managers Funds AS – AIFM License The Manager was authorized as an alternative investment fund manager January 28 2015, pursuant to the Norwegian Alternative Investment Fund Management Act implemented 1 July 2015. Swiss Life REF Nordic 2018 has been established as an Alternative Investment Fund (AIF). The Manager has notified The Norwegian Financial Supervisory (FSA) of the intent to market the AIF to professional investors and on November 13 2017 the notification was registered. Registration as an AIF requires the appointment of a depositary. View Procurator AS has been appointed as the AIFs depositary. The Manager will be subject to the conflict of interest provisions in the AIFM Act and is legally obligated to take measures to identify, manage and supervise any conflicts of interest that arise in connection with the Manager’s management of the Fund. Please see section Risk Management for further information.
Page 30
Important information This fund update has been prepared by Swiss Life Asset Managers Funds AS (SLAM Funds). The update solely aims to provide guidance and information. Under no circumstances is this update meant to be considered as a tool in financial or investment advising, hereunder recommendations of purchase or sale, with or without compensation, of financial instruments or other forms of financial assets. The information contained herein has been obtained from sources believed to be reliable and in good faith. SLAM Funds can however not guarantee or be held financially or legally responsible for the accuracy, completeness or correctness of the information contained in this fund update. We underline that investing in shipping and/or offshore projects are associated with risk. All investors must be prepared that such investments might result in monetary losses. Anyone who uses this update as a basis for purchasing shares at a later time must make sure that all relevant and updated information is obtained. The information in this fund update is only valid per date of preparation. Possible investors are encouraged to go through the projects thoroughly before investing. All documentation and analyses can be explained by contacting our offices.
Investors are encouraged to seek advice in any type of financial investments made in private or as a corporation. Investors must comply that any statements or comments on future predictions made in this update might not occur. Hereunder, Investors must understand and accept that present gains are not a guarantee for future gains. Any investment described or mentioned in this update is risk sensitive with the possibility of losses occurring. Employees in the Swiss Life Asset Managers Nordic Group and any related parties will from time to time own shares in projects arranged by Swiss Life Asset Managers Transactions, or in funds and companies managed by SLAM Funds. A list of shares owned by employees in the Swiss Life Asset Managers Nordic Group is available upon request to Swiss Life Asset Managers’ Compliance Officer. This update is intended only to those who receive it directly, and must not be copied or in other ways be distributed. SLAM Funds disclaims all liability, both legal and financial, for any losses (directly or indirectly) due to the usage and interpretation of this update and its contents.
Swiss Life REF Nordic 2018
Page 31
Team
Team Ove Christian Norheim Head Funds and Asset Management Mob. +47 93 40 32 41 ove.norheim@swisslife-am.com
Eirik Forthun Senior Portfolio Manager Mob. +47 90 63 90 00 eirik.forthun@swisslife-am.com
André Møller Senior Portfolio Manager Mob. +47 97 76 61 22 andre.moller@swisslife-am.com
Andreas Sagbakken CFO Funds Mob. +47 97 71 49 50 andreas.sagbakken@swisslife-am.com
Martin Stabæk Fund and Investment Management Mob: +47 46 61 38 32 martin.stabaek@swisslife-am.com
Eivind Sverdrup Compliance and Risk Officer Mob. +47 90 19 15 51 eivind.sverdrup@swisslife-am.com
Carsten Rønning Head of ESG Nordic Mob: +47 99 51 32 26 carsten.ronning@swisslife-am.com
Knut Ekjord CEO Mob. +47 92 65 90 01 knut.ekjord@swisslife-am. com
Erlend Torsen Head Transactions Mob. +47 91 72 33 83 erlend.torsen@swisslife-am.com
Kristian Korbu Senior Transaction Manager Mob. +47 95 26 07 90 kristian.korbu@swisslife-am.com
Axel Wroll-Evensen Head of Capital Raising & IR Mob. +47 99 40 44 77 axel.wroll-evensen@swisslife-am.com
Fredrik Holter Head of Compliance & Risk Mob. +47 92 29 34 14 fredrik.holter@swisslife-am.com
Erik Woods Transaction Manager Mob. +47 97 43 28 60 erik.woods@swisslife-am.com
Morten Berg Senior Transaction Manager Mob. +47 41 42 01 01 morten.berg@swisslife-am.com
Ola Haukvik Fund and Investment Management Mob: +47 90 98 59 78 ola.haukvik@swisslife-am.com
Carl Christian Bergsjø Transaction Manager Mob: +47 99 37 51 30 carl.bergsjo@swisslife-am.com
Hans Thomas Tollefsen Transaction Manager Mob: +47 47 39 10 03 hans.thomas.tollefsen@swisslife-am.com
Ellen Baumann Transaction Manager Mob: +47 95 01 31 03 ellen.baumann@swisslife-am.com
Leopold Jørgensen Transaction Manager Mob: +47 97 58 51 24 leopold.jorgensen@swisslife-am.com
Swiss Life Asset Managers Funds AS Post Box 1358 Vika 0113 Oslo Telephone: +47 23 11 64 00 no/swisslife-am.com