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Swiss Life REF ESG Nordic 2024 Quarterly Report | 2nd Quarter 2026
Swiss Life REF ESG Nordic 2024
Date
Event
06.12.2024
Closing I & II
20.12.2024
Acquisition of Finlog IV AS
12.08.2025
Closing III
21.08.2025
Acquisition of Raufoss Industripark Holding AS
26.01.2026
Acquisition of Vanpro Holding ApS
26.06.2026
Closing IV
Page 2
Amount NOK 540 million
NOK 324 million
NOK 741 million
Photo: Unknown, investment memomrandum from JLL
Swiss Life REF ESG Nordic 2024
Page 3
Table of Contents 4 Fund Information 7 Quarterly Highlights and Return 10 Fund Portfolio 15 Tenant Relations 17 Financing 18 ESG 19 Risk Management 21 Appendix 24 Team
Photo: Unknown, investment memomrandum from JLL
Swiss Life REF ESG Nordic 2024
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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 from Investors representing at least 2/3 of total Commitments Two years from the last closing date 8-10% p.a. 4-6% Swiss Life REF ESG Nordic 2024 AS
Investment Focus
Commercial Real Estate
Real Estate Focus
Logistics, office, warehouse, light industry and retail sectors (including mixed-use)
Geographical Focus
Photo: Unknown, investment memomrandum from Nordicals
6th of December 2024
Nordics (excl. Iceland)
Committed Capital Share Class A
NOK 1,571 million
Committed Capital Share Class B
NOK 16 million
Committed Capital Share Class C
NOK 18 million
Total Committed Capital
NOK 1,605 million
Paid In Capital
NOK 1,259 million
Swiss Life REF ESG Nordic 2024
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Fund Information
”After the reporting period, the Fund acquired a centrally located retail property in Malmö, fully let to Åhléns on a 20-year lease agreement.”
Raufoss Hyvinkää
Company Structure Swiss Life REF ESG Nordic 2024 AS
Portfolio Company 1
Portfolio Company 2
Portfolio Company n
Vanløse
Swiss Life REF ESG Nordic 2024
Fund Information
Page 6
Fund update
The return for Swiss Life REF ESG Nordic 2024 AS in Q2 2026 was -0.4 % and total return since inception is 2.8 %. The properties in the fund’s portfolio perform in accordance with plan and budget, reflecting stable operational execution. In Q2 2026 the fund ended its subscription period. The final close added NOK 741 million to the committed capital, bringing the total committed capital to NOK 1,605 million. The investment period is ongoing, with the Manager actively progressing the investment pipeline. Our market outlook for the Nordic real estate sector remains positive, and we are observing increasing transaction activity across the region. Financing conditions have improved, and banks are offering attractive terms for projects they consider strong and which are acquired by well-known clients.
Following the end of the reporting period, the Fund completed the acquisition of a retail property situated on Malmö’s premier shopping street. The asset is fully let to Åhléns, a leading Swedish department store retailer, on a 20-year lease agreement. Åhléns is a well-recognised consumer brand with an extensive footprint across key Nordic urban and regional markets. The property comprises 6,423 sqm of lettable area, with approximately 70% allocated to retail sales space. After the latest investment in July, The Fund’s real estate portfolio currently consists of four properties located in Norway, Sweden, Denmark, and Finland. The Fund still has significant investment capacity, and we are therefore continuously seeking attractive investment opportunities. While we are seeing a steady flow of opportunities in the market, we remain disciplined in our investment approach. The Manager is currently engaged in negotiations relating to one potential investment in Finland
Swiss Life REF ESG Nordic 2024
Quarterly Highlights and Return
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Return*
The quarterly return was -0.4%.
Net lease income after the cost of interest payments added NOK 0.2 (0.6 %). Lower interest rates decreased the market value of the interest swaps with NOK -0.1 (-0.2 %) per share. Net cost and other items amounted to NOK -1.0 (-3.6 %).
Photo: Unknown, FG Eiendom
*All NAV and return numbers presented in this report are for the A shares and net of any accrued equity profit interest as according to the Shareholders’ Agreement Clause 8.1.1
Swiss Life REF ESG Nordic 2024
Quarterly Highlights and Return
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Total Return Net Asset Value (NAV) Accumulated distributions Accumulated distributions + NAV
Swiss Life REF ESG Nordic 2024
NOK mill 1,267.6 1,233.2
Total Return
34.4
Total Return (%)
2.8%
Multiples (NAV + Acc. Distributions)/Paid in Capital
1.0x
Distributions/Paid in Capital
0.0x
NAV/Paid in Capital
1.0x
Year-to-Date Return YTD Return in NOK mill
-10.7
YTD Return (%)
-0.8%
Quarterly Return
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Quarterly Return in NOK mill
-4.8
Quarterly Return (%)
-0.4%
Quarterly Highlights and Return
Swiss Life REF ESG Nordic 2024
Share Class A (NOK mill)
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Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
NAV in NOK per share
25.0
24.7
25.5
25.8
26.8
26.6
25.7
Acc. paid in Capital
383.4
383.4
383.4
630.6
630.6
630.6
1,233.2
Net Asset Value (NAV)
383.7
378.2
390.8
650.5
675.9
670.0
1,267.6
-
-
-
-
-
-
-
383.7
378.2
390.8
650.5
675.9
670.0
1,267.6
Accumulated distributions Acc. distributions + NAV
Swiss Life REF ESG Nordic 2024
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Fund Portfolio
Fund Portfolio As of Q2 2026, the portfolio consists of three portfolio companies with ownership in three properties leased to 52 tenants (of which 50 tenants in Raufoss Industripark). Per the end of the quarter the properties are valued at NOK 5,309 million, where Swiss Life REF ESG Nordic 2024’s share is NOK 1,488 million. Total lettable area is 332,109 sqm where the fund’s share is 94,253 sqm. The annual net rent is NOK 255.4 million of which the fund share is NOK 77.1 million. Key Information
Fund Share
Total portfolio
Square meters (sqm)
94,253
332,109
Value/sqm
15,785
15,985
NOK 613.4 mill.
NOK 2,059.3 mill.
Loan-To-Value (LTV)
52 %
45 %
Fixed interest
70 %
45 %
Market Yield*
6.1 %
6.5 %
10.9 years
9.2 years
Invested Capital
WAULT
Photo: Unknown, investment memomrandum from Swiss Life
*Market Yield is defined as being rent less operational costs divided by the latest market value of the property.
Swiss Life REF ESG Nordic 2024
Fund Portfolio
Property Values* Portfolio Company
Finlog IV
RIPH**
Vanpro Holding
Property
Hyvinkää
Raufoss
Vanløse
Currency
EUR
NOK
DKK
Q4 2024
62.0 mill.
Q1 2025
62.0 mill.
Q2 2025
62.3 mill.
Q3 2025
62.3 mill.
4,020 mill.
Q4 2025
62.5 mill.
4,420 mill.
Q1 2026
62.5 mill.
4,420 mill.
72 mill.
Q2 2026
62.5 mill.
4,493 mill.
72 mill.
*Values are provided by independent real estate valuers. If the property was acquired during the quarter or the previous quarter, the cost price is reported ** The value increase for RIPH since investment is partly due to investments related to lease contracts with Nammo
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Swiss Life REF ESG Nordic 2024
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Fund Portfolio
Fund Portfolio Net rent 2026 (MNOK)1
WAULT
Fund Ownership2
Share of Portfolio (Net Rent)
Market Yield3
Location
Segment
Sqm
Main Tenant
Hyvinkää, Finland
Logistics
47,732
Ahlsell Oy
39.5
20.12.2039
99.7 %
50.3 %
5.6 %
Raufoss, Norway
Light Industrial
Nammo, Benteler, Kongsberg Automotive, etc
32.0
02.02.2035
15.0 %
40.7 %
6.7 %
Vanløse, Denmark
Retail
Silvan A/S
7.1
01.01.2035
100.0 %
9.0 %
6.5 %
300,0004 4,705
Rent is converted to NOK using the quarter end FX-rates and relates to Swiss Life REF ESG Nordic 2024 AS’ share 2 Swiss Life REF ESG Nordic 2024 AS’ percentage ownership in the portfolio company 3 Market Yield is defined as being normalized rent less operating costs divided on the latest market value of the property 4 Approximately 1
Swiss Life REF ESG Nordic 2024
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Fund Portfolio
Lease term (years)
1
Ahlsell Oy Kongsberg Automotive AS Isiflo AS Raufoss Technology AS Nammo AS Silvan A/S Profillakkering AS Benteler Automotive AS Ragasco AS Plasman AS 8
Solør Bioenergi Utility Solutions AS 0 1
2
4
6
Only tenants above 1% of total fund net rental income are included
8
10
12
14
16
18
20
22
10
Photo: Arno Senoner
12
14
Swiss Life REF ESG Nordic 2024
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Fund Portfolio
Ownership distribution by segment
Ownership distribution by country
Ownership distribution by investment
Denmark, 7%
Retail, 7%
Vanpro, 7% RIPH, 44%
Norway, 44%
Light industrial, 44%
Logistics, 49%
Finland, 49%
Finlog IV, 49%
Swiss Life REF ESG Nordic 2024
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Tenant Relations
Tenant Relations FINLOG IV AS Logistics building in Hyvinkää, Finland Ahlsell Oy The property was built in 2002 and has had several extensions, the latest in 2024. Total leasable area is 47,732 sqm as well as 145 parking spaces. The plot has a size of 167,700 sqm providing potential for future building extensions. There is almost 20,000 sqm of unused building rights at the property. The lease agreement with Ahlsell Oy runs until December 2039. The rent is adjusted annually with 100 % up to 2 % and 60 % of any amount exceeding 2 % (upwards only) of the change in the Finnish cost-of-living index.
Photo: Unknown, investment memomrandum from Savills
The landlord is responsible for property insurance and renovations that are aimed at the building’s structures and building serving technical systems.
Swiss Life REF ESG Nordic 2024
RAUFOSS INDUSTRIPARK HOLDING AS Light industrial park Nammo, Benteler, Kongsberg Automotive, et al. - Raufoss Light industrial park consisting of 350 buildings with total lettable areas of more than 300,000 sqm. The plot is more than 3.000.000 sqm. The park houses more than 50 companies and almost 3,000 employees, primarily within the defense sector and the automotive industry. Lease contracts are mainly bare-house contracts with WALT of approximately 10 years. The rent is adjusted with 100% of the change in CPI for most lease contracts, but some have fixed rates of adjustments and some have adjustments that are linked to the change in the building costs index. The plot has large zoned areas ready for development of approximately 100,000 sqm. VANPRO HOLDING APS Retail store part of greater Copenhagen Silvan A/S The property is located in Vanløse, part of the Greater Copenhagen metropolitan area, and is fully leased to Silvan, a leading supplier of building materials. The asset comprises 4,700 sqm of retail space situated on a strategically located plot with a total zoning area of 9,857 sqm. Silvan is one of Denmark’s largest retailers of building materials, serving both private customers and professional clients through a network of more than 40 stores. The lease agreement is structured as a triple‑net lease, whereby the tenant is responsible for all operating costs.
Tenant Relations
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Swiss Life REF ESG Nordic 2024
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Financing
Financing The portfolio companies are financed separately with collateral in the asset owned by the portfolio company. There are no guarantees from the fund. A substantial portion of interest rate risk is mitigated through interest rate swaps.
Per end of Q2 2026, the loan to value of the portfolio companies (Fund’s share) was 52 %, where 70 % of the interest rate exposure is fixed. The weighted average interest rate for the portfolio, including margins, was 4.9% at the end of the quarter. The fund has a leverage ratio of 1.6 based on the gross method and 1.1 based on the commitment method. By the end of Q2 2026, the value of the fixed interest swaps was NOK 4.9 million for the fund.
Photo: Unknown, investment memomrandum from JLL
Swiss Life REF ESG Nordic 2024
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ESG
ESG The fund is classified as an Article 8 fund under SFDR and considers ESG as a key component in the fund’s investmentand management process. The Fund collects consumption data from all properties using Varig and will measure the consumption against a global sustainability benchmark. Varig Varig provides a complete service for the collection, processing and visualization of consumption data and gives an immediate overview of energy profiles and changes for individual properties, as well as the entire portfolio. Varig is used to implement the fund’s ESG policies through data analysis and follow-up on consumption of energy, water, waste and greenhouse gases. GRESB Global Real Estate Sustainability Benchmark (GRESB) is a global standard for ESG benchmarking and reporting for listed real estate companies, private real estate funds, developers and investors that invest directly in real estate. The fund intends to do an annual submission to the benchmark and the first-time submission will be when the fund is fully invested. Photo: Unknown, investment memomrandum from Skanska/JC
Swiss Life REF ESG Nordic 2024
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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.
Photo: 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 ESG Nordic 2024
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 the 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 ESG Nordic 2022, describes such conflicts of interest and the management of these. All entities in the Swiss Life Asset Managers have guidelines for managing conflicts of interest in their rules and procedures. All agreements involving Swiss Life REF ESG Nordic 2022 and agreements between entities in the Swiss Life Asset Managers Nordic Group are entered into on an arm’s length principle.
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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. Sustainability The fund is an article 8 fund and follows the reporting requirements as described in SFDR Article 8. The fund promotes environmental characteristics but does not have sustainable investments as its objective. The fund promotes the following environmental characteristics: • Optimizing energy consumption by implementing energy efficiency measures • Reduce water consumption, waste sent to landfill and emissions of greenhouse gases. The fund also promotes the following governance-related characteristics: • Maintain or increase the value of the property portfolio through ESG-realized optimization during the acquisition and the entire holding phase of the assets. • Ensure high transparency about the sustainability approach through internal documentation and external reporting. • Exclude controversial tenants. No reference value has been designated to achieve the environmental characteristics or the governance-related characteristics that the financial product promotes.
Swiss Life REF ESG Nordic 2024
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Appendix
Hyvinkää, Finland
Raufoss, Norway
Logistics
Light industrial
Photo: Unknown, investment memomrandum from JLL
Property type:
Logistics
Property type:
Light industrial
Portfolio company name:
Finlog IV AS
Portfolio company name:
Raufoss Industripark Holding AS
Address:
Kallionopontie1, Hyvinkää, Finland
Address:
Enggata, Raufoss, Norge
Year of construction:
2002/ 2007, 2011, 2013, 2024
Year of construction:
1898 - 2025
Lettable area (Sqm):
47 732
Lettable area (Sqm):
~300 000
Plot size (Sqm):
167 685
Plot size (Sqm):
3 057 986
Tenant:
Ahlsell Oy
Tenant:
Nammo, Benteler, Kongsberg Automotive, ++
Date of acquisition:
20.12.2024
Date of acquisition:
29.08.2025
End of lease term at acquisition (WAULT):
20.12.2039
End of lease term at acquisition (WAULT):
02.02.2035
Yield at acquisition:
5.7 %
Yield at acquisition:
6.6 %
Property price at acquisition:
EUR 62.0 million
Property price at acquisition:
NOK 4020.0 million
Invested equity in the portfolio company:
NOK 311.7 million
Invested equity in the portfolio company:
NOK 255.0 million
Fund share in portfolio company (%):
99.7 %
Fund share in portfolio company (%):
15.0 %
CPI indexation:
100 % (up until 2 %, 60 % of any amount above)
CPI indexation:
100 % (some contracts are adjusted with the change in building CPI and some with a fixed rate)
Swiss Life REF ESG Nordic 2024
Appendix
Copenhagen, Denmark Retail
Photo: Unknown, investment memomrandum from GP
Property type:
Retail
Portfolio company name:
Vanpro Holding ApS
Address:
Slotsherrensvej 123, Vanløse, Denmark
Year of construction:
1966, 1988
Lettable area (Sqm):
4 705
Plot size (Sqm):
9 857
Tenant:
Silvan A/S
Date of acquisition:
26.01.2026
End of lease term at acquisition (WAULT):
01.01.2035
Yield at acquisition:
6.5 %
Property price at acquisition:
DKK 72.0 million
Invested equity in the portfolio company:
NOK 46.7 million
Fund share in portfolio company (%):
100 %
CPI indexation:
100 %
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Swiss Life REF ESG Nordic 2024
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 2024 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 May 28 2024 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.
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Important information This quarterly report 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 Swiss Life Asset Managers 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 ESG Nordic 2024
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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 REF ESG Nordic 2024
Swiss Life Asset Managers Funds AS Post Box 1358 Vika 0113 Oslo Telephone: +47 23 11 64 00 no.swisslife-am.com
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