Stendörren is a small, but expansive property company focusing on commercial properties, primarily light industry and warehouses in the Stockholm region and Mälardalen. The portfolio originates from Kvalitena AB, founded in the mid-1990s. Stendörren has a real estate portfolio of around 100 properties, or 600,000 rentable sqm, mainly located in the municipalities of: Stockholm, Upplands Bro, Järfälla, Botkyrka and Enköping.
Owning logistics, warehouse and industrial properties in Stockholm with relatively high yields means a low operational risk and is a business concept that historically has generated very high returns. The region's growth contributes to good demand while the supply in Stockholm decreases because of refinement processes. This dynamic provides support for high rental levels and low vacancies, but also creates a long-term option on the property value. Stendörren has chosen a strategy that a maximum of 15% of the balance sheet shall consist of project properties, while at least 85% shall consist of cash flow properties.
Stendörren is relatively small compared to peers and the tenant risk is quite high. Moreover, the company has a promising project portfolio, with its crown jewel being Greenhub Bro. Even though risk/reward seems great we acknowledge that the overall risk in Stendörren gets bigger with more focus on property development.
