Finansierings- och investeringsstrategier inom fastighetsbranschen En studie om börsnoterade fastighetsbolag
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Abstract
This study is based on a literature study as well as a detailed examination of the companies’ annual
reports over the past ten years. The literature study contributed to an insight and understanding of
the real estate industry as well as theories on financing and investment strategies. The information
relevant to the study also led to the production of a theoretical framework. The examination of
the companies’ annual reports resulted in an insight into the companies’ strategic decisions over
the past ten years. The material from the annual reports constituted the empirical framework. By
relating the empirical material to the theoretical, the strategies could be evaluated to finally land
in conclusions.
The study showed that both Balder and Castellum during the period financed their assets with
a larger share of liabilities. Castellum showed a trend of an increased share of equity during the
period, while Balder’s capital structure did not undergo any major changes. The two companies
demonstrated a continuously increasing capital market financing during the period. Furthermore,
it was found that the two companies’ loan-to-value ratio decreased in line with factors such as an
increase in the value of the portfolios’ assets. Balder’s return on equity exceeds Castellum’s on an
annual basis and when it came to return on total capital, Balder was at the forefront until 2016.
After that, the return on total capital was similar between the two companies. It was found that
the interest coverage ratio during the period was at a high level, which also increased annually.
Furthermore, it was established that the companies’ investment strategies di↵ered in that Balders
was more focused on growth in the form of large new acquisitions, while Castellum’s strategy
was more spread between new acquisitions and investments in existing properties. The companies’
property portfolio is summarized in that Balder has been more diversified than Castellum in portfolio.
Castellum has focused on commercial properties, while Balder has also focused on residential
properties.
Note: The report is written in Swedish.
Description
Denna studie grundar sig i en litteraturstudie samt en utf¨orlig unders¨okning av bolagens°arsredovisningar
under de senaste tio°aren. Litteraturstudien bidrog till en inblick och f¨orst°aelse f¨or fastighetsbranschen
samt teorier om finansierings- och investeringsstrategier. Den, f¨or arbetet, relevanta informationen
utgjorde ledde vidare till att ett teoretiskt ramverk kunde framst¨allas. Unders¨okningen
av bolagens °arsredovisningar, resulterade i en insikt om f¨oretagens strategiska beslut under de senaste
tio °aren. Materialet fr°an °arsredovisningarna utgjorde det empiriska ramverket. Genom att
relatera det empiriska materialet till det teoretiska, kunde strategierna utv¨arderas f¨or att slutligen
landa i slutsatser.
Studien visade att B°ade Balder och Castellum under perioden finansierat sina tillg°angar med
en st¨orre andel skulder. Castellum p°avisade en trend av ¨okad andel eget kapital under perioden
medan Balders kapitalatruktur inte genomg°att n°agra st¨orre f¨or¨andringar. De tv°a f¨oretagen
p°avisade en kontinuerligt ¨okande kapitalmarknadsfinansiering under perioden. Vidare konstaterades
att de tv°a f¨oretagens bel°aningsgrad minskade i takt med faktorer s°asom v¨arde¨okning av
portf¨oljernas tillg°angar. Balders avkastning p°a eget kapital ¨overstiger Castellums p°a en °arlig basis
och n¨ar det kom till avkastning p°a totalt kapital l°ag Balder i framkant fram till °ar 2016. Efter
det var avkastningen p°a det totala kapitalet snarlik mellan de tv°a f¨oretagen. Det konstaterades att
r¨antet¨acnkingsgraden under perioden l°ag p°a en h¨og niv°a som ¨aven tilltog°arsvis. Vidare fastst¨alldes
att f¨oretagens investeringsstrategier skiljdes i att Balders var mer fokuserad p°a tillv¨axt i form av
stora nyf¨orv¨arv medan Castellums strategi var mer spridd mellan nyf¨orv¨arv och investeringar i befintliga
fastigheter. Bolagens fastighetsbest°and sammanfattas i att Balder varit mer diversifierade
¨an Castellum inom best°and. Castellum har inriktat sig p°a kommersiella fastigheter medan Balder
¨aven fokuserat p°a bostadsfastigheter.
Nyckelord: Fastighetsbranschen, kapitalstruktur, fastighetsfinansiering, bel°aningsgrad, investeringsstrategi
och r¨antet¨ackningsgrad.
Keywords
Real estate industry, capital structure, real estate financing, investment strategy, loanto- value ratio and interest coverage ratio.