Logistea (LOGI) Stockholm Corporate Finance Conference 2024 summary

Strategic transformation and growth

• Achieved significant scale through the combination with KMC Properties, doubling property values and market capitalization, positioning as a leading Nordic light industrial and logistics real estate platform.

• Historical gross asset value grew at a 36% CAGR from 2020 to Q2 2024, reflecting rapid expansion and operational integration.

• Diversified exposure across geographies, tenants, and industries, with a focus on business-critical assets and high alternative use properties.

• Maintains a strong ESG commitment and proven track record of accretive growth.

• Pursues continued value-accretive growth within a prudent financial policy, targeting >15% annual NAV and PFPM per share growth.

Portfolio and operational highlights

• Portfolio comprises 145 properties valued at ~13.2 BSEK, with a lettable area of 1,387,000 sqm and a 97.4% economic occupancy rate.

• Weighted average lease duration is 9.8 years, with 99% of contracts CPI-indexed and 91% on triple net terms.

• Largest tenant, BEWI, operates a diversified business model across multiple European countries and sectors.

• Tenant base is diversified, with ~80% exposure in Norway and Sweden, and significant representation from logistics, food, packaging, and industrial sectors.

• Business-critical assets include modern logistics and production facilities with long-term leases and high yields, supporting stable cash flows.

Financial performance and outlook

• Net initial yield stands at 6.9%, with a net LTV of 48.8% and an equity ratio of 45.1%.

• Annual rental value is 945 MSEK, with high visibility in future cash flows due to long-term, CPI-adjusted agreements.

• Post-transaction, PFPM per share increased by 8% to SEK 0.9, with further financial synergies expected over the next 6–24 months.

• Access to diversified funding sources and healthy leverage, with ongoing efforts to optimize capital structure and reduce funding costs.

• Peer comparison shows competitive property yields and valuation metrics relative to Nordic real estate peers.