Swedish Real Estate 2025
Rebounds amid rate cuts – sunshine on the horizon?
Detta evenemang kommer att hållas på svenska om inget annat anges.
This event will be held in Swedish unless stated otherwise.
Agenda
Registration & Networking
Nordic real estate industry outlook
PRESENTATION
- Improving credit quality
- Good operational performance
- Interests rate cuts bolstered investor demand and improved yields
- Leverage Stabilization but continued pressure on interest coverage
- Strong access to bank and bond market to favorable cost
- Adequate liquidity
- Macroeconomic environment poses a major uncertainty
- Elevated corporate governance risks persist
Status of the property market
PANEL
- Credit quality is stabilizing
- Risks remain concentrated around interest coverage and income streams in certain asset classes
- Macroeconomic uncertainty continues to weigh on market sentiment
- Will rates keep falling, and what’s the new normal?
- Future direction of the property market
- Will data centers reshape property markets?
- Challenges and opportunities in the property market
- Transactions are picking up but still tentative
- Why are equity markets still cautious while credit spreads have returned to pre-rate shock levels?
- Why are stock valuations still low?
Networking Break
Financial systemic risk and real estate exposure
PANEL
- Will geopolitical risks disrupt the path of falling interest rates?
- Does CRE still pose a risk to banks and financial stability?
- How concentrated and interconnected is CRE across financial markets?
- Have banks adjusted their CRE lending to mitigate risk?
- Is private credit growth creating second-round risks for banks or markets?
- What structural CRE risks have improved over the past five years?
- Are new financial market risks emerging from CRE?
- Could rising bond issuance worsen structural market challenges?
- How can liquidity and increased international interest in Sweden’s bond market be improved to reduce concentration risk?
- Are current bond spreads sufficient to compensate investors for risk?
Financing Trends
PANEL
- What should the debt mix look like for 2026 and beyond?
- Will the focus be domestic or international bond markets?
- New types of financing?
- What are the hedging strategies?
- When will transaction market show a meaningful recovery?
- Is there potential for increased M&A activity in the sector?
- What should be the strategic focus for CRE companies in 2026?
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Linus Silfverduk is Associate Managing Director –Head of Relationship Management for the Nordic region as well as Germany, Austria and Switzerland. Moody's Ratings maintains approximately 500 existing rating relationships across the region from various sectors such as corporates, financials, sovereign, sub-sovereign, and infrastructure. The coverage teams, based out of Stockholm, Frankfurt and Zurich, are responsible for account management, business development and engagement with local rating advisers and other intermediaries.
Linus is also Moody’s Ratings Country Manager for Sweden and Director of the Nordic subsidiary, Moody’s Investors Service (Nordics AB). He is Executive Sponsor for the Nordic Inclusion Group.
Prior to joining Moody’s in early 2017, Linus worked ten years for Nordea Bank, from 2010 in the Corporate & Investment Banking division, covering a portfolio of Swedish global manufacturing companies. Linus has a master’s degree in Business Administration from Stockholm School of Economics.
Marina Albo is the Managing Director of the Corporate Finance Group for EMEA. In this role, Marina has overall responsibility for Moody’s ratings and research for the corporate franchise in the region, managing teams in London, Frankfurt, Paris, Madrid, Milan, Dubai and Stockholm. Prior to this role, Marina headed the Accounting Specialists and the Consumer, Pharma and Retail teams within the EMEA Corporate Finance group, based in London. Marina joined Moody’s in 2015, after 20 years of banking experience, mainly with HSBC, where she was head of the credit risk team in charge of Leveraged Finance and TMT. Marina started her career in internal audit, moving to client management and debt advisory. In her previous roles Marina has worked in London, Paris, Cairo and Madrid. Marina holds a dual degree in Business Administration awarded by Universidad Pontificia Madrid Comillas and by Reims Business School.
| Maria Gillholm is a Vice President -Senior Credit Officer in the Corporate Finance team and has worked with Moody’s in Sweden since March 2017. She is the lead analyst for Nordic real estate issuers. Maria has 22 years experience of corporate credit ratings and financial analysis but overall 26 years of work experience. Before joining Moody’s, she was a Senior Credit Analyst at Swedbank, where she managed a Swedish/Finnish real estate portfolio of more than 20 companies. She has also held credit analyst positions at Standard & Poor’s, Danske Bank and Swedish Export Guarantees Board. Maria has covered several industries, but has predominantly dealt with companies in the real estate sector. She holds a Master of Science degree in Business Administration and Economics from Lunds University, Sweden. |
Sarah has been the lead analyst for most countries in the European Union, and is also a former lead analyst for the United States. She is currently the lead analyst for France and Italy, among other European countries. She is also one of the Sovereign Risk Group’s global spokespeople.
She joined Moody’s in 2009 after completing a Sloan Fellowship at the London Business School. Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator’s Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet’s Economic Analysis Group for six years, where she was the organisation’s Deputy Chief Economist.
She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University in Washington, DC and an AB with a double major in Government and History from Dartmouth College in Hanover, New Hampshire in the United States. She is a CFA Charterholder and is co-chair of the Macroeconomic Committee of the CFA Society France. She is a dual citizen of the United Kingdom and the United States and is based in Paris.
Daniel Harlid is a Vice President - Senior Credit Officer in the EMEA Corporate Finance Group based in Stockholm, Sweden. He is responsible for a portfolio of investment grade and sub-investment grade companies within the European container shipping sector as well as in the logistics industry. Additionally, he covers investment grade issuers in the Nordic manufacturing sector. Daniel joined Moody’s in 2017. Prior to this, he was a portfolio manager at Cicero Fonder managing funds with both investment grade and high yield mandates. Daniel started his career as an equity analyst for Handelsbanken Capital Markets.
| Maria Gillholm is a Vice President -Senior Credit Officer in the Corporate Finance team and has worked with Moody’s in Sweden since March 2017. She is the lead analyst for Nordic real estate issuers. Maria has 22 years experience of corporate credit ratings and financial analysis but overall 26 years of work experience. Before joining Moody’s, she was a Senior Credit Analyst at Swedbank, where she managed a Swedish/Finnish real estate portfolio of more than 20 companies. She has also held credit analyst positions at Standard & Poor’s, Danske Bank and Swedish Export Guarantees Board. Maria has covered several industries, but has predominantly dealt with companies in the real estate sector. She holds a Master of Science degree in Business Administration and Economics from Lunds University, Sweden. |
Robert is an Investment and Fund Manager at Areim and is responsible for its data center investments. He also manages the Areim DC Fund and has raised more than EUR 1.8bn across equity and debt since 2023. Robert mainly focuses on developing and executing Areim’s strategy within digital infrastructure, with a particular emphasis on sustainable and scalable data center solutions. He also serves on the Board of Directors of EcoDataCenter, a leading Nordic data center platform within hyperscale, AI and compute infrastructure. Areim is an independent fund manager with over EUR 5bn in AuM, investing in and deceloping real assets across the Nordics.
Prior to joining Areim, Robert held roles at PwC Corporate Finance and Kempen. He holds an MSc degree in Finance from Erasmus University Rotterdam.
Sep 2025: Deputy Head of Investment Banking Sweden, SB1 Markets
2010 - 2025: Swedbank
Tobias Kaj has closely followed the listed Nordic real estate sector for more than 25 years. For 21 of those years, he was a top-ranked analyst at the Nordic Investment Banks ABG Sundal Collier, Carnegie, Handelsbanken Capital Markets, and Swedbank Markets. In 2021, he co-founded Lannebo Fastighetsfond and Lannebo Fastighetsfond Select together with Philip Hallberg. The funds invest in listed real estate companies with the ambition of being active owners, focusing on the companies’ ability to improving recurring earnings.
Mattias Persson has been Chief Economist and Head of Global Macro Analysis at Swedbank since September 2020. Before joining Swedbank, Mattias was Acting Head of Debt Management and Chief Economist at the Swedish National Debt Office (Riksgälden). Between 2013 and 2016, he served as Global Head of Funding at Nordea. He most recently came from Sveriges Riksbank (the Swedish central bank), where he was Head of the Financial Stability Department from 2007 to 2013. Mattias began his career at the Riksbank as a Senior Economist in 2001. He holds a PhD in Economics from Lund University.
35 years of experience from financial markets and real estate
Joined JLL in 2016 and CEO of JLL Sweden since 2018
Co-founder of financial advisor AGL and CEO 2005 to 2015
Bachelor’s degree in finance from University of Lund
Niclas Olsén Ingefeldt is a Senior Economist in the Financial Stability department at Sveriges Riksbank. His work involves analysing macro-financial risks stemming from household and corporate indebtedness, with a particular focus on the commercial real estate sector. Prior to joining the Riksbank, Niclas worked as an analyst at Finansinspektionen covering risk and vulnerabilities in the commercial real estate sector.
Currently employed at the Economic Analysis Office in Finansinspektionen. Key responsibilities constitutes of analysing macroeconomic risks associated with indebtedness in the housing and non-financial corporate sector and proposing targeted measures to reduce these risks. Some of Ted's main achievements have been to analyse the impact of the amortisation requirement on household debt and house prices. Furthermore he has developed FI:s stress testing framework, as well as the risk and vulnerability assessment of the commercial real estate market. These analytical works have been published in various FI Analysis reports.
Niclas Boheman, based in Stockholm, serves as Moody’s lead analyst for large banks in the Nordics and also has responsibilities for UK Specialist Banks. His work includes a core focus on cyber risks affecting European banks, complemented by broader analysis of innovation and digitalisation trends within financial services.
Mr Boheman joined Moody’s in 2016, having previously held a number of roles at Svenska Handelsbanken, including as a bank analyst.
He holds a Degree of Master of Science (One Year) in International Economics from the School of Economics and Management at Lund University.
| Maria Gillholm is a Vice President -Senior Credit Officer in the Corporate Finance team and has worked with Moody’s in Sweden since March 2017. She is the lead analyst for Nordic real estate issuers. Maria has 22 years experience of corporate credit ratings and financial analysis but overall 26 years of work experience. Before joining Moody’s, she was a Senior Credit Analyst at Swedbank, where she managed a Swedish/Finnish real estate portfolio of more than 20 companies. She has also held credit analyst positions at Standard & Poor’s, Danske Bank and Swedish Export Guarantees Board. Maria has covered several industries, but has predominantly dealt with companies in the real estate sector. She holds a Master of Science degree in Business Administration and Economics from Lunds University, Sweden. |
Currently employed at the Economic Analysis Office in Finansinspektionen. Key responsibilities constitutes of analysing macroeconomic risks associated with indebtedness in the housing and non-financial corporate sector and proposing targeted measures to reduce these risks. Some of Ted's main achievements have been to analyse the impact of the amortisation requirement on household debt and house prices. Furthermore he has developed FI:s stress testing framework, as well as the risk and vulnerability assessment of the commercial real estate market. These analytical works have been published in various FI Analysis reports.
With over 20 years of international experience across Real Estate and Debt Capital Markets, Pontus has extensive knowledge in building debt platforms, formulating strategy and spearheading business operations with a focus on delivery of shareholder and investor returns. He has held several senior management positions, his previous role being Chief Representative for Helaba in the Nordics, where he was responsible for establishing the Nordic bank and its focus on Commercial Real Estate. Pontus holds a MSc in Real Estate finance from KTH Royal Institute of Technology and a BSc in Business Administration from Stockholm University School of Business in Sweden.
Niclas Olsén Ingefeldt is a Senior Economist in the Financial Stability department at Sveriges Riksbank. His work involves analysing macro-financial risks stemming from household and corporate indebtedness, with a particular focus on the commercial real estate sector. Prior to joining the Riksbank, Niclas worked as an analyst at Finansinspektionen covering risk and vulnerabilities in the commercial real estate sector.
Mats Holmström works as the Group Chief Risk Officer at SEB.
He has a long career in SEB, dating back to 1990. Prior to becoming CRO he has upheld a broad variety of positions within the bank (e.g.) Head Corporate Banking, Head Structured Finance, Head Project Finance, Head Asset Finance, Loan Origination and Client Executive.
He is also Chairman of the Group risk committee and serves as a member of the Group Executive Committee.
Head of Asset Management
Confederation of Swedish Enterprise (Svenskt Näringsliv)
Board Member AMF Pension
Danske Bank DCM 2010-2016
(Credit Sales)
Swedbank Markets 1992-2010
(Fixed income trading
Head of Repos
Head of Commercial Papers
Head of Derivative Sales
Daniel Harlid is a Vice President - Senior Credit Officer in the EMEA Corporate Finance Group based in Stockholm, Sweden. He is responsible for a portfolio of investment grade and sub-investment grade companies within the European container shipping sector as well as in the logistics industry. Additionally, he covers investment grade issuers in the Nordic manufacturing sector. Daniel joined Moody’s in 2017. Prior to this, he was a portfolio manager at Cicero Fonder managing funds with both investment grade and high yield mandates. Daniel started his career as an equity analyst for Handelsbanken Capital Markets.
Verkställande direktör och koncernchef
Född 1972. Magisterexamen i nationalekonomi, Stockholms universitet. Anställd som vd och koncernchef sedan 2025.
Tidigare befattningar
Lång erfarenhet från fastighetssektorn rörande fastighetsförvaltning, finansiering och transaktioner samt ledarskap. Har tidigare varit vd och koncernchef, Tysklandschef samt arbetat inom affärsutveckling på Akelius Residential Property AB (publ).
Anna Jepson serves as CFO at Atrium Ljungberg since October 2024. She has 17 years of experience in finance within the real estate and construction sectors, beginning her career at Skanska and later holding CFO positions at Besqab and Svenska Handelsfastigheter. Anna holds a Master of Science in Business Administration from Stockholm School of Economics, as well as a Master of Science in Engineering from the Royal Institute of Technology.
CFO Rikshem 2017-
CFO Skanska Sweden 2011-2016
Senior Vice President Controlling, Skanska Group 2008-2011
Senior Vice President Investor Relations, Skanska Group 2003-2008
2005 – 2007 Head of Real Estate, Handelsbanken Debt Capital Market
2008 – 2009 Nordic Head, Structured Real Estate, Credit Agricole, Stockholm
2009 – 2011 Group Treasurer, Kungsleden
2011 – 2016 Group Treasurer, Hemsö
2016 – 2019 CFO, Hemsö
2019 - Deputy CEO and CFO, Hemsö
Stefan Wigstrand is a seasoned investment professional with over 25 years of experience in credit markets across the Nordic region. Since 2023, Stefan has served as Portfolio Manager at Storebrand Asset Management, where Stefan leverages deep expertise in both public and private credit investments to deliver robust, risk-adjusted returns. Stefan has held key roles at leading financial institutions, including Case Asset Management, Catella, Skandia Asset Management. Stefan’s extensive knowledge of Nordic credit markets, combined with a strong track record in portfolio construction and client-focused solutions, positions Stefan as a trusted expert in the field of fixed income and alternative credit.
Sven-Olof Johansson, Founder of Compactor Fastigheter AB, CEO of Fastpartner AB since 1997. Board member in SBB i Norden AB, Autoropa AB and STC Interfinans AB.
| Maria Gillholm is a Vice President -Senior Credit Officer in the Corporate Finance team and has worked with Moody’s in Sweden since March 2017. She is the lead analyst for Nordic real estate issuers. Maria has 22 years experience of corporate credit ratings and financial analysis but overall 26 years of work experience. Before joining Moody’s, she was a Senior Credit Analyst at Swedbank, where she managed a Swedish/Finnish real estate portfolio of more than 20 companies. She has also held credit analyst positions at Standard & Poor’s, Danske Bank and Swedish Export Guarantees Board. Maria has covered several industries, but has predominantly dealt with companies in the real estate sector. She holds a Master of Science degree in Business Administration and Economics from Lunds University, Sweden. |
Linus Silfverduk is Associate Managing Director –Head of Relationship Management for the Nordic region as well as Germany, Austria and Switzerland. Moody's Ratings maintains approximately 500 existing rating relationships across the region from various sectors such as corporates, financials, sovereign, sub-sovereign, and infrastructure. The coverage teams, based out of Stockholm, Frankfurt and Zurich, are responsible for account management, business development and engagement with local rating advisers and other intermediaries.
Linus is also Moody’s Ratings Country Manager for Sweden and Director of the Nordic subsidiary, Moody’s Investors Service (Nordics AB). He is Executive Sponsor for the Nordic Inclusion Group.
Prior to joining Moody’s in early 2017, Linus worked ten years for Nordea Bank, from 2010 in the Corporate & Investment Banking division, covering a portfolio of Swedish global manufacturing companies. Linus has a master’s degree in Business Administration from Stockholm School of Economics.