Catching up on Logistea AB Q2 earnings, which were a couple weeks ago.

Major highlights:

• Profit from property management per share of SEK 0.32, +11% vs. Q1 2026 and +19% year-on-year.

• Acquired 3 properties in Finland for SEK 406m, two of which are closing in Q3 at a ~8% yield / SEK 15,000 per sq m. A weighted average ~7.3yr WALT.

  • Attractive spread vs. weighted average cost of debt of 4.4%.

• Like-for-like NOI up 1.3% YTD 2026 vs 2025, stable occupancy of 97%

• Simplified shareholding structure by converting Class A shares (with 10x voting rights) to Class B, leaving just one share class and no “super-voting” shares.

Share price reaction was negative as earnings missed estimates. Management highlighted that increase in Nordic interest rates impacted their all-in cost of debt. In particular, the interest rate hike and rate expectations in Norway took NIBOR up (+50 bps YTD) and that debt is only ~45% fixed.

After being in sort of no man’s land for a while, Logistea is looking cheap both on an absolute basis and relative to the Nordic industrial peer set. It trades at an implied cap rate of ~7.7% and ~10x pre-tax profit from property management. After actual tax this is ~11x or a ~9% yield.

Logistea trades at a ~200 bp spread to the peer group despite being similarly levered and having a predominantly net lease portfolio with longer WALT.

The outlook for Nordic industrial remains mixed. New supply completed over the past couple years continues to weigh on fundamentals but the amount under construction has declined significantly. Nordic industrial feels like its ~12 months behind the Western European recovery?

Logistea has two company-specific tailwinds that are also worth noting:

• They have SEK 18m of signed but not commenced leases not factored into current numbers, which will add 2% to NOI / 3% to profit from property management

• They received zoning approval for their Lockryd Industrial Park project, which they had under option, and are now discussing price with the local government who own the land.

  • This is 180 acre site that can accommodate 470k sq m of buildable area.

  • Most interestingly, they have an agreement with the State-owned power company for 150 MW of power to be delivered in 2030.

  • This creates a potential data center opportunity, which management said its too early to comment on but confirmed they are exploring along with industrial interest.