Trianon: Another eventful quarter - Nordea

Trianon had yet another eventful quarter in terms of transactions, with the 50% divestment of Rosengård Centrum and acquisition of Signatur Fastigheter as highlights. Income from property management (IFPM) fell 8% short of our estimate, partly due to higher electricity costs and unfavourable timing in divestments versus acquisitions, bringing 2021E down 2%. Earnings capacity increased by 5% q/q from these transactions but will be fully visible in 2022, when we expect ~30% cash earnings growth and 14% NAV growth. We consider transactions in Q3 to be a great strategic fit, as 82% of Trianon's portfolio is now rental housing and community service properties, so the target of 80% has been reached. Marketing material commissioned by Trianon.

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