Kvartalsrapport Q1 2024

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

===== SIDA 1 =====

• Rental income increases by 15%
• Operating surplus increases by 18% 
• Positive net lettings of SEK 3 million
• 15,000 sq. m. let to Volvo Cars in Sörred Logistikpark
• Green MTN of SEK 350 million issued
       
• Rental income increased to SEK 404 million (350)
• Income from property management increased to SEK 169 
million (161)
• Profit for the period increased to SEK 230 million (27)
• Value of property portfolio amounted to SEK 28,415 million 
(28,250)
• Earnings per share increased to SEK 1.92 (0.23)
Key Performance Indicators Q1 2024 Q1 2023
Long-term net asset value (EPRA NRV) per 
share 120.87 129.31
Interest coverage ratio (times) 2.1 2.6
Loan-to-value ratio, % 50 45
Yield, % 4.4 3.9
Surplus ratio, % 77 76
Economic occupancy rate, % 93 92
 
Our strategic investments 
in industrial and logistics
Interim Report 1 January – 31 March 2024Q1

===== SIDA 2 =====

2
Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024CEO’s comment
Our strategic investments in industrial 
and logistics are bearing fruit
Gothenburg gets highest 
rating from workforce 
and talents of the future.
Source: Talent City Index 2023
The first quarter of the year tends to be more subdued in the rental market 
and this was the case again this year. Furthermore, the economic situation 
remains subdued and Gothenburg has proved to be more resilient than the 
rest of Sweden. The economic situation has impacted some of our tenants, 
while others are reporting strong performance. I am therefore appreciative 
of our good performance. Our focus on customers and cash flow continues 
to be our priority and I am pleased to see that we increased our rental 
income by a total of 15% and that the dedicated work of our organisation is 
also showing in our financial performance.
We continued to report positive net lettings of SEK 3 million, thanks 
to a strong contribution from Industrial/Logistics. We also recorded an 
increase in operating surplus of 18%. We achieved this increase despite 
the termination of a major lease by AB Volvo/Sveafjord, which was in line 
with what was communicated in connection with the acquisition of the 
properties from Volvo in 2016.
Our investments in the industry and export capital of 
Sweden
The strong performance is primarily due to our newly produced logistics 
properties on Hisingen. We are reaping the rewards of new and previous 
investments, which contributed both revenue and positive net lettings. Net 
lettings in industrial and logistics amounted to SEK 11 million. In the first 
quarter we signed leases for 22,000 sq. m. in this segment, of which 15,000 
sq. m. was let to Volvo Cars in Sörred Logistikpark. 
I can see that our strategic investments in industrial and logistics are 
making a positive contribution to the entire business, thanks to quick gains 
from project development and a market logic that is self-evident in the 
industrial and export capital of Sweden. The segment contributes to 60% of 
the increase in operating surplus for the first quarter in our total portfolio. 
The Industrial/Logistics business area currently accounts for 44% of the 
total lettable area in our portfolio and this share is rising in step with new 
projects coming on stream.
Office vacancies starting to fall in central locations
Office vacancies are rising in several large cities but in Gothenburg the trend 
is the opposite and office vacancies are falling. The underlying reason is the 
growth of the city. It is important to remember where Gothenburg is coming 
from and for many years far too few new offices were being built, meaning 
that office space was insufficient to meet job growth of 11,000 new jobs per 
year. This was one of the reasons why for a long time we had the lowest 
vacancy rates in the Nordic region. Then, in the space of a couple of years, 
a large volume of modern office space in central locations came on stream, 
causing the vacancy rate to rise.
Now this trend appears to be reversing. Vacancy rates in Central Business 
District (CBD) have stopped rising and in the city centre excluding CBD, 
where most of the new production took place, vacancy rates are falling. 
At the same time, thousands of new jobs are being created every year in 
Gothenburg, and there are fewer new, ongoing office projects in the pipeline. 
Analyses show that there is even a real risk of a shortage of office space 
again over a ten-year perspective. 
A good start to the year with continued increase in our rental income and operating 
surplus, as well as positive net lettings. Our business area Industrial/Logistics made a 
significant contribution with new lettings of 22,000 sq. m.

===== SIDA 3 =====

3
Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024CEO’s comment
Good opportunities for expansion
There is still a general shortage of land suitable for industrial and logistics 
construction in Gothenburg and the vacancy rate is under 3%. Against 
this background, it is of course pleasing that we have additional building 
rights of 100,000 sq. m. in Arendal at our disposal. The proximity to the 
largest port in Scandinavia, the Volvo companies, the battery plant and an 
internationally leading cluster for the green transition and electrification of 
the transport sector contributes to the attractiveness of the location.
In the quarter, we carried out a division of our largest property (area of 1.6 
million sq. m.) in Arendal. This adds value and enables us to better adapt the 
portfolio to the changing needs of different customers. In the first quarter, 
we took further steps towards realizing three adjacent projects in a location 
close to the quays after having received the go-ahead from the County 
Administrative Board. 
Brighter outlook in the capital market
In the quarter, short-term interest rates were relatively unchanged, while 
long-term interest rates rose by more than 30 basis points.
The capital market is back on track and demand for investments has 
expanded from A- to also include the BBB segment. We took advantage of 
this trend to issue a green bond of SEK 350 million at the beginning of the 
year within the framework of our MTN programme, which is the first issue 
since October 2021. This is positive because we see the capital market as a good 
complement to our financing structure, 80% of which comprises bank financing. 
In the past year, the market has focused on loan-to-value ratio, interest 
coverage ratio, debt-to-equity ratio and unrealised changes in value in the 
property sector. Our key metrics remain in line with our long-term goals. 
In the first quarter we continued to report negative value changes for 
properties of SEK -38 million, which was offset by our project gains of SEK 
102 million. The average yield in our entire portfolio is 5.1%.
Three clear priorities
As I mentioned earlier, at times like these, it is an obvious priority to 
focus on strengthening our cash flows. Despite rising interest expenses, 
the improvement in operating surplus meant income from property 
management increased to SEK 169 million, compared with SEK 161 million 
in the first quarter in the previous year.
Our rental income rose by 15% compared with the corresponding 
  
period in the previous year. At the same time, property costs rose 
by a more restrained  8%. Our second priority is customer focus. By 
being able to satisfy the changing needs of our customers, we were 
able to renegotiate leases with a rental value of SEK 39 million in the 
quarter. Several of these leases have maturities of up towards ten years, 
contributing to reducing our risk and extending our average remaining 
lease term to 54 months (51).
 Our third priority is sustainability, with the industry currently 
accounting for 20% of CO 2e. We are actively working to reduce our impact 
and were able to take several measures within reuse in the quarter. Among 
other things, the reuse hub Rebygg began operations. This is an initiative 
launched by Platzer and other industry operators, aimed at creating a 
system for reuse. For example, work began on reclaiming the brick facade on 
an older property in Gamlestadens Fabriker. Reuse has long been a topic of 
conversation in the industry. Now we are putting our words into action.
Gothenburg in a unique position
Finally, I must reiterate the strong position enjoyed by the Gothenburg 
region as a knowledge-intensive industrial city and Sweden’s strongest 
logistics hub. We are also the city attracting the largest number of young 
talent in Sweden and the region accounts for 34% of R&D investments by 
Swedish industry, a large proportion of which is devoted to electrification 
and green transition. I cannot stress enough what this means from a 
long-term growth perspective and for future demand for office space and 
logistics and industrial facilities.
I am convinced that, combined with increasingly positive signals 
concerning the economy, this will lead to interesting opportunities. 
According to the Riksbank, interest rates are likely to start to come down, 
and we are seeing more and more positive signals from both companies and 
households. The retail sector too is starting to recover a few tough years. I 
take this to mean that households and companies are no longer in the grip 
of the deepest pessimism.
There are likely to be some twists and turns ahead before the upturn 
starts in earnest, but there are rays of hope. Of course, nothing will happen 
spontaneously. I and my team are happy to get stuck in and are very 
determined to make Gothenburg the best city in Europe to work in.
 Johanna Hult Rentsch, CEO  
Lease term, months
Q1/2023
51
Q1/2024
54 
0
10 0
200
300
400
500
202420232022202120202019
SEK, million
Rental income, Jan-Mar
Office Industrial/logistics

===== SIDA 4 =====

4
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Our sustainability work
Energy and climate efficiency
Energy efficiency is part of our daily work. The goal 
for 2024 is for energy performance not to exceed 73 
kWh/sq. m. of area heated to a minimum of 10 °C. 
Currently, the outcome over a rolling 12-month 
period is 78 kWh/sq. m. of area heated to a minimum 
of 10 °C. However, we saw an increase in the first 
quarter of 2.6% compared with the corresponding 
period in the previous year, which was due to 
increased use of district heating.
In the previous year we significantly increased our 
installed solar panel capacity. By the end of 2023, the 
total installed capacity of our 20 solar power plants 
amounted to just over 3,800 kW. During the quarter, 
one more solar power plant came on stream.  
We are continuing to monitor carbon savings 
from reused materials in our construction projects. 
In the first quarter, the reuse hub REbygg, which 
is operated by Kålltorps Bygg, came on stream. 
Together with Castellum and Vasakronan we are using 
reclaimed building materials. 
One new building was granted sustainable 
building certification in the first quarter. At the same 
time, the property Arendal 764:720 was split into 
13 separate properties. The increased number of 
investment properties meant that the proportion of 
properties with sustainability certification declined 
to 75% in the quarter (92). 
Financing and green leases
Our green financing amounted to 66% (67%) at the 
end of the first quarter. We also signed new leases 
with green annexes, which raised the proportion of 
green leases to 64% (54%).
Platzer in the community
Expectations from stakeholders and stricter 
regulatory requirements are prompting us and other 
companies to assume greater responsibility for 
indirect impacts of our operations. One effect of this 
is that we are reviewing potential risks in the supply 
chain, introducing new requirements for suppliers 
and reviewing our processes for monitoring 
compliance. 
   In the first quarter, we concluded a framework 
agreement with two new suppliers who will 
be responsible for our outdoor environment. 
This procurement involved strict sustainability 
requirements and dialogue with the suppliers to 
establish their approach to reducing their climate 
impact, ensuring correct training of employees and 
maintaining a safe and secure work environment.
We actively contribute to positive community development by having a carbon 
footprint that is as small as possible. In the first quarter the reuse hub REbygg began 
operations. More services came on stream in Lilla Bommen and at Medicinareberget, 
property owners and life sciences operators increased their collaboration. 
Sustainability
Platzer’s sustainability reporting
In our quarterly reports we account for the outcome of a few prioritised sustainability issues and sustainability goals, 
and provide information on current events linked to our sustainability work during the quarter. An overall picture of 
our sustainability work is published once a year in our sustainability report, which is prepared in accordance with the 
Swedish Annual Accounts Act, GRI Standards and EPRA Sustainability Best Practice Recommendations (sBPR). 
The Sustainability report for 2023 is available on our website integrated into our 2023 Annual Report. 
Sustainability metrics measured on a quarterly basis   
Unit
2024 
Jan–Mar
2023 
Jan–Mar
Change, 
%
2023 
jan-dec
Rolling  
12 months
Energy consumption in comparable property,                     kWh/sq. m. of area heated to  
                                                                                                                   minimum of 10 °C 30.3 29.6 2.6 77.2 78.1
Total energy  (electricity consumption in our buildings,  
district heating and district cooling)                                                                       MWh 27,480 26,785 2.6 70,010 70,755
Carbon dioxide emissions (Scope 1** and Scope 2***)                               tonnes CO2e 134 120 11.7 279 N/A
Carbon dioxide emissions (Scope 1** and Scope 2***) per lettable area        kg CO2e/sq. m. 0.16 0.14 12.7 0.31 N/A
Green leases                                                                           percentage of lettable area 64.0 53.7 19.2 61.4 N/A
Properties with sustainable building certification        percentage of investment properties 75.4 91.7 –19.1 80.4 N/A
Green finance   % 66 67 –1.5 65 N/A
* Refers to properties owned by us throughout 2023 and 2024.
**Scope 1 carbon dioxide emissions from pooled cars and refrigerant leaks. 
**Scope 2 carbon dioxide emissions from district heating, from 2023 only emissions from incineration are included in Scope 2.  
Emissions from district heating related to production and transport are included in Scope 3, which are reported on an annual basis. 
We strive to be an active participant in the 
development of the areas in which we operate, both 
through our own properties and in collaboration 
with others. District development is a key part of our 
strategy. At Medicinareberget, we and other property 
owners have formed a committee to jointly develop 
the area and strengthen the existing life sciences 
cluster. In Lilla Bommen, an unmanned self-service 
local grocery store that is open 24/7 opened its doors 
in January. The shop, which opened in response 
to requests made by customers in the area, has 
contributed to the development of the area. 
In our work on the development of the Södra 
Änggården mixed urban area, we are building a 
new secondary school for Internationella Engelska 
Skolan. The school playground will be decorated 
with cast bronze statues of children, created by 
artist Christian Verginer. The statues will be in 
place before the autumn term, when the school will 
receive its first students. They will be part of the first 
public art project in Södra Änggården.

===== SIDA 5 =====

5
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Our total property portfolio as at 31 March 2024 
comprised 88 properties, 21 of which are project 
properties. The total property portfolio included five 
jointly owned properties, which are accounted for 
as associates. The number of properties increased 
by eleven in the quarter as a result of the division of 
Arendal 764:720, which became legally binding. Total 
lettable area, including associates, was 960,000 sq. 
m. and was unchanged in the quarter. The fair value 
of the properties was SEK 28,415 million excluding 
associates.  
The economic occupancy rate during the period 
was 93% (92).
Net lettings and renegotiated leases
Our net lettings for the first quarter amounted to SEK 
3 million, boosted by the continued good demand in 
the logistics market. Demand in the office market 
in Gothenburg remains stable, despite the weak 
economic situation. 
The average remaining lease term increased 
compared with the first quarter in 2023 and was 54 
months (51). This was due to the fact that many large 
leases were extended. The number of commercial 
leases was 700 (692), generating total rental income 
of SEK 1,647 million (1,397) on an annual basis.   
Revenue from car parks and parking contracts 
amounted to SEK 60 million (58). The 20 largest 
leases accounted for 34% (37) of rental value. In the 
period, leases with a total rental value of SEK 39 
million were renegotiated, resulting in longer lease 
terms.
Letting and property management
Net lettings Offices Industrial/logistics Total
SEK m Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023
Investment properties – lettings 10 44 4 3 14 47
 Investment properties – lease terminations –23 –21 –12 –6 –35 –27
Project properties – lettings — — — — — —
Project properties – lease terminations — — — — — —
Associates – lettings 5 2 19 — 24 2
Associates – lease terminations — –1 —                        — — –1
Total net lettings –8 24 11 –3 3 21
-60
-50
-40
-30
-20
-10
0
10
20
30
40
50
60
70
80
Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
 Net lettings, by quarter
SEK, million
Investment properties,
terminated
Investment properties, 
lettings
2019 2020 2021 2022 2023 2024
Terminated projectNew project
Net per quarter
0
20
40
60
80
100
120
Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
Renegotiated leases and rent increases, by quarter
SEK, million
Rental increases (%)  Volume of rent
2019 2020 2021 2022 2023 2024
%
0
10
20
30
40
50
Renegotiated 
leases Offices
Industrial/  
logistics Total
Q1 
 2024
Q1 
2023
Q1  
2024
Q1 
2023
Q1  
2024
Q1 
2023
Investment property  
Rental value after 
renegotiation, SEK m 20 12 19 32 39 44
 Investment property  
Change in rent, % 1 9 0 12 0 11
Associates  
Rental value after 
renegotiation, SEK m — — — — — —
Associates  
Change in rent, % — — — — — —
Continued good demand in the logistics market and stable demand 
in the office market in Gothenburg, despite the weak economic 
situation. Longer remaining average lease term. 
Operations

===== SIDA 6 =====

6
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Industrial and logistics
We are the leading player in Arendal in industrial and logistics. Major 
clients include DFDS, DHL, NTEX, Plasman, Polestar, Schenker, SSAB 
and Sveafjord (AB Volvo). In total, we had 64 (59) commercial leases 
in industrial and logistics, generating total rental income of SEK 405 
million (283) on an annual basis. The increase in rental income was due 
to lettings in our own investment properties, index-linked increases, 
newly developed projects and acquisitions. 
Offices
In the offices segment we are the leading player in Lilla Bommen, 
Gårda and Gamlestaden. Major clients include ESS Group, the City of 
Gothenburg, the University of Gothenburg, the Swedish Migration 
Agency, Nordea and Region Västra Götaland. In total, we have 636 (617) 
commercial leases for offices, generating total rental income of SEK 
1,242 million (1,114) on an annual basis.   The increase in rental income 
was due to lettings in our own investment properties, index-linked 
increases and newly developed projects.
Area distribution per category
Office
 Industrial/logistics
50%
37%
2%
Care
Retail
Project
Other
Restaurant
Hotel
6%
1%1%
3%
Property value per segment
Office
Central
Gothenburg
Office
North East
Gothenburg
53%
4%
15%
23%
5%
Industrial/
logistics
Project
Office
South West 
Gothenburg
Major clients Share1)
Sveafjord (AB Volvo) 5%
ESS Group AB 5%
Region Västra Götaland 4%
Swedish Migration Agency 4%
City of Gothenburg 3%
DFDS Logistics Contracts AB 3%
University of Gothenburg 3%
Mölnlycke Health Care AB 2%
NTEX AB 2%
Nordea Bank Abp, Sweden branch 2%
Total 33%
1) Share of contracted rental income
Operations
AREA: ALMEDAL
PROPERTY: ALMEDALS FABRIKER
33%
21% 
Rental income from 10% largest 
customers
Rental income from public sector0
50
100
150
200
250
300
350
400
450
500
2029 -2028 2027202620252024
Maturity structure leases, per business area
SEK, million
Rental income, 
business area Office
Number of contracts,
business area Office
Number of contracts,
business area Industrial/logistics
Rental income, 
business area Industrial/logistics
70
35
105
140
175
0
Number

===== SIDA 7 =====

7
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
 
Number of 
properties
Lettable area, 
sq. m.
Fair value,  
SEK m
Rental value,  
SEK m
Economic 
occupancy rate, %
Rental income, 
SEK m
Operating 
surplus, SEK 
m
Surplus ratio, 
%
Central Business District (CBD) 8 73,963 4,381 260 91 236 189 80
City centre excl. CBD 18 225,135 10,684 658 95 627 499 80
Central Gothenburg 26 299,098 15,065 918 94 863 688 80
East Gothenburg 7 119,588 2,947 230 96 220 170 77
Norra Älvstranden/Backaplan 4 38,706 1,440 102 96 98 77 79
North/East Gothenburg 11 158,294 4,387 332 96 318 247 78
West Gothenburg 4 22,079 275 30 83 25 17 68
Mölndal 4 28,794 775 63 97 61 48 80
South/West Gothenburg 8 50,873 1,050 93 92 86 65 76
Total investment properties, offices 45 508,265 20,502 1,343 94 1,266 1,000 79
Project properties, offices 16 1,860 1,246 31 97 30 28 93
Total offices excl. associates 61 510,125 21,748 1,374 94 1,296 1,028 79
Investment properties, industrial/logistics 19 402,374 6,433 421 94 396 329 83
Project properties, industrial/logistics 3 — 234 15 100 15 14 93
Total industrial/logistics excl. associates 22 402,374 6,667 436 94 411 343 83
 
Total Platzer excl.  
associates 83 912,499 28,415 1,810 94 1,707 1,371 80
Associates offices 100% 3 47,454 2,906 158 97 154 125 —
Associates industrial/logistics 100% 2 — 325 — — — –1 —
Rental income, SEK m
Leases agreed for occupancy as of 1 October 
2024: Offices
Industrial/
logistics
Platzer 
total
Current and future new build projects, including 
associates — 19 19
Investment properties, including associates 6 — 6
Rental income, SEK m
Terminated leases with vacation as of 1 April 
2024: Offices
Industrial/
logistics Platzer total
Current and future new build projects, including 
associates — — —
Investment properties, including associates 39 13 52
The summary is based on the property portfolio as at 31 March 2024 and is 
based on completed lease agreements. It provides a snapshot of our earning 
capacity for 2024 but it is not a forecast. The table is not an assessment of 
any changes in leases. 
The breakdown of office property is in line with the general geographical 
breakdown used by the property industry in Gothenburg with the exception 
of our property at Backaplan, which we account for as Norra Älvstranden. 
We report our industrial/logistics properties and project properties 
separately. Project properties include all our properties in Södra Änggården, 
for example. Below the line Total Platzer excl. associates we report the 
figures for our associates at 100% of the value, irrespective of our holding, 
which is usually 50%. 
Leases that have been concluded for future occupancy in six months or 
later and future vacancies from terminated leases are reported in a separate 
table. 
By rental value we mean rental income plus the estimated market rent 
for vacant premises in their existing condition. The results-related columns 
include current leases in existing properties, including for future occupancy 
in the next six months. Leases for later occupancy or in properties currently 
under construction are not included.
Rental income refers to contracted rental income, including agreed 
supplements such as payments for heating and property taxes, and 
excluding limited period discounts of approximately SEK 65 million. For 
project properties where the project has not yet started or where projects 
are underway, the information relating to rental value, rental income and 
operating surplus refers to existing leases and costs in the property. For 
project properties where occupancy is due to take place in the next six 
months, the figures include rental value, rental income and operating 
surplus attributable to these leases.  
The operating surplus shows the properties’ earning potential on an 
annual basis, defined as contracted rental income as at 1 April 2024. 
Deductions are made for estimated property costs, including property 
administration, for a normal year. 
The table for earning capacity shows a surplus ratio of 80% excluding 
terminated leases, which are presented below the table. The surplus ratio 
for 2023 was 78% and for the first quarter of 2024 it was 77%.   
Earning capacity as at 31 March 2024
Operations

===== SIDA 8 =====

8
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Property transactions
Acquisitions
No acquisitions were carried out or agreed in the period. 
Disposals
No disposals were carried out or agreed in the period. 
Acquisitions
Agreement signed  
Year/quarter Property designation Area Segment Type of property
Lettable 
area, sq. 
m.
Prel. completion 
date
Agreed property 
value, SEK million
2021/Q3 Kungsfisken 7 (MIMO) Mölndal Offices Inv. property 32,000 2024/Q4* 1,800 (prel)
Acquisitions, total 32,000 1,800
Disposals
Agreement signed  
Year/quarter Property designation Area Segment Type of property
Lettable 
area, sq. 
m.
Prel. completion 
date
Agreed property 
value, SEK million
2017/Q4 Högsbo 55:9 Södra Änggården Residential property Project property 17,600 2025/Q2 185
2017/Q3 Högsbo 3:12 Södra Änggården Residential property Project property 13,950 2024/Q4 190
2017/Q4 Högsbo 3:11 Södra Änggården Residential property Project property 15,350 2025/Q2 161
 Disposals, total           46,900                      536
  
The table shows property transactions completed in the period as well as agreed but not yet completed transactions.  
* Conditional 80% occupancy rate etc.
Operations
AREA: TORSLANDA  
PROPERTY: SÖRRED LOGISTIKPARK (SÖRRED 8:16)  
TENANT: VOLVO CARS

===== SIDA 9 =====

9
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Lilla Bommen 
Lilla Bommen is currently undergoing rapid expansion, involving 
development of the central area and expansion of the city towards the 
water. The new Hisingsbro bridge is creating opportunities for more activity 
and additional services in the area. In this area we have converted Aria 
(Gullbergsvass 1:1) into a modern office building incorporating a restaurant 
and other public amenities and services on the ground floor. 
In the first quarter, the self-service local grocery store Lilla Landet, which 
is open 24/7, opened its doors, which boosted the number of services in the 
area. Ragn-Sells decided to lease office space in Aria, having previously leased 
space in Mindpark in the same building. Later this spring, Capio Sverige will 
move in.
Directly adjoining the new Hisingsbron bridge, we have an option to acquire 
two building rights for a total of 43,000 sq. m. GFA, covered by a valid detailed 
development plan. 
Masthugget 
Masthugget is one of the oldest districts in Gothenburg and is currently 
undergoing rapid transformation. We are collaborating with other property 
owners to improve safety in area, among other things. On 1 August 2024, the 
Designgymnasiet upper secondary school, which specialises in design, will 
open its doors in our premises at Stigberget.
City centre
The area around Skeppsbron is one of the most attractive areas in 
Gothenburg. In Q4 we completed our work on the older part of the Merkur 
building (Inom Vallgraven 49:1) in this area, which we own jointly with 
Bygg-Göta. In the first quarter we entered into a lease for a restaurant at 
street level.
Gårda
We have completed several large projects in Gårda in recent years – most 
recently the construction of Kineum, including the destination hotel Jacy’z. 
Together with other property owners we are driving efforts to make the 
area more accessible by public transport. In 2023 we also began work on 
developing the amenities offered at Gårdatorget, for example, by signing a 
lease with the gym chain Nordic Wellness.
In line with our ambition to create a vibrant city with active ground floors, 
in the first quarter we entered into a lease with the Din Veterinär veterinary 
clinic, which will take occupancy in October. After the summer, the vocational 
school Medieinstitutet will also move into new premises. The school will take 
occupancy already in June, but the school term starts in August.
Södra Änggården
Södra Änggården is a completely new district. We have previously sold 
residential building rights to residential property developers and completion 
of the sales is currently underway, with the last sale due to be completed 
in 2027. At the same time, we are continuing our work on the school building 
where Internationella Engelska Skolan (IES) will move in in autumn 2024. 
Work on non-structural elements is currently underway. Together with the 
artist Christian Verginer, we are also creating the first public artwork in Södra 
Änggården. This will be installed in the new school playground in the summer.
Gamlestaden
Gamlestaden is one of the most exciting districts undergoing development 
in Gothenburg. In Gamlestadens Fabriker (Olskroken 18:7, etc.) we are 
managing an urban development project comprising offices, retail, housing, 
car parks, etc. Development of our building rights and letting is currently 
underway, together with preparatory work on infrastructure.
Project and district development
We currently manage major projects comprising a total lettable area of 75,000 sq. m., including joint 
ventures and associates. In addition to these, we have potential development projects of 340,000 
sq. m. gross floor area (GFA), of which residential building rights of around 80,000 sq. m. in Södra 
Änggården have been sold. The portfolio comprises projects in all stages, from detailed development 
plan to buildings ready for occupancy.  
Operations
In the first quarter, we also began work on modifying the facade of one of 
the buildings prior to the reinforcement and elevation of the quay along the 
Säveån river that will take place in 2025. In Gamlestadens Fabriker we also 
began work on Regissören, Gothenburg’s new events venue, and welcomed 
the distillery Ego and the Dubbelhakan pizzeria. We also started early 
preparations for the development of Turitzhuset building, on the other side 
of the street. In the past, the building was the head office of NK and Epa. 
Almedal
Almedals Fabriker (Skår 57:14) is a former industrial district located 
alongside the Mölndalsån river, just south of Liseberg, where we are 
continuing our work on a detailed development plan to develop office space 
and other commercial space that will complement existing businesses. 
Mölndal
The centre of Mölndal has undergone complete transformation in recent 
years. Here, NCC is currently erecting the office building Mimo, where 
letting is in full swing. The building is so far around 60% let. We will take 
occupancy in the fourth quarter of 2024 at the earliest.
Arendal–Torslanda
Arendal and Torslanda are the most attractive industrial and logistics 
locations in Sweden with their close proximity to the largest port in the 
Nordic region, the Volvo companies and the Novo battery plant that is 
currently under construction. Together with Catena (previously Bockasjö) 
we are developing Sörred Logistikpark. In the first quarter, we signed a lease 
for 14,850 sq. m. with Volvo Cars in building V4 (Sörred 8:16), leaving one 
building right for 30,000 sq. m. to be developed. 
Letting of the last premises in the project Låssby 3:142 which totals 22,000 
sq.m.  is in progress. The project at Syrhåla 2:3 of 14,000 sq. m. is fully let and 
will be completed in the second quarter of 2024.  
We have embarked on a major district development project in our 
property portfolio at Arendal, where we, together with others, including 
Stena Line (which will establish a ferry service in the area in 2028), are 
creating the prerequisites for continued development of one of the best 
industrial and logistics locations in Sweden. The split of our large property 
into several smaller properties was part of this development. In the first 
quarter, we also signed a lease with ABB for 5,000 sq. m. in Arendal. 
The area has the potential for further development of 70,000 sq. m. of 
modern logistics facilities in the immediate vicinity of the port.

===== SIDA 10 =====

10
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Property Segment
Redeveloped 
area,  
lettable area, 
sq. m.
New area, 
lettable 
area, 
 sq. m.
Total 
investment 
incl. land, 
SEK m 1 
Remaining 
investment, 
SEK m
Fair 
value, 
SEK m
Rental 
value,  
SEK m 
Economic 
occupancy 
rate, % Completed
Gullbergsvass 1:1, Aria
Offices/Central 
Business District 
(CBD) 15,294 — 1,254 117 904 61 70 Q2 2024
Högsbo 55:13, School  
Södra Änggården
Offices/South-
West Gothenburg — 8,964 468 66 498 29 100 Q3 2024
Total 15,294 8,964 1,722 183 1,402 90
 Jointly owned properties accounted for as associates
Property Segment
Converted 
area, lettable 
area, sq. m.
New area, 
 lettable area,  
 sq. m.
Total 
investment 
incl. land,  
SEK m 1 
Remaining 
investment, 
SEK m 
Fair 
value, 
SEK m
Rental 
value, 
SEK m 
Economic 
occupancy 
rate, %
Com- 
pleted
Sörred 8:16, Building V4,  
Sörred Logistikpark
Industrial/ 
Logistics — 14,850 273 49 224 19 100 Q3 2024
Total — 14,850 273 49 224 19
1  The total investment including land value also includes the value on acquisition of existing building and planned investment.
2 Possible construction start is the estimated start date of the project, provided planning work proceeds as expected and pre-letting has reached a 
satisfactory level.
3 Platzer does not currently own the land but has an option to acquire the land together with building right at the market rate.
Major projects underway
Property Segment Type of property
New area 
GFA sq. m. Project phase
Possible 
construction 
start 2
Högsbo 55:11, Södra Änggården Offices/West Gothenburg
mixed  
urban area 17,000
detailed development  
plan adopted 2024
Olskroken 18:13, Gamlestadens Fabriker Offices/East Gothenburg offices/retail 19,900
detailed development 
 plan adopted 2024
Olskroken 18:14, Gamlestadens Fabriker Offices/East Gothenburg offices 10,200
detailed development  
plan adopted 2024
Olskroken 18:7, Gamlestadens Fabriker Offices/East Gothenburg offices 2,300
detailed development  
plan adopted 2024
Bagaregården 17:26 Offices/East Gothenburg
mixed  
urban area 60,000
detailed development  
plan in progress 2025
Gullbergsvass / Lilla Bommen 3
Offices/Central Business 
 District (CBD) offices 43,000
detailed development  
plan adopted 2025
Högsbo 2:2, Södra Änggården Offices/West Gothenburg
mixed  
urban area 6,850
detailed development  
plan adopted 2025
Högsbo 34:13, Södra Änggården Offices/West Gothenburg
mixed  
urban area 7,150
detailed development 
 plan adopted 2025
Högsbo 55:10, Södra Änggården Offices/West Gothenburg preschool 1,800
detailed development  
plan adopted 2025
Olskroken 18:10, Gamlestadens Fabriker Offices/East Gothenburg offices 29,000
detailed development  
plan adopted 2025
Skår 57:14, Almedals Fabriker
Offices/City centre excl. 
CBD offices 25,000
detailed development  
plan in progress 2025
Solsten 1:110 Offices/East Gothenburg offices 3,000
detailed development  
plan adopted 2025
Olskroken 18:11, Gamlestadens Fabriker Offices/East Gothenburg offices 9,000
detailed development  
plan adopted 2026
Olskroken 18:12, Gamlestadens Fabriker Offices/East Gothenburg offices 6,000
detailed development  
plan adopted 2027
Total Business area Offices 240,200
Potential development projects
Business area Offices Business area Industrial and logistics
Major projects underway
Property Segment
Redeveloped 
area, lettable 
area, sq. m.
New area, 
lettable area,  
 sq. m.
Total 
investment 
incl. land, 
SEK m 1 
Remaining 
investment, 
SEK m
Fair 
value, 
SEK m
Rental 
value,  
SEK m 
Economic 
occupancy 
rate, %
Com- 
pleted
Låssby 3:142 (formerly  
Syrhåla 3:1, phase 2)
Industrial/ 
Logistics — 22,000 300 21 271 18 56 Q2 2024
Syrhåla 2:3 
Industrial/ 
Logistics — 13,700 210 48 172 14 100 Q2 2024
Total — 35,700 510 69 443 32
Property Segment Type of property
New area  
GFA sq. m. Project phase
Possible construction 
start 2
Arendal 1:21 (formerly Arendal 
764:720, building right A) Industrial/Logistics industrial/logistics 15,000
detailed development  
plan adopted 2024
Arendal 1:29 (formerly Arendal 
764:720, building right B) Industrial/Logistics industrial/logistics 10,000
detailed development 
plan adopted 2024
Arendal 1:31 (formerly Arendal 
764:720 Arendals udde) Industrial/Logistics industrial/logistics 45,000
detailed development 
plan adopted 2024
Total, Industrial/logistics 
business area 70,000
 
Potential development projects
Jointly owned properties accounted for as associates
Property Segment Type of property
New area  
GFA sq. m. Project phase
Possible construction 
start 2
Sörred 8:15, Sörred  
Logistikpark, building right V3 Industrial/Logistics industrial/logistics 30,000
detailed development 
plan adopted 2024
Total 30,000
  
Operations

===== SIDA 11 =====

11
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
CONSOLIDATED
Results and comments on results
SEK m
2024 
Jan-Mar
2023
Jan-Mar
2023
Jan-Dec
2023/2024 
Apr-Mar
Rental income 404 350 1,453 1,507
Property costs –91 –84 –321 –328
Operating surplus 313 266 1,132 1,179
Central administration –15 –15 –59 –59
Share of profit of joint ventures and associates 49 –36 –75 10
   – of which income from property management 10 7 30 33
   – of which changes in value 65 –40 –70 34
   – of which tax –13 8 –13 –8
   – of which sundry expenses –11 –11 –48 –49
Net financial income/expense 1 –139 –97 –494 –536
Profit including share of profit of joint ventures and associates 208 118 504 594
   - of which income from property management2 169 161 609 617
Change in value, investment properties –38 0 –1,277 –1,315
Change in value, financial instruments 109 –87 –380 –184
Profit/loss before tax 279 31 –1,153 –905
Tax on profit/loss for the period –49 –4 210 165
Profit/loss for the period 3 230 27 –943 –740
Comprehensive income for the period
Parent company’s shareholders 230 27 –943 –740
Earnings per share 4 1.92 0.23 –7.87 –6.18
1   Net financial income/expense includes ground lease costs totalling SEK 0.2 million (0.2) for the period.
2   Refers to income from property management excluding changes in value, tax and sundry expenses in joint ventures and associates.
3  The Group has no other comprehensive income and therefore the consolidated profit for the period is the same as comprehensive income for the 
period. 
4   There is no dilution effect because there are no potential shares. 
Results 
Income from property management for the period 
amounted to SEK 169 million (161), of which SEK 
10 million (7) was attributable to joint ventures 
and associates. In spite of rising interest expenses, 
income from property management was on a 
par with the previous year, thanks an improved 
operating surplus.
Profit for the period amounted to SEK 230 
million (27). Changes in the value of wholly-owned 
properties had a negative effect on profits of SEK –38 
million (0) and revaluations of financial instruments 
impacted results by SEK 109 million (–87). 
Rental income  
Rental income in the period increased to SEK 404 
million (350), an increase of 15%. Rental income was 
boosted by the acquisitions of Sörred 7:21, Sörred 
8:12 and Sörred 8:14, as well as by Låssby 3:142 and 
Låssby 3:143, where occupancy took place in Q4 2023. 
Rental income was also boosted by Kineum (Gårda 
16:17), where tenants took occupancy throughout 
2023, and by index-linked increases of SEK 17 
million. Annualised rental income from existing leases 
(as at 31 March 2024) is estimated at SEK 1,707 million 
(1,455), see earning capacity on page 7. The economic 
occupancy rate during the period was 93% (92). 
Property costs 
Property costs for the period amounted to SEK –91 
million (–84).  
 The increase of SEK 7 million was partly due to our 
acquisitions of Sörred 8:12, 8:14 and 7:21, and partly to 
the properties Låssby 3:142 and Låssby 3:143. Utility 
costs in the period showed a net decrease as a result 
of lower consumption and lower electricity prices. At 
the same time, the cold first quarter resulted in higher 
heating costs and snow removal and anti-icing costs.
Q1 2024 
SEK m
Q1 2023 
SEK m Change, %
Comparable properties 77 74 4
Property development 3 2
Project development 9 8
Property transactions 2 —
Property costs 91 84 8
Operating surplus 
The operating surplus in the period increased by 18% 
(14) to SEK 313 million (266). The operating surplus for 
comparable properties rose by 7% (19), primarily as a 
result of new leases and index-linked increases. The 
surplus ratio was 77% (76). The yield for all wholly-
owned properties was 4.4% (3.9).
For comments on individual quarters, see page 18.
 
Q1 2024
SEK m
Q1 2023
SEK m Change, %
Comparable properties 333 313 6.4
Property development 7 5
Project development 46 32
Property transactions 18 —
Rental income 404 350 15.4
Results & Financial position

===== SIDA 12 =====

12
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
CONSOLIDATED
Central administration and staff 
Central administration costs for the period 
amounted to SEK –15 million (–15). The number of 
employees at the end of the period was 85 (86).
Share of profit of joint ventures and 
associates
Share of profit of joint ventures and associates for the 
period was SEK 49 million (–36), most of which was 
attributable to changes in the value of properties. See 
page 56 of the 2023 Annual Report for a description of 
investments in associates and joint ventures. 
Net financial income/expense 
Net financial income/expense for the period 
amounted to SEK –139 million (–97). Net financial 
items were adversely affected by higher interest 
rates and larger debt.  
Borrowings were up on the corresponding period 
in the previous year by an average of just over SEK 
2,000 million. The increase was the net effect of 
financing of completed acquisitions and project 
investments as well as current cash flows.  
Average interest rate for the period, including the 
effects of derivative instruments, was 4.2% (3.4). 
Changes in value
Changes in the value of wholly-owned properties in 
the period amounted to SEK –38 million (0). See page 
13 for more information. 
Changes in the value of financial instruments 
totalled SEK 109 million (–87). 
Tax 
Tax for the period amounted to SEK –49 million (–4), 
of which –15 million (11) comprised current tax and 
SEK –34 million (7) net was deferred tax.  Deferred tax 
was primarily impacted by changes in the value of 
properties and financial instruments. 
 
Segment reporting 
We report our operations in three geographical office 
segments as well as industrial/logistics: 
• Offices Central Gothenburg (Almedal, City 
Centre, Gårda, Lilla Bommen, Masthugget and 
Medicinareberget).
• Offices North/East Gothenburg  (Backaplan, 
Gamlestaden, Lindholmen and Mölnlycke).
• Offices South/West Gothenburg  (Högsbo and 
Mölndal)
• Industrial and Logistics  (Arendal and Torslanda)
Project properties are included in the segment to 
which they belong. The total operating surplus in 
segment reporting for wholly-owned properties 
corresponds to the operating surplus reported in the 
income statement and the total value of property 
and investments, etc., corresponds to the balance 
sheet. The properties we own through associates are 
accounted for in a separate segment table. 
Segment reporting, associates
Offices
Industrial/
Logistics Total
Period refers to Q1
Central  
Gothenburg
South/West  
Gothenburg
North/East  
Gothenburg
SEK m 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Rental income 37 33 — — — — — 1 37 34
Property costs –7 –7 — — — — — 0 –7 –7
Operating surplus 30 26 – – – – – 1 30 27
Fair value, properties 2,906 2,734 — — — — 325 1,230 3,231 3,964
Investments/acquisitions/disposals/
changes in value over the year 126 3 — — — — 34 44 160 47
0
50
100
150
200
20242023202220212020
Income from property management, Jan-Mar
SEK, million
Segment reporting, wholly-owned properties 
Offices
Industrial/
Logistics Total
Period refers to Q1
Central  
Gothenburg
South/West  
Gothenburg
North/East  
Gothenburg
SEK m 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Rental income 204 185 23 22 78 74 99 69 404 350
Property costs –46 –44 –7 –7 –20 –19 –18 –14 –91 –84
Operating surplus 158 141 16 15 58 55 81 55 313 266
Fair value, properties 15,080 15,937 2,199 2,249 4,436 4,555 6,700 4,646 28,415 27,387
Investments/acquisitions/disposals/
changes in value over the year –32 96 114 80 –67 75 150 142 165 393
Results & Financial position

===== SIDA 13 =====

13
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
CONSOLIDATED
 Value of properties and property valuation
The properties were recognised at fair value of 
SEK 28,415 million (28,250), which was based on an 
internal valuation as at the balance sheet date.  
  All properties are valued internally on a quarterly 
basis in our valuation model based on 10-year cash 
flows in accordance with an established model. 
External valuations are commissioned on a regular 
basis during the financial year and these provide 
guidance and quality assurance for the internal 
valuation. At year-end we also carry out an external 
valuation of a few sample properties that form a 
cross-section of the property portfolio. Our goal is 
for the external valuation to be carried out for at 
least 30% of the value of the property portfolio at 
year-end. In the year-end valuation commissioned 
for 2023, external valuations were carried out of 
properties corresponding to 43% of the value of 
the total property portfolio. Our internal year-end 
valuation in 2023 was 3.1% higher than the external 
valuation, which is well within the confidence 
interval for market valuations. The investment 
properties are valued within level 3 in the IFRS 13 
fair value hierarchy.
The internal property valuation for the period 
showed a change in the value of wholly-owned 
investment properties of SEK –38 million (0). Change 
in value for the period was positively impacted by 
SEK 102 million from urban development, project 
development and property development. It was 
negatively impacted by SEK –40 million as a result 
of changes in required yields in the portfolio and by 
SEK –100 million due to adjusted rent from vacant 
Financial position
Balance sheet, condensed  
SEK m 31 Mar 2024 31 Mar 2023  31 Dec 2023
Assets
Investment properties 28,415 27,387 28,250
Right of use assets, leasehold 30 30 30
Other non-current assets 25 27 24
Financial assets 1,069 1,369 927
Current assets 453 376 375
Cash and cash equivalents 45 275 167
Total assets 30,037 29,464 29,773
Equity and liabilities
Equity 12,471 13,450 12,480
Deferred tax liability 2,351 2,568 2,270
Non-current interest-bearing liabilities 10,573 9,407 9,988
Lease liability 30 30 30
Other non-current liabilities 149 226 150
Current interest-bearing liabilities 3,717 2,962 3,964
Other current liabilities 746 821 891
Total equity and liabilities 30,037 29,464 29,773
Pledged assets as at 31 March 2024 amounted to SEK 13,482 million (SEK 11,275), while contingent liabilities amounted to SEK 1,175 million (1,572).
SEK m
2024 
Jan-Dec
2023 
Jan–Mar
2023 
Jan-Dec
Value of properties, opening balance 28,250 26,994 26,994
Investments in existing properties 203 376 1,323
Property acquisitions — 17 1,463
Property sales — — –253
Changes in value –38 0 –1,277
Value of properties, closing balance 28,415 27,387 28,250
 Changes in the value of properties
Results & Financial position
Platzer’s financial position is stable. Our ongoing projects are proceeding according to plan, 
with financing agreed and a high occupancy rate.

===== SIDA 14 =====

14
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
CONSOLIDATED
SEK m
2024
Jan–Mar
2023
Jan–Mar
2023
Jan–Dec
Equity attributable to the Parent Company's shareholders 
At the beginning of the year 12,480 13,698 13,698
Comprehensive income for the period 230 –329 –943
Dividend –240 –275 –275
At year-end 12,471 13,094 12,480
Total equity 12,471 13,094 12,480
Changes in equity, condensed
properties. Each property is valued individually and 
therefore any portfolio premiums have not been 
taken into account. The average yield requirement 
in the valuation as at the balance sheet date was 
5.08%, on a par with 31 December 2023. As a result of 
the changing market situation, yield requirements 
for offices and industrial/logistics properties in 
our portfolio were unchanged in the first quarter, 
and the property split had a positive effect. Our 
assumption of inflation for 2024 onwards is 2% 
per year, which is in line with the assumptions of 
external valuation experts. 
Transactions and investments
No transactions were carried out in the first quarter 
of the year. Investments in existing properties in the 
period amounted to SEK 203 million (376), with the 
largest investments comprising a new build project 
at properties in Torslanda and the school in Södra 
Änggården.
Financial assets 
The increase in financial assets in the quarter 
was attributable to increases in both the value of 
properties owned by associates and the value of the 
derivatives portfolio.
Equity
The Group’s equity amounted to SEK 12,471 million 
(12,480) as at 31 March 2024. The equity/assets 
ratio on the same date was 42% (42), well above the 
financial target of 30%. 
Equity per share as at 31 March stood at SEK 104.08 
(104.16), while the long-term net asset value, EPRA 
NRV, was SEK 120.87 (121.19) per share.
Results & Financial position
AREA: GAMLESTADEN  
PROPERTY: GAMLESTADENS FABRIKER
PROJECT: REGISSÖREN

===== SIDA 15 =====

15
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Interest-bearing liabilities
As at 31 March 2024, interest-bearing liabilities 
amounted to SEK 14,290 million (13,952), which 
corresponds to a loan-to-value ratio of 50% (49). The 
average loan maturity was 2.1 years (2.0). Current 
interest-bearing liabilities on the balance sheet refer 
to loans that should be renegotiated within the next 
twelve months and repayments according to plan.
Interest-bearing liabilities primarily comprised 
bank loans of SEK 10,601 million (10,803), secured 
through property mortgage deeds. Platzer is 
also borrowing SEK 1,344 million (1,344) in 
the form of secured green bonds via Svensk 
FastighetsFinansiering (SFF). In order to obtain direct 
financing in the capital market, Platzer has launched 
an MTN programme and associated green debt 
framework for unsecured bonds of SEK 5 billion, as 
well as a SEK 2 billion commercial paper programme. 
Outstanding unsecured green bonds amounted 
to SEK 1,650 million (1,300) and commercial paper 
amounted to SEK 695 million (505). The first maturity 
of an unsecured bond is in November 2024.
Interest-bearing liabilities increased by SEK 338 
million in the quarter. Secured bank loans of SEK 
–527 million matured or were renegotiated, while 
the company obtained new secured bank loans or 
extended existing ones of SEK 347 million. We issued 
an unsecured MTN of SEK 350 million. The volume 
of commercial paper increased by SEK 190 million. 
Loan repayments and other payments by instalments 
amounted to SEK –22 million.
Pledged assets
Unsecured financing accounted for 16% (13) of 
interest-bearing liabilities. Of interest-bearing 
liabilities, SEK 11,924 million (12,147) were secured 
against mortgage deeds, corresponding to 42% (43) of 
the property value. 
Fixed interest and derivatives 
The average fixed-rate period, including the effect of 
interest derivatives, was 2.8 years (2.8) as at 31 March. 
As at 31 March, the average interest rate, including 
derivative instruments, was 4.08% (4.04), excluding 
unused credit commitments, and 4.20% (4.15) 
including unused credit commitments. The average 
interest rate was 0.05 percentage points higher 
compared with 31 December 2023, primarily as a 
result of a higher margin on the new MTN and partly 
due to larger borrowings. The interest coverage ratio 
for the period was 2.1 (2.2). 
The total volume of derivatives as at 31 March 
was SEK 8,420 million (8,270). In the period, Platzer 
entered into new interest rate swaps of SEK 400 
million, while SEK 250 million were terminated 
or matured. Callable swaps account for SEK 500 
million of total volume. Interest rate swaps are 
used as interest rate hedges for loans at variable 
rates and to achieve the desired term structure of 
interest rates. The market value of the derivatives 
portfolio as at 31 March 2024 was SEK 340 million 
(230) and the unrealised change in value was SEK 109 
million. Only realised changes in value affect cash 
flow and the market value will be resolved through 
changes in value during the remaining maturity of 
the derivatives.
Credit rating
The company has a BBB- credit rating with negative 
outlook, awarded by the credit rating institution Nordic 
Credit Rating. The rating was reaffirmed while the 
outlook was lowered in October 2023.
Interest-bearing liabilities
Green MTN, SEK 1,650 million
Green bank loans, SEK 5,421 million
Green bonds SFF, SEK 1,344 million
Bank loans, SEK 4,160 million
Sustainability-linked bank loans, SEK 1,020 million
38%
9%12%
7%
29%
5%
66%
SUSTAINABLE
FINANCING
Commercial paper, SEK 695 million
Interest maturity Loan maturity
Year
Interest-
bearing 
volume,
 SEK m
Average 
interest 
rate, %
Credit 
agree-
ments,  
SEK m
Used 
SEK m
of which 
bank, 
 SEK m
of which 
MTN/CP, 
SEK m
0–1 years 7,140 6.65 4,762 4,412 2,569 1,843
1–2 years 250 0.82 4,535 4,185 3,235 950
2–3 years 400 0.94 4,862 3,382 2,486 896
3–4 years 1,780 1.42 860 700 700 —
4–5 years 1,250 1.47 625 625 625 —
5–6 years 1,100 1.39 500 500 500 —
6–7 years 1,050 1.34 486 486 486 —
7–8 years 520 1.79 — — — —
8–9 years 800 2.62 — — — —
9–10 years — — — — — —
Total 14,290 4.08 16,630 14,290 10,601 3,689
Target/
mandate
Outcome 
31/03/2024
Equity/assets ratio > 30% 42%
Loans with one bank > 35% 27%
Percentage of loans maturing within one year* > 35% 26%
Average loan maturity > 2 years 2.1 years
Average fixed-rate period 2–5 years 2.8 years
Fixed-rate period due to mature within 12 months, proportion 20–60% 50%
*  excl. commercial paper
Financing
Financing policy
Financing & Share
0
0,5
1
1,5
2
2,5
3
3,5
4
4,5
5
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024
2022-06-
30
2022-09-
30
2022-12-
31
2023-03-
31
2023-06-
30
2023-09-
30
2023-12-
31
2024-03-
31
Diagramrubrik
%
0.00
1.00
2.00
3.00
4.00
5.00
2022 2023 2024
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Average interest rate at end of period 
1)  Net volume of interest-bearing loans and derivatives results in a high average interest rate.  
Average interest rate loans excluding derivatives 5.57%.

===== SIDA 16 =====

16
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
The Platzer share 
The company’s share price at 31 March 2024 was SEK 92.00 per share 
(84.20), corresponding to a market capitalisation of SEK 11,023 million 
(10,088) based on the number of outstanding shares. A total of 8.4 
million (4.4) shares, worth a total of SEK 681 million (390), changed 
hands in the quarter. Average daily turnover was 132,800 (68,000) 
shares. As at 31 March, the company had 6,222 (6,296) shareholders. 
Foreign ownership amounted to 14.8% (14.0) of share capital.
Dividend policy and dividend
The aim is to pay a dividend over time of 50% of adjusted income 
from property management after tax. Adjusted income from property 
management means that income from property management from 
associates is included and is attributable to the Parent Company’s 
shareholders. 
     The Annual General Meeting on 20 March approved a dividend of SEK 2.00 
per share (2.30), to be paid in two instalments of SEK 1.00 each. The record 
dates are 22 March and 27 September. The dividend corresponds to a dividend 
yield of 2.2% (2.9) based on the share price at the end of the period.
 
Share capital 
At 31 March 2024, the share capital in Platzer was distributed among 20 
million Class A shares with 10 votes per share, and 99,934,292 Class B 
shares carrying one (1) vote per share. Platzer owns 118,429 of its Class 
B-shares (118,429). Each share has a quotient value of SEK 0.10. 
The long-term net asset value, EPRA NRV, was SEK 120.87 (129.31) per 
share at the end of the period.
The Platzer share is listed on Nasdaq Stockholm, in 
the Mid Cap segment. In the last 12-month period, 
the total return on the share, including dividend, was 
a positive 17%. 
The Platzer share
Name
Number of Class A 
shares
Number of Class 
B shares 
Number of 
shares
Share of votes, 
%
Share of equity, 
%
Neudi & C:o (formerly Ernström) 11,000,000 7,000,000 18,000,000 39.0 15.0
Länsförsäkringar Göteborg och Bohuslän 5,000,000 11,375,112 16,375,112 20.5 13.7
Länsförsäkringar Skaraborg 4,000,000 2,468,000 6,468,000 14.2 5.4
Family Hielte/Hobohm 18,055,993 18,055,993 6.0 15.1
Länsförsäkringar fondförvaltning AB 8,612,479 8,612,479 2.9 7.2
Handelsbanken funds 6,628,874 6,628,874 2.2 5.5
State Street Bank and Trust Co 4,548,792 4,548,792 1.5 3.8
SEB Investment Management 4,441,424 4,441,424 1.5 3.7
Fourth Swedish National Pension Fund 4,429,489 4,429,489 1.5 3.7
Lesley Invest (incl. private holdings) 4,095,562 4,095,562 1.4 3.4
Other shareholders 28,160,138 28,160,138 9.4 23.5
Total number of shares outstanding 20,000,000 99,815,863 119,815,863 100.0 100.0
Buyback of own shares 118,429 118,429
Total number of registered shares 20,000,000 99,934,292 119,934,292
Major shareholders in Platzer Fastigheter Holding AB (publ) as at 31 March 2024
2024 
Jan–Mar
2023 
Jan–Mar
2023 
Jan–Dec
2023/2024 
Jan–Mar
Share price at the end of the period 92.00 80.40 84.20 92.00
Net reinstatement value (EPRA NRV) 120.87 129.31 121.19 120.87
Net tangible assets (EPRA NTA) 116.35 124.42 116.64 116.35
Net disposal value (EPRA NDV) 104.08 112.26 104.16 104.08
Income from property management less nominal tax (EPRA EPS) 1.18 1.17 4.51 4.53
EPRA Loan-to-Value ratio property, % (EPRA LTV) 49 44 49 47
Profit/loss after tax 1 1.92 0.23 –7.87 –6.17
Adjusted income from property management after tax 2 1.02 1.00 4.04 3.75
Cash flow from operating activities –1.14 0.53 5.04 3.37
Dividend — — 2.00 —
Number of shares as at the balance sheet date, thousand 119,816 119,816 119,816 119,816
Average number of shares, thousand 119,816 119,816 119,816 119,816
For definitions and calculations of key metrics, see platzer.se
1 There is no dilution effect because there are no potential shares. Refers to result attributable to Parent Company’s shareholders.
2) Calculated in accordance with dividend policy
Per share metrics, SEK
Financing & Share

===== SIDA 17 =====

17
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
CONSOLIDATED
Cash flow statement
SEK million
2024 
Jan–Mar
2023 
Jan–Mar
2023 
Jan–Dec
2023/2024 
Apr–Mar
Operating activities
Operating surplus 313 266 1,132 1,179
Central administration –14 –15 –55 –54
Net financial income/expense –139 –97 –494 –536
Tax paid –19 –14 –25 –30
Cash flow from operating activities before changes in 
working capital 141 140 558 559
Change in current receivables –74 35 40 –69
Change in current liabilities –203 –111 6 –86
Cash flow from operating activities –136 64 604 404
Investing activities
Investments in existing investment properties –203 –376 –1,393 –1,220
Acquisitions of investment properties — –17 –1,463 –1,446
Disposals of investment properties — — 253 253
Acquisition/disposal of shares in associates — — 125 125
Other investments –1 –9 –10 –2
Cash flow from investing activities –204 –402 –2,488 –2,290
Financing activities 
Change in interest–bearing liabilities 338 545 2,129 1,584
Change in non–current liabilities 0 –11 –20 329
Dividend –120 –138 –275 –257
Cash flow from financing activities 218 396 1,834 1,656
Cash flow for the period –122 58 –50 –230
Cash and cash equivalents at the beginning of the period 167 217 217 275
Cash and cash equivalents at the end of the period 45 275 167 45
Operating activities
Cash flow from operating activities for the period 
amounted to SEK –136 million (64). Changes in working 
capital impacted cash flow by SEK –277 million (–76). 
See page 11 for further comments on operating 
activities.
Investing activities 
Investments in existing properties in the period 
amounted to SEK 203 million (376). No acquisitions or 
disposals were carried out in the period. Cash flow 
from investing activities amounted to SEK –204 million 
(–402).
Financing activities
Cash flow from financing activities amounted to SEK 
218 million (396), of which SEK 887 million comprised 
new borrowing. Cash and cash equivalents decreased 
by SEK –122 million (58) in the period and totalled SEK 
45 million (275) as at the balance sheet date.
Unused overdraft facilities amounted to SEK 100 million (100) and unused credit facilities amounted to SEK 2,340 million (2,250). Comparative 
amounts for unused credit refer to 31 December 2023. 
Cash flow statement, condensed
Financing & Share
AREA: SÖDRA  ÄNGGÅRDEN 
PROPERTY: HÖGSBO 55:13 
TENANT: INTERN ATIONAL ENGLIS H SCHOOL

===== SIDA 18 =====

18
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
CONSOLIDATED
Quarterly Summary
2024     2023 2022
SEK m Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
Rental income 404 389 373 341 350 308 308 302
Property costs –91 –71 –97 –69 –84 –78 –66 –69
Operating surplus 313 318 276 272 266 230 242 233
Central administration –15 –18 –12 –14 –15 –19 –9 –15
Share of profit of associates 49 –6 –22 –11 –36 –97 –40 110
Net financial income/expense –139 –142 –142 –113 –97 –78 –60 –54
Profit including share of profit of joint ventures 
and associates 208 152 100 134 118 36 133 274
– of which income from property management 169 163 134 151 161 139 184 174
Change in value, investment properties –38 –154 –503 –620 0 –230 253 1,602
Change in value, financial instruments 109 –399 62 44 –87 –24 107 248248
Change in value, financing arrangements — — — — — –146 –94 17
Profit before tax 279 –401 –341 –442 31 –364 399 2,141
Tax on profit/loss for the period –49 69 59 87 –4 17 –123 –417
Profit/loss for the period 230 –332 –282 –355 27 –347 276 1,724
Investment properties 28,415 28,250 28,350 28,574 27,387 26,994 27,002 26,955
Yield, % 4.4 4.5 4.0 3.9 3.9 3.4 3.6 3.5
Surplus ratio, % 77 82 74 80 76 75 79 77
Economic occupancy rate, % 93 93 93 91 92 92 91 92
Return on equity, % 5.7 0.3 –0.3 –0.2 3.4 –1.6 5.1 19.7
EPRA Loan-to-Value ratio property, % (EPRA LTV) 49 49 47 47 44 43 41 40
Net reinstatement value per share, SEK (EPRA NRV) 120.87 121.19 121.50 125.10 129.31 130.12 133.48 131.72
Net tangible assets per share, SEK (EPRA NTA) 116.35 116.64 117.05 120.46 124.42 125.24 128.50 126.45
Net disposal value per share, SEK (EPRA NDV) 104.08 104.16 106.93 109.30 112.26 114.33 117.21 114.93
Income from property management less nominal tax per 
share, SEK (EPRA EPS) 1.18 1.31 0.98 1.07 1.17 1.01 1.32 1.22
Share price, SEK 92.00 84.20 67.20 79.90 80.40 82.30 67.00 66.20
Earnings after tax per share, SEK 1.92 –2.77 –2.35 –2.96 0.23 –2.90 2.30 14.39
Operating cash flow per share, SEK –1.14 1.27 0.94 2.30 0.53 1.79 0.95 0.43
For definitions and calculations of key metrics, see Financial data on our website, platzer.se  
https://investors.platzer.se/sv/berakning–av–nyckeltal
Key Performance Indicators
2024 
Jan–Mar
2023 
Jan–Mar
2023 
Jan–Dec
2023/2024 
Apr–Mar
Financial
Debt/equity ratio (multiple) 1.2 0.9 1.2 1.1
Interest coverage ratio (times) 2.1 2.6 2.2 2.1
Loan–to–value ratio, % 50 45 49 50
Equity/assets ratio, % 42 46 42 42
Return on equity, % 5.7 0.2 –7.2 –5.7
 
Property–related
Yield, % 4.4 3.9 4.1 4.2
Surplus ratio, % 77 76 78 78
Economic occupancy rate, % 93 92 92 92
Rental value, offices, SEK/sq. m. 2,585 2,327 2,438 2,439
Rental value, industrial/logistics, SEH/sq. m. 1,060 1,090 1,018 1,021
Rental value, total, SEK/sq. m. 1,913 1,910 1,882 1,859
Lettable area, sq. m. (thousand) * 912 797 912 855
   * Lettable area including associates 960,000 sq. m.  
Financing & Share
Comments on results in Q1 2024 compared with results in Q4 2023 in quarterly summary 
• Rental income increased by SEK 15 million, primarily as a result of index-linked increases. Our acquired properties in Sörred 
Logistikpark and our completed projects in the properties Låssby 3:142 and Låssby 3:143 also contributed positively. Further 
deviations were due to the net effects of tenants taking occupancy or vacating premises.
 • Property costs increased by SEK 20 million, which was due to adjustments carried out in the fourth quarter of 2023 as a result of too 
high costs recognised in Q3 2023, primarily in respect of the acquisition of properties in Sörred Logistikpark. Further deviations were 
attributable to our completed projects in the properties Låssby 3:142 and Låssby 3:143.
 • The surplus ratio in the first quarter was 77%, which is in line with the adjusted surplus ratio of 77% in the fourth quarter of 2023.
 • The economic occupancy rate was unchanged compared with the previous quarter at 93%.

===== SIDA 19 =====

19
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
PARENT COMPANY
The Parent Company does not own any properties of its own, but instead manages certain groupwide 
functions relating to management, strategy and financing. Parent Company revenue consists entirely of 
invoicing for services to Group companies. 
Parent Company
SEK m
2024 
Jan–Mar
2023 
Jan–Mar
2023 
Jan–Dec
Net sales 4 4 17
Operating expenses –3 –5 –17
Net financial income/expense 78 28 624
Change in value, financial instruments     110 –87 –380
Profit/loss before tax and appropriations 188 –60 244
Appropriations –217 –287 28
Tax 22 82 73
Profit/loss for the year 1 –6 –265 345
SEK m 31 Mar 2024 31 Mar 2023 31 Dec 2023
Assets
Participations in Group companies 1,965 1,962 1,965
Other non-current financial assets (primarily financing of Group companies) 4,413 4,599 4,320
Receivables from Group companies 7,859 7,440 7,817
Other current assets 56 52 52
Cash and cash equivalents 4 13 5
Total assets 14,297 14,066 14,159
Equity and liabilities
Equity 4,625 4,268 4,879
Non-current liabilities 6,706 5,517 5,477
Liabilities to Group companies 2,360 3,096 2,503
Current liabilities 606 1,185 1,300
Total equity and liabilities 14,297 14,066 14,159
Parent Company, Balance sheet, condensed
1   The Parent Company has no items of other comprehensive income and total comprehensive income is therefore the same as profit for the year.
Financing & Share
Parent Company, Income statement, condensed
Together with artist Christian Verginer we are creating Södra Änggården´s first public art project, which will take 
place in the new school yard this summer.

===== SIDA 20 =====

20
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
MARKET OUTLOOK
Waiting for the Riksbank
50
60
70
80
90
100
110
120
        2023/Q420222021202020192018201720162015201420132012201120102009200820072006
Financial crisis
Trade and industry economic indicator in the Gothenburg region Source: National Institute of Economic Research
           /Business Region Gothenburg (BRG)
Saab Automobile 
bankruptcy
Covid-19
Pandemic
62.7
Economic peak
Economic peak
93.1
In February, the IMF predicted that the global economy would grow by 3.1% 
in 2024 and 3.2% in 2025. Inflation was predicted to be 5.8% in 2024 and 4.4% 
in 2025. The outlook for both growth and inflation had improved since the 
IMF’s previous forecast in October.
The Swedish economy is expected to grow, albeit at a low rate, in 2024. A 
growing number of analysts also believe the policy rate will be reduced in June, 
or maybe even as early as May. 
At the end of March, the Swedish National Institute of Economic Research 
(NIER) forecast that the Swedish economy will grow by 0.8% in 2024 and by 
2.5% in 2025. This is on a par with the forecast made in December. NIER also 
predicts that the labour market will weaken in future and that unemployment 
will rise to 8.3% this year. Inflation (Consumer price index with fixed interest 
rate, CPIF) was 2.5% in February, compared with 3.3% in January, and is 
predicted to fall to less than one per cent by the end of the year.
The Purchasing Manager Index (PMI) in March gave an indication that the 
economy is no longer in the grips of pessimism. The Purchasing Manager Index 
(PMI) for the manufacturing industry stood at 50.0, compared with 48.7 in 
December. The index rose for the fourth quarter in a row and the manufacturing 
industry therefore moved into the growth zone. At the same time, the index for 
the service sector rose to 53.9 from 50.3 in December. The March reading was 
the highest in more than two years. 
Gothenburg economy 
The Gothenburg region is in what Business Region Göteborg (BRG) refers to 
as a normal-weak economic situation with the economic tendency indicator 
standing at 93.1 (88.2 in the previous quarter).  
 The indicator reading has been around 90 in the past year. The economic 
situation in the manufacturing industry has deteriorated slightly, while the 
situation in commerce has improved.
The economic resilience of West Sweden is boosted by the fact that the 
region accounts for 34% of the collective R&D investments of Swedish 
industry and commerce. The fact that the manufacturing industry is at the 
forefront of the green transition, as well as other future issues, contributed 
to the continued demand for skilled labour. 
In 2024, growth in Gothenburg’s 10 largest export markets is expected 
to amount to 1.5% (2023: 1.5%), according to BRG, which is on a par with 
previous forecasts.
Container handling at the Port of Gothenburg reached record levels in 
2023, primarily thanks to the strong economic trend in the manufacturing 
industry, but also due to rising market shares. The weak Swedish krona 
had a negative impact on imports, although it recovered in the second half 
of the year. In the first quarter, plans to deepen the fairway at the Port of 
Gothenburg were given the green light, which will further strengthen the 
competitiveness of the port and the city of Gothenburg. At the same time, 
attacks on ships in the Red Sea are a source of uncertainty for the global 
shipping industry.
Unemployment in the Gothenburg region in January was 5.8% (5.7% in 
December), which remained well below the national unemployment rate 
of 6.8% and also lower than the 6.6% reported in the Stockholm region. 
However, there is a significant imbalance between supply and demand in 
different job categories, which means there is a significant lack of skills in 
certain sectors. Job growth has been more subdued in the past year and is 
predicted to fall further in 2024. 
     According to BRG, employment is still growing in the hotel and restaurant 
sector, information and communication, trade and cultural and private 
services. In addition, a number of major investments are underway in the 
region which together are expected to create up to 10,000 new jobs. 
The largest of these investments is Northvolt’s and Volvo Car’s battery 
plant and an R&D centre worth SEK 30 billion.
According to Statistics Sweden and the Swedish Agency for 
Economic and Regional Growth, the number of hotel nights in 
Gothenburg rose by 6% in February, compared with the same month 
in the previous year. The picture is supported by statistics from 
Göteborg & Co which also showed an increase in hotel nights over the 
Easter week at the end of March. 
Global economy
Source: IMF World Economic Outlook
% 2023 2024 2025
GNP growth 3.1 3.1 3.2
Inflation 6.8 5.8 4.4
% 2023 2024 2025 2026
GNP growth –0.2 0.8 2.5 2.9
Employment 1.4 –0.4 0.8 1.2
Unemployment 7.7 8.3 8.2 7.9
CPIF (Consumer price index with fixed interest rate) 6.0 1.9 1.3 2.0
Source: Swedish National Institute of Economic Research (NIER)
Swedish economy
Market & Platzer

===== SIDA 21 =====

21
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
 
MARKET OUTLOOK 
 
Industrial/Logistics
RENTAL MARKET
The logistics rental market is still more subdued than before, but 
demand remains strong in attractive locations. Rent levels are 
estimated to be unchanged at approx. SEK 900 per sq. m. for new 
production in the best locations adjacent to the Port of Gothenburg. 
E-commerce has started to grow again – albeit at a slow pace. At 
the same time, there are significant variations between different 
e-commerce segments. Pharmacy sales showed the biggest increase, but 
fashion and footwear also performed well in 2023. Every other purchase 
made by young people is now done online.
In the quarter, Gothenburg was once again voted the best logistics 
location in Sweden by the logistics magazine Intelligent Logistik. 
The best locations are on Hisingen, adjacent to the Volvo companies’ 
plants, the planned battery plant and the port, which is the largest port 
in Scandinavia. Other important logistics locations include the area 
around Landvetter airport and Viared outside Borås. 
Our lettings were the largest leases agreed in the Gothenburg area in the 
first quarter. Other than this, there are no official records of any new major 
contracts. Since most of the new production is built to order for tenants, 
and there is a shortage of land suitable for construction, the vacancy rate 
in the segment is low with regard to modern logistics premises.
PROPERTY MARKET
The number of transactions in industrial and logistics fell slightly 
compared with the previous quarter. At the beginning of 2024, 
industrial/logistics was the second largest segment in the transaction 
market after offices. It is worth noting that the proportion of foreign 
investors increased slightly.
In the first quarter, Corem sold a small logistics property in Backa, 
while Wilundia acquired a number of smaller properties in Kungälv. The 
largest transaction on a national level was the acquisition by Catena of 
a 40,000 sq. m. property in Helsingborg.
At the close of the year, the construction of a 14,300 sq. m. logistics 
facility in Landvetter by Panattoni was underway. In addition to the 
projects Platzer is involved in, Catena is constructing stage 2 at Landvetter 
airport. In Arendal, NCC & Barings is building a logistics facility of 34,000 
sq. m., while Verdion is building a 17,300 sq. m. facility in Bäckebol. 
However, few new projects are being launched and the supply of new, 
efficient logistics premises will therefore decline in the coming years. 
Prime Yield (%) Q1 2024 Q1 2023
Central Business District (CBD) 4.55 4.25
City centre excl. CBD 5.20 4.90
Norra Älvstranden 5.80 5.50
Mölndal 6.50 6.00
West Gothenburg 7.00 6.50
East Gothenburg 6.50 6.00
Source: JLL 
Property market, offices
Prime Yield (%) Q1 2024 Q1 2023
Stockholm Class A location 5.25 4.75
Gothenburg Class A location 5.25 4.75
Malmö Class A location 5.75 5.25
Source: Newsec
Property market, industrial/logistics
Offices
RENTAL MARKET
Citymark estimates that the vacancy rate in the first quarter fell slightly 
to just under 11% overall. In particular, vacancy rates fell in the city 
centre excluding CBD and in Gamlestaden. In the city centre excluding 
CBD, this was primarily due to tenants moving into a number of large 
new builds. 
At the same time, the pace of new production fell sharply. In 2023, 
new production of 35,000 sq. m. came on stream, compared with 175,000 
sq. m. in the previous year. No new office space is estimated to come 
on stream in 2024 in CBD or the city centre excluding CBD. However, 
modern office space will come on stream on Hisingen and in Mölndal, 
where our pending acquisition Mimo accounts for most of the volume. 
We estimate that we will see a fall in vacancies in the current year.
In the first quarter, Ventura and Next Step Group announced plans 
for a mobility innovation destination in AB Volvo’s old head office in 
Torslanda. The investment will strengthen Gothenburg’s international 
cluster in automotive and electrification.
Rent levels (prime rent) are stable or showing a weak increase, 
according to Citymark. In Mölndal, rents are rising sharply as a result 
of new production. Our view is that demand is greatest for modern, 
environmentally certified premises in good locations, which is reflected 
in falling vacancy rates in the city centre excluding CBD.
In the first quarter, a number of new lettings took place in mostly 
newly produced office properties or properties under production. These 
included lettings by Skanska in Citygate and by Peab in Gamlestadens 
Smedja. Furthermore, Hufvudstaden agreed three new leases in the 
Johanna district, which is under construction.  
PROPERTY MARKET
The Swedish office transaction market has started to show clear 
signs of recovery. In the first quarter, the Gothenburg market too 
showed signs of increasing activity in the form of a growing number of 
enquiries and a larger number of prospectuses.  However, no property 
transaction has taken place in the office segment in Gothenburg since 
the second quarter of 2022. This makes it difficult to estimate yields.
Prime Rent (SEK/sq. m.) Q1 2024 Q1 2023
Central Business District (CBD) 4,200 4,200
City centre excl. CBD 3,700 3,500
Norra Älvstranden 3,000 2,800
Mölndal 2,700 2,500
West Gothenburg 1,500 1,300
East Gothenburg 2,500 2,500
Rental market, offices 
       Source: JLL 
Prime Rent (SEK/sq. m.) Q1 2024 Q1 2023
Stockholm Class A location 1,000 1,000
Gothenburg Class A location 900 900
Malmö Class A location 775 775
Rental market, industrial/logistics
Source: Newsec and Platzer
Market & Platzer

===== SIDA 22 =====

22
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
OTHER COMMENTS 
Employees and organisation
The number of employees stood at 85 as at 31 March. Our operations are 
divided into business areas based on segments: 
- Business area Offices – will build on its current position as the market 
leader to continue to create profitable growth in office space. 
- Business area Industrial/Logistics – its goal is to make Platzer the 
leading commercial property company in Gothenburg in industrial and 
logistics property. 
Each business area has overall responsibility for the property 
business within their respective business area. Our Group management 
comprises managers responsible for the following functions: operations 
development/IT/purchasing, business development, finance/accounting/
property analysis, communication/marketing/sustainability, HR, 
business area Offices and business area Industrial/Logistics. 
Risks and uncertainties 
In our business environment we are affected by risks and uncertainties, 
such as last year’s high inflation and market rates, which continue to 
adversely affect the property market. A weaker economy involves a 
risk of a decline in the lettings market. We manage these effects by 
focusing on our core business, rental income, cost control and financing, 
and we are also continuously conducting in-depth analyses. We 
safeguard our rental income by means of regular communication with 
our customers and frequent monitoring of ability to pay. In 2023 we 
carried out a double materiality assessment of our business as part of 
our preparations for reporting in accordance with the new EU Corporate 
Sustainability Reporting Directive (CSRD). We will continue and expand 
this work in 2024.  Our general risk assessment is described in detail in 
the 2023 Annual Report on pages 24–28 and 39–40.
Financial risks
Risk and uncertainty in the financial markets is reflected in reduced 
access to capital and increased cost of credit as a measure to reduce 
inflation. We are closely following this development in order to mitigate 
the impact on Platzer. The largest financial risk is limited access to 
financing and increased credit margins. Platzer’s financial policy sets 
outs how these risks should be approached. A strong financial position 
and profitable core business mitigate the negative effects of changes in 
required yields and subsequent changes in property values.
Related party transactions 
The company’s ongoing related party transactions are described on 
page 57 of the 2023 Annual Report. There are no significant transactions 
with related parties other than what is described here. 
Accounting principles 
Platzer prepares its consolidated financial statements in accordance 
with IFRS (International Financial Reporting Standards) as adopted 
by the EU. The same accounting policies and measurement principles 
have been applied as in the most recent Annual Report. The Interim 
Report has been prepared in accordance with IAS 34 Interim Financial 
Reporting. New or amended standards and interpretations effective on 
or after 1 January 2024 are not expected to have any material effect on 
the Group’s financial statements.
The Parent Company’s financial statements are prepared according to 
the Swedish Annual Accounts Act and the Swedish Financial Reporting 
Board’s Recommendation RFR2 Accounting for Legal Entities. The Parent 
Company applies the same accounting policies and measurement 
principles as in the most recent annual accounts. 
Other comments
Rounding 
Individual amounts and total amounts are rounded to the nearest whole 
number in SEK million. Rounding differences may result in tables not 
adding up. 
Significant events after the reporting period
No significant events have taken place after the end of the reporting 
period. 
Gothenburg, 17 April 2024  
Platzer Fastigheter Holding AB (publ) 
Johanna Hult Rentsch
CEO
This interim report has not been reviewed by the company's auditors. 
Market & Platzer

===== SIDA 23 =====

23
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
Platzer in brief
Platzer is one of the largest and leading commercial property companies in Gothenburg. 
We are proud to be participating in the creation, preservation and regeneration of the best 
locations in Gothenburg and in developing a sustainable city. We own and develop 88 
properties with a total lettable area of 960,000 sq. m., worth SEK 28 billion.
How we create sustainable value
We create value through management, development, acquisition and disposal of property.  
We aim to create attractive areas with good business opportunities for our customers.
Financial targets
  Equity/assets ratio: > 30%
  Loan-to-value ratio: not to exceed 50% over time 
  Annual increase in net asset value: > 10%
  Interest coverage ratio: > 2 (times)
  Return on investment, project investments: > 20%
VISION:
We aim to make Gothenburg
the best city in Europe 
to work in. 
BUSINESS CONCEPT:
Platzer creates sustainable value through ownership
and development of commercial property in Gothenburg 
CORE VALUES:
Openness - Freedom with responsibility - - Long-term development
Market & PlatzerMarket & Platzer
OUR  
RESOURCES
OUR  
OPERATIONS
SUSTAINABLE  
VALUE
Employees Management Development Transactions Profitability and satisfied customersCapital

===== SIDA 24 =====

24
CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q1 2024
, 
Platzer Fastigheter Holding AB (publ)
PO Box 211, SE-401 23 Gothenburg | Visiting address: Lilla Bommen 8
+46 (0)31 63 12 00 | info@platzer.se | platzer.se
Registered office of Board of Directors: Gothenburg | Corporate ID No: 556746–6437
Financial calendar 
2024
Interim Report January – June 5 July at 08:00 (CEST)
Interim Report January – September 15 October at 08:00 (CEST)
 
For further information, please visit platzer.se or contact  
Johanna Hult Rentsch, CEO, tel. +46 (0)709 99 24 05  
Fredrik Sjudin, CFO, tel. +46 (0)721 27 77 78 
Photos/images: Marie Ullnert (cover and page 2), Philip Liljenberg  
page 6 and 8, Fredblad Arkitekter page 14, OkiDoki page 17 and  
artist Christian Verginer page 19.