Kvartalsrapport Q3 2023

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

• Johanna Hult Rentsch took office as CEO on August 14
• Net lettings in the quarter amounted to SEK 8 million
• Operating surplus increased to SEK 276 million
• Lease agreement with the head office of Picadeli  
strengthens foodtech cluster in Gamlestadens Fabrik
• Rental income increased to SEK 1,064 million (921)
• Income from property management amounted to SEK 446 million (528)
• Unrealised changes in the value of properties amounted to 
SEK –1,123 million (2,792)
• The company posted a loss for the period of SEK –611 million (3,372)
• Value of property portfolio increased to SEK 28,350 million (26,994) 
• Earnings per share amounted to SEK –5.10 (28.14) 
Key Performance Indicators Q1–Q3 2023 Q1–Q3 2022
Long-term net asset value (EPRA NRV) per share 121.50 133.48 
Interest coverage ratio (times) 2.2 4.0
Loan-to-value ratio, % 49 40
Yield, % 3.9 3.6
Surplus ratio, % 77 77
Economic occupancy rate, % 92 92Interim Report 1 January – 30 September 2023Q3
Record high lettings volume in our 
investment properties

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

2
Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023CEO’s comment
Record high lettings volume in our investment 
properties
Surprisingly strong 
resilience among companies 
in Gothenburg.
The recession in Sweden is expected to last for another year or two. However, Swedish 
companies have proved to be surprisingly resilient. This is reflected in our lettings in 
our investment properties, which delivered a two-fold increase in net lettings. The 
Gothenburg region has proved to be more stable than expected. According to the Busi -
ness Region Gothenburg (BRG) economic barometer, economic activity in Gothenburg 
is “weaker than normal”, which is not a recession. How deep the economic downturn 
will be will depend on the development of jobs growth, unemployment and redundan -
cies. Additionally, the labour market is contending with issues relating to skills matching. 
The weak Swedish krona and an export-based industry give the Gothenburg econ -
omy an advantage over other parts of the country. The Gothenburg region is Sweden’s 
largest export region, accounting for as much as 24% of total goods exports. The Port of 
Gothenburg has increased its market share and handles 30% of Sweden’s foreign trade. 
The region is undergoing intensive green industrialisation, which is driving major 
investments.
Vacancy rate lower than overall Gothenburg vacancy rate
In 2022, 175,000 sq. m. of newly built office space came on the market in Gothenburg 
and the vacancy rate is now just over 11%. In the previous 15 years annual new produc -
tion amounted to around 30,000 sq. m., which was not enough to cover demand in the 
rapidly growing Gothenburg. This resulted in a vacancy rate of as low as 2.4% in 2017. 
In a healthy market, the vacancy rate should be around 5%. This temporary glut in the 
property market has been factored into calculations for a long time and the occupancy 
rate in newly produced property remains very high. We are seeing a clear “flight to 
quality” because the new office space better conforms to companies’ requirements and 
is designed to support new methods of working. Vacancies in the office sector are the -
refore not affecting prime office space to the same extent as older properties. The total 
vacancy rate in our own office portfolio is lower than the overall market vacancy rate. 
In our largest sub-market, City Centre excluding CBD, our vacancy rate was  
2 percentage points lower than the overall market vacancy rate, which shows that our 
office portfolio is able to perform well even in a highly competitive market.
Fresh analysis from Citymark shows that the number of employees in office-inten -
sive sectors in Gothenburg has increased sharply in 10 years. If employment continues 
to grow at the projected rate, the number of office workers in Gothenburg is expected 
to grow by 80,000 people by 2032, corresponding to 522,000 sq. m. Taking planned pro -
jects and current vacancies into account, this suggests that Gothenburg will once 
again face a shortage of office space in 10 years’ time.
Stable core business
In the quarter we were able to deliver the highest lettings volume ever in our wholly 
owned investment properties. Lettings in the reporting period amounted to as much 
as SEK 117 million. Major new leases included KVD bil in Lilla Bommen, Picadeli in 
Gamlestadens Fabriker and Designgymnasiet in Masthugget. In total, we concluded 76 
lease agreements in the period, on a par with the same period in the previous year (78). 
Renegotiated leases in the third quarter resulted in an increase in rents of 15%, which 
was higher than index-linked adjustments.   
    The operating surplus in the period was larger than ever, amounting to SEK 814 mil -
lion. This shows that our strategy of focusing on district development is the right one 
and that our work on enhancing our investment properties is producing results. It is a 
show of strength in the current business environment. The ability to provide custom -
ers with high quality, sustainable and relevant solutions is a crucial aspect of our core 
business and something that I and my colleagues will focus on under my leadership. 
While the overall vacancy rate in Gothenburg rose, we managed to record our highest ever lettings volume. 
Net lettings in the quarter were strong, amounting to SEK 8 million. Meanwhile, the operating surplus rose to 
SEK 276 million. At the same time, property values were revised down by SEK –503 million.

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

3
Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023CEO’s comment
At the centre of the green transition
Gothenburg retains its strong position as the leading logistics hub despite tougher 
operating conditions – largely thanks to the strength of Swedish shipping and port 
operations, the automotive industry, electrification and the green transition. Our port -
folio of 350,000 sq. m. of industrial and logistics property corresponds to 15% of the 
Gothenburg market och 2-3% of the entire Swedish market.  Our building rights and 
existing properties are in good locations in the most attractive areas, Torslanda and 
Arendal, where the green transition of industry is currently in full swing.  
Continued downward adjustment of property values 
As expected, the Swedish central bank Riksbanken raised the policy rate by 25 per -
centage points in September and one more increase is likely. The reason given by Riks -
banken was that interest rate hikes reduce the risk of entrenched inflation in the ser -
vice sector, albeit that the rate of interest has slowed down.  
The policy rate increases in the last 18 months have caused problems for the prop -
erty sector in the form of increased financing costs and higher yields. This, in turn, 
results in reduced net asset value, reduced net financial income/expense and lower 
property values.  
The value of the company’s wholly owned properties increased by SEK 1,356 mkr in 
the first nine months. In the internal property valuation, the value of the property 
portfolio was revised down by SEK 503 million in the third quarter. Yield requirements 
in our office properties, which account for 75% of the portfolio, were revised upwards 
by 11 percentage points to an average of 4.80% in the quarter. The average for the 
entire property portfolio was 4.94 %.  
Traditional bank financing
Rapidly rising policy rates and subsequent rises in market rates create problems for 
the property sector. Besides having an adverse impact on the key metrics; interest cov -
erage ratio and loan-to-value ratio, property companies with low credit-rating depend -
ent on bond financing find themselves exposed to refinancing risk. 
For our part, as much of 80% of our financing has long been based on traditional 
bank financing, which in the current climate creates stability for us as a company. We 
have long-standing relationships with our main banks, which trust us and are willing 
to increase their engagement in Platzer. They appreciate our proven earning capacity 
3 
and the fact that we meet relevant requirements in respect of cash flow and interest 
coverage ratio, which in the first three quarters was 2.2 times and on a rolling 
12-month basis 2.3 times. This means that we, the current market outlook notwith -
standing, have the opportunity to continue to grow.  
We continue to invest for the future
We focus on increasing our property values by means of increased rental income and 
good cost control. For the third year running, quarter by quarter, we continue to 
deliver positive net lettings. The ability to provide customers with qualitative, sustain -
able and relevant solutions is our core business and something that I and the entire 
company will continue to regard as a key focus area.  
     Thanks to our stable core activities, successful lettings operations, access to liquid -
ity and strong, long-term owners we can continue to invest for the future. Higher 
financing costs and the uncertain economic environment mean that we of course need 
to be more careful when it comes to investments, but I am convinced that the best way 
to continue to develop the company is by having a long-term pespective for our busi -
ness. Additionally, I see good diversification in our two segments: Offices and Indus -
trial/Logistics. The fact that we have systematically built up competence in both areas 
is a strength that we can draw on in the development and enhancement of an area like 
Arendal. Having two legs also gives us flexibility in terms of resources. The tenants are 
different in terms of drive and business logic, which has a balancing effect on our business.  
Now that I have joined the company as CEO, I look forward to continuing to develop 
the business together with our committed and skilled employees. I strongly support 
our strategy for district development and customer focus – a strategy that has pro -
duced good results and will continue to lead to future success.
 Johanna Hult Rentsch, CEO 
 
Value of property portfolio, SEK m
Q3/2022
27,002
Q3/2023
28,350 
0
200
400
600
800
1,000
1,200
1,400
Q3-23Q2-23Q1-23Q4-22Q3-22Q2-22Q1-22Q4-21
Earning capacity operating surplus, quarterly
SEK, million

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

4
CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
Our sustainability initiatives
Energy and climate efficiency
Prior to 2023 we set the ambitious target that the energy perfor -
mance of our investment properties should not exceed 76 kWh/
sq. m. of area heated to a minimum of 10 °C. The outcome for 
the 12 months to end-September was 76.8 kWh/sq. m. Energy 
consumption in the first three quarters decreased by 5.8% com -
pared with the same period in the previous year. We are contin -
uously managing energy projects and following up the out -
comes. So far this year, we have replaced older lighting systems 
with LED light fittings and installed addtional roof insulation in 
a number of properties. In the period, we installed additional 
solar panel systems, taking the total number to 17. The total 
installed capacity of our solar panel systems is now just over 
3,750 kW.     
In the third quarter we implemented an updated environ -
mental programme for all construction projects of up to SEK  
100 million. Separate environmental programmes will be drawn 
up for projects worth more than SEK 100 million. The environ -
mental programme helps us concretise our requirements and 
guidelines in respect of reuse, waste, energy, water, chemicals 
and environmentally harmful substances. 
A key focus area is to increase the proportion of reuse in all 
our construction projects. We are also developing a system for 
measuring the climate savings achieved as a result of resuse of 
products.
The proportion of properties with environmental certification 
remains at 84% (92%).  
Financing and green leases  
Platzer was the first company on Nasdaq Stockholm Large Cap 
in Sweden whose share was awarded Nasdaq Green Equity 
Designation. The aim of the designation is to make things eas -
ier for investors looking for sustainable investments. In order to 
qualify, green activities must account for more than 50% of 
sales and a majority of investments. The designation is 
assessed annually for renewal and in this year’s assessment, 
90% (91%) of rental income, 89% (89%) of operating costs and 
91% (97%) of investments were green. 
As a member of EPRA (European Public Real Estate Associa -
tion), we report in accordance with their sustainability frame -
work, which is integrated into our annual reporting. Results 
showing the extent to which member companies’ reporting 
conforms to the 28 key metrics that constitute the framework 
were released in September. We achieved a Silver award for the 
second year running.
Our green financing amounted to 66% (73%) at the end of Q3. 
We also entered into new leases with green annexes, which 
raised the proportion of green leases to 63% (51%) at the end of 
the period. 
Platzer as a community stakeholder
We want to be actively involved in the development of the areas 
where we have a presence, both through our work on our own 
properties and in collaboration with other participants. District 
development is therefore a key part of our strategy.
Platzer’s sustainability reporting
In our quarterly reports we report on the outcomes of a few prioritised sustainability issues and sustainability goals, and provide 
information on current events during the quarter which are linked to our sustainability management. An overall picture of our sus -
tainability 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 
2022 is available on our website integrated into our 2022 Annual Report. 
Quarterly sustainability metrics
Unit
2023 
Jan–Sep
2022 
Jan–Sep
Change, 
%
2022 
Jan–Dec
2022/2023 
Oct-Sep
Energy usage in comparable properties
kWh/sq. m. of area heated  
to a minimum of 10 °C 53.1 56.4 –5.8 78.5 76.8
Total energy  (electricity consumption in our buildings, 
district heating and district cooling) MWh 47,634 53,224 –10.5  74,161 68,834
Carbon dioxide emissions (Scope 1* and Scope 2**) tonnes CO2e 187 489 –61.9 570 N/A
Carbon dioxide emissions (Scope 1* and Scope 2**) per lettable area  kg CO2e/sq. m. 0.2 0.59 –66.5 0.67 N/A
Green leases Percentage of lettable area 63.0 51.4 22.6 53.5 N/A
Environmental certification of properties % of investment properties 84.3 92.0 –8.4 91.7 N/A
Green/sustainability–linked financing % 66 73 –9.6 67 N/A
*  Scope 1 carbon dioxide emissions from company 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 actively contribute to positive community development by having a carbon 
footprint that is as small as possible. During the period we rolled out an updated 
environmental programme for our construction projects. Energy usage declined 
by 5.8% and district development in Gamlestadens Fabriker was reinforced by 
means of new stakeholders who will contribute to the identity of the area.  
Entrepreneurship is a prominent feature of the Gamlestadens 
Fabriker district, which is home to a foodtech cluster. In the 
third quarter we signed a lease with the salads and food-tech 
company Picadeli, which will relocate its head office to the area, 
and also with the design marketplace Forum.
For the third year running, Platzer arranged a seminar during 
the Frihamnsdagarna festival, which is an arena for discussions 
and dialogue about social issues. This year, the Frihamns -
dagarna festival coincided with the closing weekend of the City 
of Gothenburg’s 400th Anniversary. The theme of Platzer’s sem -
inar was ”How do we create meeting places in Gothenburg now 
and in the future?” 
Over a period of three years, we, together with residential 
participants in Södra Änggården, have managed the art centre 
and showroom Vulkano in order to provide a space for art, crea -
tivity and exhibitions. One Saturday in late September we put 
on a festival packed with culture and more than 1,000 people 
joined us for a celebration of both this temporary initiative and 
the next phase in the development of the area.

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

5
CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
Our total property portfolio on 30 September 2023 comprised 75 
properties, of which 22 are project properties. The total portfo -
lio included five jointly owned properties, which are accounted 
for as associates. The total lettable area, including associates, 
was 938,000 sq. m.  The fair value of the properties was SEK 
28,350 million excluding associates.  
The economic occupancy rate in the period was 92% (92).
Net lettings and renegoiated leases
The third quarter was characterised by continued good demand 
in both the office and logistics markets in Gothenburg, in an 
otherwise more subdued property market. In the period we 
signed a number of major leases in investment properties in our 
Offices business area and also delivered the largest lettings vol -
ume ever in our wholly owned property portfolio.  
Lettings in the period amounted to SEK 117 million. 
The average remaining lease term was slightly shorter than 
in the third quarter of the previous year and amounted to 46 
months (48). The number of commercial leases was 696 (697), 
generating a total rental income of SEK 1,527 mkr (1,270) on an 
annual basis. Income from garage and parking agreements 
amounted to SEK 58 million. The 20 largest leases accounted for 
35% (38) of rental value.  
 
Industrial/logistics
We are the leading player in Arendal in industrial/logistics. 
Major clients include DFDS, DHL, NTEX, Plasman, Schenker, 
SSAB and Sveafjord (AB Volvo). In total, we have 61 (60) com -
mercial leases for industrial/logistics generating total rental 
income of SEK 386 million (261) on an annual basis. 
Letting and property management
Net lettings Offices Industrial/logistics Total
SEK million Q1–Q3 2023 Q1–Q3 2022 Q1–Q3 2023 Q1–Q3 2022 Q1–Q3 2023 Q1–Q3 2022
Investment properties – lettings 102 38 15 10 117 48
Investment properties – terminations –61 –26 –36 –13 –97 –39
Project properties – lettings – 36 14 18 14 54
Project properties – terminations – –4 – – – –4
Associates – lettings 5 10 – 66 5 76
Associates – terminations –1 –2 – – –1 –2
Total net lettings 45 52 –7 81 38 133
-60
-50
-40
-30
-20
-10
0
10
20
30
40
50
60
70
80
Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
 Net lettings, by quarter
SEK, million
Investment properties, 
terminated
Investment properties, 
lettings
2018 2019 2020 2021 2022 2023
Terminated projectNew project
Net per quarter
0
20
40
60
80
100
120
Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
Renegotiated leases and rent increases, by quarter
SEK, million
Rental increases (%)  Volume of rent
2018 2019 2020 2021 2022 2023
%
0
10
20
30
40
50
Renegotiated 
leases Offices
Industrial/  
logistics Total
Q1–Q3 
 2023
Q1–Q3 
2022
Q1–Q3 
2023
Q1–Q3 
2022
Q1–Q3 
2023
Q1–Q3 
2022
Investment property  
Rental value after  
renegotiation, SEK m 33 24 32 38 65 62
Investment property  
Change in rent, % 10 12 12 3 11 6
Associates  
Rental value after  
renegotiation, SEK m – 1 – – – 1
Associates  
Change in rent, % – 3 – – – 3
Continued good demand in both office and logistics market in 
Gothenburg. Largest lettings volume ever in our wholly owned  
property portfolio. Lettings in the period amounted to SEK 117 million. 
Operations

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

6
CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
0
50
100
150
200
250
300
350
400
450
500
2028 -20272026202520242023
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
50
100
150
200
250
0
Number
Property value per segment
Office
Central 
Gothenburg
Office
North East
Gothenburg
54%4%
16%
22%
4%
Industrial/
Logistics
Project
Office
South West
Gothenburg
Offices
In the offices segment we are the leading player in Lilla Bommen, Gårda 
and Gamlestaden. Major clients include the Swedish Social Insurance 
Agency, the City of Gothenburg, ESS Group, the Swedish Migration 
Agency, Nordea, NCC and Region Västra Götaland. In total, we have 
635 (637) commercial leases for offices, generating total rental 
income of SEK 1,141 million (1,009) on an annual basis. 
Major customers Share *
Sveafjord AB (AB Volvo) 7%
ESS Group AB 5%
Region Västra Götaland 5%
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 36%
Area distribution per category
Office
 Industrial/logistics
51%
34%
3%
2%
Restaurant
Project
Retail
Other
Care
Hotel
1%
6%
1%
2%
*  Share of contracted rental income
36%
22% 
Rental income from 10 largest customers
Rental income from public sector
 AREA: GAMLESTADS TORG
PROPERTY: GAMLESTADEN 740:132  
TENANT: DELISSIMO
Operations

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

7
CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
 
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 74,479 4,639 244 83 203 167 82
City centre excl. CBD 18 225,192 10,727 633 95 603 482 80
Central Gothenburg 26 299,671 15,366 877 92 806 649 81
East Gothenburg 7 119,438 2,869 218 94 205 156 76
Norra Älvstranden/Backaplan 4 38,684 1,541 99 96 95 73 77
North/East Gothenburg 11 158,122 4,410 317 95 300 229 76
West Gothenburg 4 22,054 248 29 83 24 16 66
Mölndal 4 28,794 748 62 100 62 50 81
South/West Gothenburg 8 50,848 996 91 94 86 66 77
Total investment properties, offices 45 508,641 20,772 1,287 93 1,193 947 79
Project properties, offices 17 14,520 1,243 8 24 2 –2 –
Total offices excl. associates 62 523,161 22,015 1,293 92  1,195 945 79
Investment properties, industrial/logistics 5 367,070 6,239 397 98 390 329 84
Project properties, industrial/logistics 3 0 96 1 100 1 1 –
Total industrial/logistics excl. associates 8 367,070 6,335 398 98 391 329 84
 
Total Platzer excl. associates 70 890,231 28,350 1,690 94 1,585 1,272 80
Associates offices 100% 3 47,354 2,767 150 98 147 122 –
Associates industrial/logistics 100% 2 – 203 – – – 0 –
Rental income, SEK m
Leases agreed for occupancy as of 1 April 2024: Offices
Industrial/
logistics
Platzer 
total
Current and future new build projects, including  
associates 24 14 38
Investment property, including associates 36 – 36
Rental income, SEK m
Terminated leases with vacation as of 1 October 
2023: Offices
Industrial/
logistics Platzer total
Current and future new build projects, including 
associates – – –
Investment property, including associates 23 36 59
The table is based on the property portfolio as at 30 September 2023 and is based on signed 
leases. It provides a snapshot of our earning capacity for 2023 but it is not a forecast. The 
table does not include any assessments of possible changes to 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 total figure for Platzer excluding 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 prem -
ises in their existing condition. The results-related columns include current leases in exist -
ing properties, including for future occupancy in the next six months. Leases for later occu -
pancy 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 49 million. For project properties where the project has not yet started 
or where projects are underway, rental value, rental income and operating surplus refer 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 oper -
ating 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 October 2023. Deductions are made for esti -
mated property costs, including property administration, for a normal year.
Earning capacity as at 30 September 2023
Operations

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

8
CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
Property transactions
Acquisitions
No acquisitions took place or were agreed in the third quarter.
Earlier in the year we acquired three properties from our and Bockasjö’s joint venture Sörreds Logistikpark and part of the property Högsbo 757:50 for 
continued development of Södra Änggården. We also concluded an agreement with the City of Gothenburg on the acquisition of the properties Låssby 3:6 
and Låssby 2:2 once parcelling out has been completed.
 
Disposals
No disposals took place or were agreed in the third quarter.
Earlier this year we concluded an agreement with the City of Gothenburg on the sale of part of the property Sörred 4:2 once parcelling out has been completed.
Acquisitions
Agreement signed  
Year/quarter Property designation Area Segment Type of property
Lettable 
area, sq. 
m. Completion date
Agreed property 
value, SEK million
2021/Q3 Kungsfisken 7 (MIMO) Mölndal Offices Investment property 32,000 2024/Q4* (prel) 1,500
2022/Q3 part of Högsbo 757:50 Södra Änggården School Project property – 2023/Q1 17
2023/Q2 Sörred 7:21 Torslanda Industrial/Logistics Investment property 23,188 2023/Q2 416
2023/Q2 Sörred 8:12 Torslanda Industrial/Logistics Investment property 43,346 2023/Q2 657
2023/Q2 Sörred 8:14 Torslanda Industrial/Logistics Investment property 24,393 2023/Q2 406
2023/Q2 part of Högsbo 757:50 Södra Änggården Residential property Project property – 2023/Q2 2
2023/Q3 part of Låssby 3:6 and 2:2 Torslanda Industrial/Logistics Project property – 2023/Q4* 7
Acqusitions, total 122,927 3,005
Disposals
Agreement signed  
Year/quarter Property designation Area Segment Type of property
Lettable 
area, sq. 
m. Completion date
Agreed property 
value, SEK million
2017/Q3 Remaining phase 2 Södra Änggården Residential property Project property 21,050 2023/Q4* (prel) 246
2017/Q3–Q4 Phase 3 Södra Änggården Residential property Project property 46,900 prel 2024-2025* (prel) 536 
2023/Q2 part of Syrhåla 4:2 Torslanda Industrial/Logistics Project property –  2023/Q4* 8
Disposals, total 67,950 784
The table shows property transactions completed in the period as well as agreed but not yet completed transactions.  
* Estimated date of completion
AREA: TORSLANDA
PROPERTY: SYRHÅLA 3:1
Operations

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

9
CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
Property development 
City centre 
In Lilla Bommen, Aria (Gullbergsvass 1:1) is being converted into a modern 
office building incorporating a restaurant and other amenities and services 
on the ground floor. The project will be completed in 2023. 
Work on the older part of Merkur (Inom Vallgraven 49:1), which we own 
jointly with Bygg-Göta, is expected to be completed by the turn of the year 
2023/24.
Project development 
City centre
In Lilla Bommen, directly adjoining the new Hisingsbron bridge, we have 
an option to acquire two building rights for a total of 43,000 sq. m. gross 
floor area (GFA) for which a detailed development plan has been adoped.  
The project is in the planning stage.   
Torslanda
Together with Bockasjö we are developing Sörred Logistikpark. Following 
the completion of earlier phases, we are continuing the development of the 
two remaining buildings of 14,000 and 30,000 sq. m. respectively.  
Our new production (Syrhåla 3:1, phase 1) of 21,000 sq. m. for NTEX will 
be completed in the fourth quarter of 2023. 
We also have two projects (Syrhåla 3:1, phase 2, comprising 21,500 sq. m. 
and Syrhåla 2:3, comprising 14,000 sq. m.) that are expected to be com -
pleted in the fourth quarter of 2023 and first half of 2024 respectively.  
Södra Änggården
In Södra Änggården, work is continuing on Internationella Engelska 
Skolan’s (IES) new premises, for occupancy in autumn 2024.  
 Work on non-structural elements is currently underway. 
Urban development
Gamlestaden 
In Gamlestadens Fabriker (Olskroken 18:7, etc.) an urban development pro -
ject is underway, comprising offices, retail, car parks, etc. Development of 
our building rights and letting is currently underway, together with pre -
paratory work on infrastructure. 
Södra Änggården
Södra Änggården is a completely new district. At the same time as the 
school in the area is being built, property developers are gradually taking 
possession of their building rights. The last sale of building rights will be 
completed in 2026. 
Almedal
Almedals Fabriker (Skår 57:14) is a former industrial district located along -
side the Mölndalsån river, just south of Liseberg, where we are looking to 
develop office space and other commercial space suitable for today’s small-
scale business. Work on the detailed development plan is underway. 
Property, project and urban development
AREA: SÖDRA ÄNGGÅRDEN  
PROPERTY: HÖGSBO 55:13
TENANT: INTERNATIONELLA ENGELSKA SKOLAN
We currently manage major projects comprising a total lettable area of 96,000 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 includes projects in 
all phases, from detailed development plan to buildings ready for occupancy.
Operations

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

10
CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
Property Segment
Converted 
area, lettable 
area, sq. m.
New area, 
lettable 
area, sq. m.
Total invest-
ment 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 Busi-
ness District (CBD) 15,304 – 1,249 190 979 61 66 Q4 2023
Högsbo 55:13, 
School Södra Änggården
Offices/South West 
Gothenburg – 8,964 468 275 269 27 100 Q3 2024
Total 15,304 8,964 1,717 465 1,248 88
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, % Completed
Sörred 8:16, Building V4,  
“Sörred Logistikpark” Industrial/Logistics – 14,900 232 118 114 15 – Q2 2024
Total – 14,900 232 118 114 15 –
 
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.
4 Project start pending investment decision by tenant.
 
 
Major projects underway
Property Segment Type of property
New area 
GFA, sq. m. Project phase
Possible  
construction 
start 2
Olskroken 18:13, Gamlestadens Fabriker Offices/East Gothenburg offices/retail 19,900 detailed development plan adopted 2023
Olskroken 18:14, Gamlestadens Fabriker Offices/East Gothenburg offices 10,200 detailed development plan adopted 2023
Högsbo 55:11, Södra Änggården Offices/West Gothenburg
multi-storey 
car park 17,000 detailed development plan adopted 2023
Gullbergsvass 3
Offices/Central Business 
District (CBD) offices 43,000 detailed development plan adopted 2024
Olskroken 18:7, Gamlestadens Fabriker Offices/East Gothenburg offices 2,300 detailed development plan adopted 2024
Skår 57:14, Almedals Fabriker Offices/City centre excl. CBD offices 25,000
detailed development plan in  
progress 2024
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
Högsbo 34:13, Södra Änggården Offices/West Gothenburg
residential  
property 7,150 detailed development plan adopted 2025
Högsbo 2:2, Södra Änggården Offices/West Gothenburg
residential  
property 6,850 detailed development plan adopted 2025
Bagaregården 17:26 Offices/East Gothenburg
mixed-use  
development 60,000
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 240,200
Potential development projects
Business area Offices Business area Industrial/logistics
Major projects underway
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, % Completed
Syrhåla 3:1, phase 1 Industrial/Logistics – 21,500 275 14 297 17 100 Q4 2023
Syrhåla 3:1, phase 2 Industrial/Logistics – 22,000 295 118 190 18 56 Q4 2023
Syrhåla 2:3 4 Industrial/Logistics – 13,700 195 161 34 14 100 Q2 2024
Total – 57,200 765 293 520 49
Property Segment Type of property
New area 
GFA, sq. m. Project phase
Possible  
construction 
start 2
Arendal 764:720, building right A Industrial/Logistics industrial/logistics 15,000
detailed development 
plan adopted 2024
Arendal 764:720, building right B Industrial/Logistics industrial/logistics 10,000
detailed development 
plan adopted 2024
Arendal 764:720 Arendals udde Industrial/Logistics industrial/logistics 45,000
detailed development 
plan adopted 2024
Total 100,000
 
Potential development projects
Jointly owned properties accounted for as associates
Property Segment Type of property
New area  
GFA, kvm Project phase
Possible con -
struction start 2
Sörred 8:15, Sörred Logistikpark, building right V3 Industrial/Logistics industrial/logistics 30,000
detailed development 
plan adopted 2023
Total 30,000
 
Operations

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

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CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
GROUP
Results and comments on results
SEK million
2023
Jul-Sep
2022
Jul-Sep
2023
Jan-Sep
2022 
Jan-Sep
2022
Jan–Dec
2022/2023
Oct-Sep
Rental income 373 308 1,064 921 1,229  1,372
Property costs –97 –66 –250 –212 –290 –328
Operating surplus   276 242   814 709 939  1,044
Central administration –12 –9 –41 –39 –58 –60
Share of profit/loss of joint ventures and associates –22 –39 –69 247 150 –166
   – of which income from property management 12 9 25 26 32   31
   – of which changes in value –24 –26 –71 319 202 –188
   – of which tax 4 –10 13 –66 –43   36
   – of which sundry expenses –13 –12 –36 –33 –42 –44
Net financial income/expense 1 –142 –61 –352 –167 –245 –430
Profit/loss including share of profit/loss of joint 
ventures and associates 100 132   352 749 786   389
   – of which income from property manage-
ment 2 134 180   446 528 668   586
Change in value, investment properties –503 253 –1,123 2,792 2,562 –1,353
Change in value, financial instruments 62 107 19 695 671 –5
Change in value, financing arrangements 0 –94 0 –74 –220 –146
Profit/loss before tax –341 398 –752 4,162 3,799 –1,115
Tax on profit/loss for the period 59 –123 141 –790 –773   158
Profit/loss for the period 3 –282 275 –611 3,372 3,026 –957
Comprehensive income for the period
Parent Company’s shareholders –282 275 –611 3,372 3,026 –957
Earnings per share 4 –2.35 2.29 –5.1 28.14 25.26 –7.98
 
1   Net financial income/expense includes ground lease costs totalling SEK 0.7 million for the year (0.7).
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 446 million (528), of which SEK 25 million (26) came from 
joint ventures and associates. The decrease was due to the fact 
that the increase in interest expenses exceeded the improve -
ment in operating surplus.
The group posted a loss for the period of SEK –611 million 
(3,372).  Changes in the value of wholly-owned properties had a 
negative effect on profits of SEK –1,123 million (2,792) and reval -
uations of financial instruments impacted results by SEK 19 
million (621).   
Rental income  
Rental income in the period increased to SEK 1,064 million (921), 
up by 16%. Factors contributing to the increase included tenants 
moving into Kineum (Gårda 16:17), the acquisitions of Sörred 
7:21, 8:12 and 8:14, and index-linked increases. Annualised 
rental income from existing leases (as at 30 September 2023) is 
estimated at SEK 1,585 million (1,322), see earning capacity on 
page 7. The economic occupancy rate in the period was 92% (92) 
and during the quarter 93% (92%).
Property costs 
Property costs for the period amounted to SEK –250 million (–212). 
 The net increase of SEK 38 million was primarily due to increased 
electricity costs due to higher electricity prices. At the same time, 
the electricity subsidy we received was deducted from utility 
costs. The mild weather in the first quarter of the year and 
energy optimisation measures contributed to reducing utility 
consumption. Costs in the first and fourth quarters are normally 
higher than in the other two quarters, primarily because of higher 
utility costs and snow removal and anti-icing costs.
Q1–Q3 2023
SEK m
Q1–Q3 2022
SEK m Change, %
Comparable properties –213 –192 –11
Property development –7 –6
Project development –24 –10
Property transactions –4 –4
Items affecting comparability –2 –
Property costs –250 –212 –18
Operating surplus 
The operating surplus in the period increased by 15% (2) to SEK 814 
million to (709). The operating surplus for comparable properties 
rose by 11%, primarily as a result of new rentals and index-linked 
increases. The surplus ratio was 77% (77). The investment yield 
for wholly-owned properties was 3.9% (3.6).
 
 
Q1–Q3 2023
SEK m
Q1–Q3 2022
SEK m Change, %
Comparable properties 940 848 11
Property development 15 16
Project development 100 31
Property transaction 19 20
Items affecting comparability –10 6
Rental income 1,064 921 16
Results & Financial position

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

12
CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
GROUP
Central administration and employees 
Central administration costs for the period amounted to SEK 
–41 million (–39). The number of employees at the end of the 
period was 85 (86).
Share of profit/loss of joint ventures and 
associates
Share of profit/loss of joint ventures and associates for the 
period amounted to SEK –69 million (247), most of which com -
prised changes in the value of jointly owned properties. In the 
second quarter, reported share of profit/loss of associates was 
retroactively adjusted by SEK 352 million, of which SEK 51 mil -
lion referred to the first quarter of 2023 and SEK 301 million to 
previous financial years from 2018 onwards. Previously 
reported periods were restated to reflect the adjustments. See 
page 81 of the 2022 Annual Report for a description of invest -
ments in associates and joint ventures. 
Net financial income/expense 
Net financial income/expense for the period amounted to SEK 
–352 million (–167). Net financial items were primarily adversely 
affected by higher interest rates, but also by larger debt.  
Borrowings were, on average, just under SEK 1,300 million up 
on the corresponding period in the previous year. The increase 
was the net effect of financing of acquisitions and project 
investments and current cash flows.  
Average interest rate for the period, including the effects of 
derivative instruments, was 3.8% (2.2). 
Changes in value
Changes in the value of wholly-owned properties in the period 
amounted to SEK –1,123 million (2,792). We estimated that yield 
requirements had increased in the period. See page 13 for more 
information. 
Changes in the value of financial instruments totalled SEK 19 
million (695). 
Tax 
Tax expense for the period amounted to SEK 141 million (–790), 
of which SEK –13 million (–27) comprised current tax and SEK 
154 million (–763) deferred tax. Deferred tax was primarily 
impacted by changes in the value of properties. 
Segment reporting 
We report our operations in three geographical office segments 
and industrial/logistics: 
• Offices Central Gothenburg (Almedal, City Centre, Gårda, 
Lilla Bommen, Masthugget and Medicinareberget).
• Offices North/East Gothenburg  (Backaplan, Gamlestaden, Lind-
holmen 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, while the total value of prop -
erty and investments, etc., corresponds to the balance sheet.    
     The properties we own through associates are reported in a 
separate segment table, as these are not included in the total 
amounts in segment reporting. The amounts in the table relat -
ing to associates increased as a result of our holding in the com -
pany that owns Gårda 2:12 (Gårda Vesta) being classified as an 
associate with effect from 3 February 2022, and also because 
occupancy took place in the new part of Merkur in the fourth 
quarter of 2022. Our properties owned through associates in 
Industrial/Logistics are under construction.  
Segment reporting, associates
Offices
Industrial/  
Logistics Total
Period refers to Q1–Q3 Central Gothenburg
South/West 
Gothenburg
North/East 
Gothenburg
SEK million 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Rental income 98 80 – – – – 2 – 100 80
Property costs –19 –18 – – – – –1 – –20 –18
Operating surplus 79 63 – – – – 1 – 80 63
Fair value, properties 2,767 2,864 – – – – 203 1,046 2,970 3,910
Of which investments/acquisitions/dispos-
als/changes in value over the year 36 1,955 – – – – 74 734 110 2,689
0
20
40
60
80
100
120
140
160
180
200
Q3-23Q2-23Q1-23Q4-22Q3-22Q2-22Q1-22Q4-21
Income from property management, quarterly
SEK, million
0
200
400
600
800
1 000
1 200
20232022202120202019
SEK, million
Rental income per business area, Jan-Sep
Office Industrial/logistics
Segment reporting, wholly-owned properties 
Offices
Industrial/  
Logistics Total
Period refers to Q1–Q3 Central Gothenburg
South/West 
Gothenburg
North/East 
Gothenburg
SEK million 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Rental income 566 467 62 54 220 194 216 206 1,064 921
Property costs -129 -109 -19 -12 -55 -47 -47 -44 -250 -212
Operating surplus 437 358 43 42 165 147 169 162 814 709
Fair value, properties 15,448 15,827 2,114 2,167 4,453 4,413 6,335 4,595 28,350 27,002
Of which investments/acquisitions/disposals/
changes in value over the year -393 316 -55 34 -27 183 1,831 438 1,356 971
Results & Financial position

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

13
CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
GROUP
Platzer has a strong cash flow from operating activities and its 
financial position is stable. Our projects are proceeding accord -
ing to plan, with secured financing in place and a high occu -
pancy rate. 
Value of properties and property valuation
The properties were recognised at fair value of SEK 28,350 mil -
lion (26,994), which was based on an internal valuation as at the 
balance sheet date. All properties are valued internally on a 
quarterly basis in connection with each closing date in our valu -
ation model based on cash flows over 10 years. Regular external 
valuations are carried out during the financial year and these 
provide guidance for the internal valuation. At each year-end we 
carry out a more extensive external valuation of a few sample 
properties that form a cross section of the property portfolio. 
The external valuation covers at least 50% of the value of the 
property portfolio at year-end and is performed as quality assur -
ance of the internal valuation. In 2022 we carried out external 
valuation of properties corresponding to 70% of the value of the 
property portfolio. Historically, the difference between our inter -
nal valuation and the external valuation has been marginal, and 
this was also the case as at 31 December 2022. The investment 
properties are valued within level 3 in the IFRS 13 fair value hier -
archy. 
The internal property valuation for the period showed a 
change in the value of wholly-owned investment properties of 
SEK –1,123 million (2,792). The change in value for the period was 
impacted positively by SEK 62 million as a result of  increased 
cash flows, positively by SEK 153 million from urban develop -
ment, project development and property development and nega -
tively by SEK –1,338 million from changed required yields in the 
portfolio. Each property is valued individually and consequently 
does not take into account any portfolio premiums. The average 
yield requirement in the valuation as at the balance sheet date 
was 4.94%, up from 4.85% as at 30 June 2023. As a result of the 
changing market situation, yield requirements for offices and 
industrial/logistics properties in our portfolio were estimated to 
have increased in the period. Valuations are based on an 
assumption of 6% inflation in 2023, after which inflation is 
assumed to be 2%, which is in line with the assessments of 
external valuation experts. Also see page 12. 
Transactions in the period
In the first quarter we completed the acquisition of a small par -
cel of land in Södra Änggården. In the second quarter we com -
pleted the acquisition of three properties that have been devel -
oped within the JV Sörred Logistikpark. Investments in existing 
properties in the period amounted to SEK 1,017 million (1,026), 
with the largest investments involving a new build project at the 
property Syrhåla 3:1 and a school in Södra Änggården.   
Financial position
Balance sheet, condensed
SEK million 30 Sep 2023 30 Sep 2022 31 Dec 2022
Assets
Investment property 28,350 27,002 26,994
Right of use assets, leasehold 30 30 30
Other non-current assets 26 20 19
Financial assets 1,311 1,584 1,489
Current assets 380 253 415
Cash and cash equivalents 170 144 217
Total assets 30,267 29,033 29,164
Equity and liabilities
Equity 12,812 14,044 13,698
Deferred tax liability 2,376 2,583 2,503
Non-current interest-bearing liabilities 12,193 7,853 7,466
Lease liability 30 30 30
Other non-current liabilities 247 247 240
Current interest-bearing liabilities 1,761 3,050 4,357
Other current liabilities 848 1,226 870
Total equity and liabilities 30,267 29,033 29,164
Pledged assets as at 30 September 2023 amounted to SEK 13,242 million (SEK 11,275). Contingent liabilities as at 30 September 2023 amounted 
to SEK 1,175 million (1,572).
Comparative amounts for balance sheet items refer to 31 December 2022.
SEK million
2023 
Jan–Sep
2022 
Jan–Sep
2022 
Jan–Dec
Value of properties, opening balance 26,994 26,031 26,031
Investments in existing properties 1,017 1,026 1,412
Property acquisitions 1,462 – –
Property sales and reclassifications – –2,847 –3,011
Changes in value –1,123 2,792 2,562
Value of properties, closing balance 28,350 27,002 26,994
 Changes in the value of properties
Results & Financial position

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

14
CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
GROUP
SEK million
2023
Jan-Sep
2022 
Jan–Sep
2022 
Jan–Dec
Equity attributable to the Parent Company's shareholders 
At the beginning of the period 13,698 10,936 10,936
Comprehensive income for the period –611 3,372 3,026
Dividend –275 –264 –264
At the end of the period 12,812 14,044 13,698
Total equity 12,812 14,044 13,698
Statement of changes in equity, condensed
Financial assets 
As a result of the acquisition from our joint venture at the end 
of the second quarter, the item investments in associates and 
joint ventures declined. In the second quarter, reported share of 
profit of associates and joint ventures was also retroactively 
adjusted by SEK 352 million, of which SEK 51 million referred to 
the first quarter of 2023 and SEK 301 million to previous finan -
cial years. The adjustment involved a reduction under the item 
financial assets and a corresponding reduction under the item 
share of profit of associates and joint ventures. Previously 
reported periods were restated to reflect the adjustments. 
Financial assets increased significantly in the period in respect 
of market value of derivatives.
Equity
The Group’s equity amounted to SEK 12,812 million (13,698) as 
at 30 September 2023. The equity/assets ratio on the same date 
was 42% (47), well above the financial target of 30%. 
Equity per share as at 30 September stood at SEK 106.93 
(114.33), while the long-term net asset value, EPRA NRV, was 
SEK 121.50 (130.12) per share.
The ability to provide customers with high quality, 
sustainable and relevant solutions is a crucial 
aspect of our core business.
 
AREA: GAMLESTADEN
PROPERTY: GAMLESTADENS FABRIKER (OLSKROKEN 18:7)   
TENANT: FORUM
Results & Financial position

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

15
CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
Interest-bearing liabilities
As at 30 September 2023, interest-bearing liabilities amounted 
to SEK 13,954 million (11,823), which corresponded to a loan-to-
value ratio of 49% (44). The average fixed term maturity was  
2.3 years (2.1). Current interest-bearing liabilities on the balance 
sheet refer to loans that are to be renegotiated within the next 
twelve months and repayments according to plan.
Interest-bearing liabilities primarily comprised bank loans of 
SEK 11,052 million (8,792), secured through property mortgage 
deeds. Platzer is also borrowing SEK 1,344 million (1,456) in the 
form of secured green bonds via Svensk FastighetsFinansiering 
(SFF). In order to obtain direct financing in the capital markets, 
Platzer has launched an MTN programme and associated green 
finance framework for unsecured green bonds of SEK 5 billion, 
as well as a SEK 2 billion commercial paper programme. Out -
standing unsecured green bonds amounted to SEK 1,300 million 
(1,300) and commercial paper amounted to SEK 255 million 
(275). The first unsecured bond maturity is in November 2024.
Interest-bearing liabilities increased by SEK 2,131 million in 
the first nine months of the year. Secured bank loans of SEK 
3,001 million matured and were replaced with new secured 
bank loans of SEK 5,316 million. Secured bonds via SFF of SEK 360 
million matured and bonds of SEK 248 million were issued. The 
volume of commercial paper decreased by SEK 20 million. Loan 
repayments and other payments by instalments amounted to  
SEK 52 million.
Green and sustainable financing
Green bonds and green loans, together with sustainability-  
linked financing, accounted for 66% (67) of our outstanding  
liabilities. 
 
Pledged assets
Unsecured financing accounted for 11% (13) of interest-bearing 
liabilities. Of interest-bearing liabilities, SEK 12,399 million 
(9,461) were secured against mortgage deeds, corresponding to 
44% (37) of property value.  
Fixed interest term and derivatives 
The average fixed interest term, including the effect of derivatives 
contracts, was 2.3 years (2.8) as at 30 September. As at 30 Septem-
ber, the average interest rate, including the effects of derivative 
instruments, was 4.20% (3.15), excluding unused credit commit -
ments, and 4.31% (3.30) including unused credit commitments. 
The interest coverage ratio over a rolling 12-month period was 
2.3 (4.0). 
The total volume of derivatives as at 30 September was SEK 
6,620 million (5,570). In the period, Platzer entered into new 
interest rate swaps of SEK 1,350 million in order to manage the 
interest coverage ratio and extend the fixed-interest period. 
Interest rate swaps of SEK 300 million matured.  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 reported market value of the derivatives portfolio as at 30 
September 2023 was SEK 630 million (611) and the unrealised 
change in value was SEK 19 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 stable outlook, 
awarded by the credit rating institution Nordic Credit Rating. 
The rating was last confirmed in June 2023.
Interest-bearing liabilities
Green MTN, SEK 1,300 million
Green bank loans, SEK 5,447 million
Green bonds SFF, SEK 1,344 million
Bank loans, SEK 4,508 million
Sustainability-linked bank loans, SEK 1,100 million
39%
10%9%
8%
32%
2%
66%
SUSTAINABLE
FINANCING
Commercial paper, SEK 255 million
Interest maturity Loan maturity, SEK m
Year
Interest-  
bearing  
liabilities 
SEK m
Average 
interest 
rate, %
Credit 
agreements,  
 SEK m
Used, 
SEK m
of which 
bank, 
 SEK m
of which 
MTN/CP, 
SEK m
0–1 years 7,384 6.831 2,716 2016 1,761 255
1–2 years 720 1.41 4,796 4,796 3,048 1,748
2–3 years 500 1.72 6,648 5,248 4,352 896
3–4 years 1,450 1.42 279 279 279 –
4–5 years 730 1.14 624 624 624 –
5–6 years 1,500 0.94 503 503 503 –
6–7 years 700 0.87 488 488 488 –
7–8 years 770 1.12 – – – –
8–9 years – – – – – –
9–10 years 200 2.83 – – – –
Total 13,954 4.20 16,054 13,954 11,055 2,899
Target/mandate
Outcome 30  
September 2023
Equity/assets ratio >30% 42%
Loans with one bank <35% 28%
Percentage of loans maturing within one year * <35% 14%
Average fixed-term maturity >2 years 2.3 years
Average fixed-interest term 2–5 years 2.3 years
Fixed-interest term due to mature within 12 months, percentage 20–60% 51%
*  excl. commercial paper
Financing
Financial policy
1)   Net volume of interest-bearing loans and derivatives results in a high average interest rate. 
Average interest rate excluding derivatives 5.61%.
Financing & ShareFinancing & Share

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

16
CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
The Platzer share 
The company’s share price at 30 September 2023 was  
SEK 67.20 per share, corresponding to a market capitalisation of 
SEK 8,052 million based on the number of outstanding shares.  
In the first nine months of the year, a total of 13.4 million 
shares (18.9) worth a total of SEK 1,081 million (1,783) changed 
hands.   Average daily turnover was 71,100 shares per day 
(100,100). The number of shareholders as at 30 September stood 
at 6,204 (6,126). Foreign ownership amounted to 14.4% (14.1) 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 is income from property manage -
ment attributable to the Parent Company’s shareholders. 
The Annual General Meeting on 23 March approved a dividend 
of SEK 2.30 per share (2.20), to be paid in two instalments of SEK 
1.15 each. The record dates are 27 March and 25 September. The 
dividend corresponds to a yield of 3.4% (3.3) based on the share 
price at the end of the period. 
Share capital 
At 30 September 2023, the share capital in Platzer was distrib -
uted 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 121.50 
(133.48) per share at the end of the period.
The Platzer share is listed on Nasdaq Stockholm, in the segment 
Large Cap. In the last 12-month period, the total return on the 
share, including dividend, has been positive at 4%. In the same 
period, the Real Estate GI showed a positive total return of 3%.  
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 6,500,000 17,500,000 38.9 14.6
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 18,019,601 18,019,601 6.0 15.0
Fourth Swedish National Pension Fund 7,606,429 7,606,429 2.5 6.3
Handelsbanken funds 7,195,726 7,195,726 2.4 6.0
Länsförsäkringar fondförvaltning AB 7,101,612 7,101,612 2.4 5.9
SEB Investment Management 4,352,862 4,352,862 1.5 3.6
State Street Bank and Trust Co 4,087,878 4,087,878 1.4 3.4
Lesley Invest (incl. private holdings) 4,030,562 4,030,562 1.3 3.4
Other shareholders 27,078,081 27,078,081 9.0 22.6
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 30 September 2023
2023 
Jan–Sep
2022 
Jan–Sep
2022 
Jan–Dec
2022/2023 
Oct-Sep
Share price at the end of the period 67.20 67.00 82.30 67.20
Net reinstatement value (EPRA NRV) 121.50 133.48 130.12 121.50
Net tangible assets (EPRA NTA) 117.05 128.50 125.24 117.05
Net disposal value (EPRA NDV) 106.93 117.21 114.33 106.93
Income from property management less nominal tax (EPRA EPS) 3.20 2.41 4.74 4.55
EPRA Loan-to-Value ratio property, % (EPRA LTV) 47 40 43 44
Profit/loss after tax 1 –5.1 28.14 25.26 –7.98
Adjusted income from property management after tax 2 2.80 3.51 4.53 5.57
Cash flow from operating activities 3.78 3.35 5.14 5.57
Dividend – – 2.30 –
Number of shares 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 ratios, 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, see description on page 16.
Key metrics per share, SEK
Financing & Share

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CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
GROUP
Cash flow statement
 
SEK million
2023 
Jan–Sep
2022 
Jan–Sep
2022 
Jan–Dec
2022/2023  
Oct-Sep
Operating activities
Operating surplus 813 709 939 1,043
Central administration –38 –38 –56 –56
Net financial income/expense –352 –171 –245 –426
Tax paid –20 –56 –72 –36
Cash flow from operating activities before changes in working 
capital 403 444 566 525
Change in current receivables 74 –222 –216 80
Change in current liabilities –25 179 266 62
Cash flow from operating activities 452 401 616 667
Investing activities
Investments in existing investment properties –997 –1,026 –1,412 –1,383
Acquisition of investment properties –1,462 – – –1,462
Disposal and reclassification of investment properties – – 3,011 3,011
Acquisition/disposal of investments in associates 125 –241 –357 9
Other investments –10 –2 –2 –10
Cash flow from investing activities –2,344 1,578 1,240 –2,682
Financing activities 
Change in non-current receivables – – –217 –217
Change in interest-bearing liabilities 2,131 –1,836 –916 3,051
Change in non-current liabilities –11 94 –413 –518
Dividend –275 –264 –264 –275
Cash flow from financing activities 1,845 –2,006 –1,810 2,041
Cash flow for the period –47 –27 46 26
Cash and cash equivalents at the beginning of the period 217 171 171 144
Cash and cash equivalents at the end of the period 170 144 217 170
Cash flow from operating activities for the period amounted to 
SEK 452 million (401). Changes in working capital impacted cash 
flow by SEK 49 million (–43). See page 11 for further comments on 
operating activities. 
Investments in existing properties in the period amounted to 
SEK 997 million (1,026).  No properties were sold in the period. In 
the second quarter, we acquired three properties from our joint 
venture, Sörred Logistikpark, as well as part of a property in 
Södra Änggården. Cash flow from investing activities amounted 
to SEK –2,344 mkr (1,578). Cash flow from financing activities 
amounted to SEK 1,845 mkr (–2,006), of which SEK 2,131 million 
was attributable to increased borrowing. Cash and cash equiva -
lents decreased by SEK –47 million (–27) in the period and totalled 
SEK 170 million (144) as at the balance sheet date. 
Unused overdraft facilities amounted to SEK 100 million (100) and unused credit facilities amounted to SEK 2,100 million (2,090). 
Comparative amounts for unused credit refer to 31 December 2022. 
Cash flow statement, condensed
AREA: ALMEDAL  
PROPERTY: ALMEDALS FABRIKER (SKÅR 57:14) 
Financing & Share

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CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
GROUP
Key performance indicators Quarterly summary
2023
Jan-Sep
2022
Jan-Sep
2022
Jan–Dec
2022/2023
Oct-Sep
Financial
Debt/equity ratio (times) 1.1 0.8 0.8 1.1
Interest coverage ratio (times) 2.2 4.0 3.6 2.3
Loan-to-value ratio, % 49 40 44 49
Equity/assets ratio, % 42 48 47 42
Return on equity, % –3.1 26.2 24.5 –7.1
 
Property-related
Yield, % 3.9 3.6 3.5 3.8
Surplus ratio, % 77 77 76 76
Economic occupancy rate, % 92 92 92 92
Rental value, SEK/sq. m. 1,860 1,757 1,715 1,824
Lettable area, sq. m. (thousand) * 890 777  797 834
  
    2023          2022
          
2021
SEK million Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4
Rental income 373 341 350 308 308 302 311 304
Property costs –97 –69 –84 –78 –66 –69 –77 –76
Operating surplus 276 272 266 230 242 233 234 228
Central administration –12 –14 –15 –19 –9 –15 –15 –18
Share of profit/loss of associates –22 –11 –36 –97 –40 110 177 19
Net financial income/expense –142 –113 –97 –78 –60 –54 –53 –54
Profit/loss including share of profit/loss of joint ven-
tures and associates 100 134 118 36 133 274 344 176
– of which income from property management 134 151 161 139 184 174 173 159
Change in value, investment properties –503 –620 0 –230 253 1,602 937 492
Change in value, financial instruments 62 44 –87 –24 107 248248 340340 4141
Change in value, financing arrangements – – – –146 –94 17 3 –140
Profit/loss before tax –341 –442 31 -364 399 2,141 1,624 569
Tax on profit/loss for the period 59 87 –4 17 –123 –417 –250 –111
Profit/loss for the period –282 –355 27 –347 276 1,724 1,374 458
Investment property 28,350 28,574 27,387 26,994 27,002 26,955 25,529 26,031
Yield, % 4.0 3.9 3.9 3.4 3.6 3.5 3.6 3.6
Surplus ratio, % 74 80 76 75 79 77 75 75
Economic occupancy rate, % 93 91 92 92 91 92 92 91
Return on equity, % –0.3 –0.2 3.4 –1.6 5.1 19.7 18.4 8.3
EPRA Loan-to-Value ratio property, % (EPRA LTV) 47 47 44 43 41 40 46 50
Net reinstatement value per share, SEK (EPRA NRV) 121.50 125.10 129.31 130.12 133.48 131.72 116.11 108.65
Net tangible assets per share, SEK (EPRA NTA) 117.05 120.46 124.42 125.24 128.50 126.45 111.89 104.54
Net disposal value per share, SEK (EPRA NDV) 106.93 109.30 112.26 114.33 117.21 114.93 100.52 91.28
Income from property management less nominal tax per 
share, SEK (EPRA EPS) 0.98 1.07 1.17 1.01 1.32 1.22 1.18 1.18
Share price, SEK 67.20 79.90 80.40 82.30 67.00 66.20 116.40 135.60
Earnings per share after tax, SEK –2.35 –2.96 0.23 –2.90 2.30 14.39 11.47 3.82
Operating cash flow per share, SEK 0.94 2.30 0.53 1.79 0.95 0.43 1.04 1.79
For definitions and calculations of key ratios, see Financial data on our website, platzer.se 
https://investors.platzer.se/en/financial-data
 * Lettable area including associates 937,000 sq. m.  
Financing & Share

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CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
PARENT COMPANY
The Parent Company does not own property 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 million
2023 
Jan–Sep
2022 
Jan–Sep
2022 
Jan–Dec 
Net sales 12 12 15
Operating expenses –13 –11 –15
Net financial income/expense 141 575 990
Change in value, financial instruments     19 695 671
Profit before tax and appropriations 159 1,271 1,661
Appropriations –91 – –22
Tax 20 –143 –134
Profit for the year 1 88 1,128 1,505
SEK million 30 Sep 2023 30 Sep 2022 31 Dec 2022
Assets
Participations in Group companies 1,962 1,886 1,962
Other non-current financial assets (primarily financing of Group companies) 4,699 4,428 4,684
Receivables from Group companies 7,442 6,044 6,368
Other current assets 79 25 29
Cash and cash equivalents 4 1 3
Total assets 14,186 12,384 13,046
Equity and liabilities
Equity 4,621 4,428 4,809
Non-current liabilities 5,791 3,757 3,978
Liabilities to Group companies 2,843 4,175 3,257
Current liabilities 931 24 1,002
Total equity and liabilities 14,186 12,384 13,046
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.
AREA: CITY CENTRE
PROPERTY: KINEUM (GÅRDA 16:17)  
TENANT: JACY´Z
Financing & Share

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CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023
MARKET OUTLOOK
Gothenburg – stronger than the rest of the country
50
60
70
80
90
100
110
120
2023/Q220222021202020192018201720162015201420132012201120102009200820072006
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
91.4
International economic activity is expected to remain weak in 2023 and 2024. Accord -
ing to the IMF, both inflation and interest rates will decline more slowly than previ -
ously forecast. The Swedish economy is expected to follow a similar trend and there 
are also signs that the labour market is starting to deteriorate. Interest rates are not 
likely to start falling until the second half of next year, which will continue to hold 
back household consumption and the residential property market. At the same, most 
indicators suggest a relatively soft landing for the Gothenburg economy.
In its September forecast, the Swedish National Institute of Economic Research 
(NCIR) wrote for the first time that Sweden is in a recession. High inflation and rising 
interest rates have eroded households’ purchasing power while weak external demand 
is starting to affect exports. This will cause the recession to deepen next year and will 
also impact the labour market. Although inflation is clearly on the way down, it is still 
well above Riksbanken’s target. Riksbanken is therefore expected to raise the policy 
rate once more in November, after which it is expected to remain unchanged until the 
second half of next year.
The weak economic outlook is reflected in the Purchasing Manager Index (PMI) for 
industry, which was at 43.3 in September. This was the fourteenth month in a row that 
the index was outside the so-called growth zone. The index for the service sector 
declined to 46.3. In particular, the indices for new orders received and backlog of 
orders declined, indicating that the sector is entering a slower period.
Gothenburg economy
Gothenburg economic activity in the second quarter was moderately weak, which was 
better than Sweden as a whole. The strongest performance was in the export industry, 
while the construction and retail sectors were struggling. One of the factors contribut -
ing to the economic resilience of Gothenburg and West Sweden as a whole is that the 
region accounts for 34% of investments in R&D by Swedish industry and commerce.
According to Business Region Göteborg, growth in Gothenburg’s 10 largest export 
markets is expected to amount to 1.5% in 2023 (2022: 2.5%), which is still positive and 
also slightly higher than the previous forecast.
Following a weak start to the year, import volumes in the Port of Gothenburg recovered 
in the second quarter, and are expected to continue to show positive performance in 
the autumn. In particular, Gothenburg is winning market share from other Swedish 
ports. Overall, goods volumes remain relatively stable, while cruise activity is heading 
towards a record year, partly thanks to the weak Swedish krona. 
In August, unemployment in the Gothenburg region was 5.5% (5.3% in January), still 
well below the national unemployment rate of 6.4% and also lower than the 6.3% 
reported in the Stockholm region. Employment growth is showing signs of a slowdown 
and unemployment increased in the summer. Although it is too soon to determine 
what is caused by normal seasonal fluctuations and what is due to weaker economic 
activity, redundancy rates suggest tougher times ahead in the labour market.
Demand for labour is strongest in energy and environment, knowledge-intensive 
services, hospitality, finance and insurance, and also in information and communica -
tion. In addition, a number of major development projects are underway in the region, 
the largest of which are Northvolt’s and Volvo Cars’ investment in a battery plant and 
R&D centre at Hisingen and Polestar’s new global head office at Frihamnen. Business 
Region Göteborg estimates that these projects together will generate around 8,000 new 
jobs in the region. 
According to the visitor night statistics of Statistics Sweden and the Swedish Agency 
for Economic and Regional Growth, the number of hotel nights in Gothenburg rose by 
1% in July, compared with the same month in the previous year. The weak Swedish 
krona and a large number of major concerts withstood the effects of bad weather and 
weaker consumer spending in Sweden.
Global economy
Source: IMF World economic Outlook, April 2023
% 2022 2023 2024
GNP growth 3.5 3.0 3.0
Inflation 8.7 6.8 5.2
% 2022 2023 2024 2025
GNP growth 2.8 –0.4 1.1 3.1
Employment 2.7 1.6 –0.3 0.7
Unemployment 7.5 7.5 8.2 8.3
CPIF (Consumer price index 
with fixed interest rate) 7.7 6.0 2.5 1.6
Source: Swedish National Institute of Economic Research (NCIR)
Swedish economy
Market & Platzer

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CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023
 
MARKET OUTLOOK 
 
Industrial/Logistics
RENTAL MARKET
The logistics rental market is 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 in the Gothenburg area.
In the e-commerce sector, sales fell for the sixth consecutive quarter. However, 
there are signs of the downturn bottoming out. Online sales for pharmacy, clothing 
and footwear and sports and leisure increased in the second quarter. At the same time, 
there are signs of lower stock-keeping in e-commerce, which may impact demand for 
warehouses. On the plus side, continued stable activity at the Port of Gothenburg is 
contributing towards maintaining demand for modern logistics facilities in attractive 
locations.
In the Gothenburg area the main logistics locations are on Hisingen, close to the 
Volvo companies’ factories, the planned battery plant and the port. Other important 
logistics locations include the area around Landvetter airport and Viared outside 
Borås. 
There were no official records of major leases in the quarter. Since most of the new 
production is built to order for tenants, the vacancy rate in the segment is low when it 
comes to modern logistics premises. 
PROPERTY MARKET
The industrial and logistics property transactions market was subdued, with a very 
small number of transactions. Catena acquired 14,100 sq. m. of property in Kungsbacka 
from BRA Bygg. Earlier in the year, Platzer acquired three properties in Sörreds Logis -
tikpark, while Corem sold two properties in East Gothenburg.  Castellum carried out a 
conditional sale of a property in Arendal. Additonally, Catena acquired Bockasjö in a 
structured deal.
In the quarter, Panattoni started construction of a 14,300 sq. m. logistics facility in 
Landvetter.  The rate of new production is otherwise lower than before. In addition to 
the projects Platzer is involved in, Catena is constructing stage 2 at Landvetter airport. In 
Arendal, NCC and Barings are building a logistics facility of 34,000 sq. m., while Verdion 
is building a 17,300 sq. m. facility in Bäckebol.  
Prime Yield (%) Q2 2023 Q3 2022
CBD 4.25 3.80
City centre excl. CBD 4.90 4.10
Norra Älvstranden 5.50 4.60
Mölndal 6.25 5.30
West Gothenburg 6.75 6.40
East Gothenburg 6.25 5.10
Source: JLL 
Property market, offices
Prime Yield (%) Q3 2023 Q3 2022
Stockholm Class A location 4.75 3.60
Gothenburg Class A location 4.90 3.80
Malmö Class A location 5.30 4.10
Source: Newsec
Property market, industrial/logistics
Offices
RENTAL MARKET
There is no available data for the third quarter, this section is based on information for 
the second quarter from JLL and our own anlyses. Our assessment is that prime rent 
levels now are more or less unchanged compared with the same period in the previous 
year. Any rent increases that have taken place were in new production. Despite the 
uncertain external environment, there is still strong demand for modern, environmen -
tally certified premises in good locations in Gothenburg. Vacancy levels remain high at 
11%, primarily as a result of the large influx of new production on the market in recent 
years, and this temporary glut has long been factored into estimates. We are seeing a 
clear “flight to quality” and the occupancy rate in the new production is high. Vacan -
cies in the office sector are therefore not affecting prime office space to the same 
extent as older properties.  
As of this year, new production is falling to volumes well below 30,000 sq. m. per 
year from 175,000 in 2022. For example, in 2024, no new projects will come on stream 
in the central business district CBD or rest of the city centre. New projects are due to 
come on stream on Hisingen and in Mölndal, where our pending acquisition Mimo 
accounts for the bulk of volume. We can therefore expect vacancies to decline in the 
coming years. A deep recession could contribute to a slowdown in demand. In the first 
nine months of the year, major leases were agreed in Våghuset and Citygate in the City 
centre excl. CBD, in Regina and Navigationsskolan in CBD, in Uni3 at Norra 
Älvstranden and in Gamlestaden and the centre of Mölndal. Several leases were 
signed in Lilla Bommen/Gullbergsvass.
PROPERTY MARKET  
Volumes in the Swedish transactions market for office space fell sharply in the first 
half of the year, compared with the same period in the previous year. There is cur -
rently a lull in the Gothenburg market with only a handful of minor transactions, 
which makes it difficult to assess yields. The rate of new construction of office space is 
subdued and no major projects were launched in the quarter. Earlier in the year, 
Vasakronan began construction of Kaj 16, next to the Hisingsbron bridge, which is 
largely fully let.
Prime Rent (SEK/sq. m.) Q2 2023 Q3 2022
CBD 4,200 4,150
City centre excl. CBD 3,500 3,400
Norra Älvstranden 2,800 2,800
Mölndal 2,500 2,500
West Gothenburg 1,300 1,300
East Gothenburg 2,500 2,500
Rental market, office space 
       Source: JLL 
Prime Rent (SEK/sq. m.) Q3 2023 Q3 2022
Stockholm Class A location 1,000 925
Gothenburg Class A location 900 825
Malmö Class A location 775 675
Rental market, industrial/logistics
Source: Newsec
Market & Platzer

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CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023
OTHER COMMENTS 
Employees and organisation
As at 30 September, the number of employees stood at 85. Our operations are divided 
into business areas based on segments: 
- Business area Offices – should use its leading position in the market 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 property transactions within their 
respective business areas. Our Group management comprises managers responsible 
for the following functions: operations development/IT/procurement, business devel -
opment, finance/accounting/property analysis, communication/marketing/sustaina -
bility, HR, business area Offices and business area Industrial/Logistics. 
Significant risks and uncertainties 
Effects of the war in Ukraine
The continuing war in Ukraine is impacting the property sector in general. We are tak -
ing measures to mitigate the impact of rising energy prices on the operation of our 
properties. 
We are continuously carrying out analysis and risk assessment of our own and our 
tenants’ operations in respect of the impact of the war in Ukraine. 
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 the Group’s approach to these risks. Underlying strong key ratios together 
with a good financial position and property with lasting value reduce the risk. 
General risks 
The general risks and uncertainties that we are primarily exposed to are further exac -
erbated by increased uncertainty around future inflation and increased costs in gen -
eral, as well as a risk of a declining rental market. We mitigate the impact by means of 
regular communication with our tenants, continued cost control and in-depth continu -
ous analyses. We are able to do this thanks to good internal control, well-functioning 
administrative systems and tried and tested procedures for related processes. Our 
general risk assessment is described in detail in the 2022 Annual Report on pages 
46–50 and 62–63. No significant changes have occurred in our assessment of risks and 
uncertainties since the 2022 Annual Report.
 
Related party transactions 
The company’s ongoing related party transactions are described on page 78 of the 2022 
Annual Report. There are no significant transactions with related parties other than 
what is described here. 
Accounting policies 
Platzer prepares its consolidated financial statements in accordance with IFRS (Inter -
national 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. None of the new or revised IFRS standards or IFRIC interpreta -
tions that have come into force in 2023 has had any 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 amounts added together 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
After the end of the reporting period, the Group completed the sale of the property  
Högsbo 55:10, which was the last residential building right in phase 2 at Södra Änggården. 
 
 
Gothenburg, 17 October 2023
Platzer Fastigheter Holding AB (publ) 
Charlotte Hybinette     Ricard Robbstål
Chairman of the Board    Board member 
Anders Jarl     Caroline Krensler
Board member     Board member 
Eric Grimlund     Anneli Jansson
Board member     Board member 
Maximilian Hobohm    Henrik Forsberg Schoultz
Board member     Board member 
Johanna Hult-Rentsch
CEO 
 
Market & Platzer

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CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023
AUDITORS’ REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION
Platzer Fastigheter Holding AB (publ)
Introduction
We have reviewed the interim condensed financial statements (Interim Report) for Platzer Fastigheter Holding AB (publ) as at 30 September 2023 and for the 
nine-month period then ended. The Board of Directors and the CEO are responsible for the preparation and presentation of these interim financial statements 
in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to issue a conclusion on this interim report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by 
the Independent Auditor of the Entity. A review consists of making enquiries, primarily of persons responsible for financial and accounting matters, and apply -
ing analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on 
Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would 
become aware of all significant matters that might be identified in an audit. The conclusion expressed on the basis of a review therefore does not provide the 
level of assurance of a conclusion based on an audit.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the Interim Report is not prepared, in all material respects, in accordance 
with IAS 34 and the Swedish Annual Accounts Act in respect of the Group, and in accordance with the Swedish Annual Accounts Act in respect of the Parent 
Company.
Gothenburg, 17 October 2023
Öhrlings PricewaterhouseCoopers AB  
 
Johan Rippe       Ulrika Ramsvik  
Authorised Public Accountant      Authorised Public Accountant
Auditor in charge
Auditors’ report on review of interim financial information
AREA: SÖDRA ÄNGGÅRDEN
PROPERTY: VULKANO (HÖGSBO 3:6)  
Market & Platzer

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CEO’s comment Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023Sustainability
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. We own and develop 
75 properties with a total lettable area of 938,000 sq. m., worth SEK 28 billion.
How we create value
We create value through management, development, acquisition and disposal of property.  
We aim to create attractive areas with good business opportunities for our clients.
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:
Vi ska göra Göteborg
till Europas bästa stad 
att arbeta i. 
AFFÄRSIDÉ:
Vi skapar hållbara värden genom att äga och utveckla 
kommersiella fastigheter i Göteborg
KÄRNVÄRDEN:
Öppenhet - Frihet under ansvar - Långsiktig utveckling
SUSTAINABLE VALUE
CAPITAL
EMPLOYEES
LETTING AND 
PROPERTY MANAGEMENT 
PROPERTY, PROJECT AND
URBAN DEVELOPMENT
PROPERTY
TRANSACTIONS
VISION:
We aim to make 
Gothenburg the best city 
in Europe to work in.
BUSINES S CONCEPT:
We create sustaina ble value through ownership and 
development of commercial property in Gothenburg
CORE VALUE S:
Openness - Freedom with responsibilit y - Long-term development
Market & Platzer

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CEO’s comment Sustainability Results & Financial positionOperations Financing & Share Market & Platzer Platzer Q3 2023
,
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
Calendar 
2024
Year-end Report 2023 26 January at 08:00 (CET)  
Annual General Meeting 20 March at 15:00  
Interim Report January – March 17 April at 08:00
 
For further information, please visit platzer.se or contact  
Johanna Hult Rentsch, CEO, on +46 (0)709 99 24 05 – Fredrik Sjudin, CFO, on +46 (0)721 27 77 78 
Photos: Marie Ullnert (Cover and pages 2, 6, 8, 14,)  
OkiDoki (9), Philip Liljenberg (17, 23), Markus Esselmark (19)