Falling Norwegian residential prices, Citycon invests in Denmark
Norwegian housing prices in December fell their most MOM since monitoring began in 2003. Since our last Real Estate Weekly note, Citycon has bought the second part of a Danish shopping centre, Kungsleden has invested more in one of its Stockholm clusters, and Wallenstam has experienced slow sales in Sweden. The average implied EBITDA yields on the stocks we cover are 4.36% for 2017e and 4.72% for 2018e.Olav Thon Eiendomsselskap is engaged as a property operator. Co.'s property portfolio is broken down into the following property segments: shopping centres and commercial property. At Dec 31 2013, Co.'s shopping centres comprised the management of 87 shopping centres, of which 27 are managed for external owners.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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