Skip to main content

Sweden

Sweden is Heimstaden Bostad's largest market in terms of value and share amount of residential apartments. The property portfolio is geographically diversified across large and medium-sized cities throughout the country and contains different types of properties. Hence, our customer base mirrors society, ranging from students and single households to families and seniors.

91 billion
Investment Properties
46,382
Homes
100%
Regulated Income

Key Figures

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Rental income SEK m 1,250 1,274 1,280 1,261 1,213
Net operating income SEK m 859 846 736 734 802
Net operating income margin % 68.7 66.4 57.5 58.2 66.1
Like-for-like rental income growth % 5.7 5.9 5.4 5.3 5.9
Real economic occupancy % 99.7 99.7 99.7 99.5 99.2
Capital expenditures SEK m 123 225 155 347 226

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %

Norway

Heimstaden Bostad is Norway's largest private residential real estate company, with a portfolio predominantly featuring smaller apartments in and around Oslo. The Norwegian rental market is characterized by relatively short tenancies, averaging around three years. The customer satisfaction among Heimstaden Norway's tenants remains consistently high, a fact regularly confirmed through ongoing customer surveys that reflect strong approval and positive tenant experiences.

15 billion
Investment Properties
3,505
Homes
0%
Regulated Income

Key Figures

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Rental income SEK m 156 158 169 175 179
Net operating income SEK m 117 122 129 147 127
Net operating income margin % 75.3 77.1 76 84 71
Like-for-like rental income growth % 2.5 2.5 4.4 3.4 4.8
Real economic occupancy % 98.8 99.2 98.8 98.8 99.3
Capital expenditures SEK m 26 51 63 244 9

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %

Denmark

Heimstaden Bostad is Denmark's largest private residential landlord, with approximately 20,000 housing units. The portfolio in Denmark consists of newly constructed and established properties across the country, offering rental options including student housing, apartments in multi-story buildings, as well as townhouses and single-family homes in various price ranges, thus catering to a very diverse customer segment. Additionally, the portfolio includes a number of commercial leases.

68 billion
Investment Properties
19,686
Homes
17%
Regulated Income

Key Figures

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Rental income SEK m 856 850 878 898 910
Net operating income SEK m 672 643 646 701 681
Net operating income margin % 78.4 75.6 73.6 78.1 74.9
Like-for-like rental income growth % 2.5 3.0 4.2 3.8 2.7
Real economic occupancy % 99.4 99.4 99.1 98.9 98.8
Capital expenditures SEK m 151 103 85 188 122

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %

Netherlands

The Netherlands is a geographically diversified market for Heimstaden Bostad. In the Netherlands, there are several objective factors determining whether residential units are regulated or subject to free market rent. The most important factors are energy labels, the size of the unit and the WOZ value – a public real estate valuation measure, which is a proxy for the attractiveness of the location.

29 billion
Investment Properties
11,820
Homes
58%
Regulated Income

Key Figures

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Rental income SEK m 331 321 334 354 356
Net operating income SEK m 263 262 258 267 270
Net operating income margin % 79.4 81.7 77.3 75.4 75.8
Like-for-like rental income growth % 4.4 4.7 6.5 6.5 7.7
Real economic occupancy % 99.6 99.3 99.5 99.6 99.6
Capital expenditures SEK m 72 84 55 122 29

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %

Germany

After acquiring its first portfolio in Berlin in 2018, Heimstaden Bostad has continued to expand in Germany, and is today the owner and manager of residential properties in nine German cities. Heimstaden offices are located in the cities of Berlin (headquarters), Hamburg and Halle/Saale. In addition, Heimstaden Bostad formed a joint venture with Allianz since the end of 2022, which owns residential properties in a further five German cities throughout Germany. The German portfolio includes different types of homes, which results in a diverse customer base.

81 billion
Investment Properties
29,672
Homes
100%
Regulated Income

Key Figures

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Rental income SEK m 725 709 716 734 716
Net operating income SEK m 571 556 515 538 570
Net operating income margin % 78.7 78.4 71.9 73.3 79.6
Like-for-like rental income growth % 3.8 5.9 4.6 4.7 7.0
Real economic occupancy % 99.7 99.9 99.7 99.7 99.8
Capital expenditures SEK m 353 317 281 369 271

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %

Poland

Heimstaden Bostad made its first investment in Poland in December 2020, followed by additional acquisitions in 2021. As of 2024, the company offers over 2,000 housing units in eight newbuild projects. Heimstaden Bostad is present in two of Poland’s largest metropolises: Warsaw and Kraków, in districts that are conveniently located and well-connected with city centres. The company has focused on sustainable development, with projects certified according to BREEAM standards and all buildings supplied with green energy from renewable sources.

Newbuild Portfolio:

Homes: 3,839
Commercial Area: 8,193 sqm
Est. GRI p.a.: SEK 363.7 million
Completion: Q1 2022-Q1 2025

5 billion
Investment Properties
2,016
Homes
0%
Regulated Income

Key Figures

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Rental income SEK m 60 62 64 55 56
Net operating income SEK m 55 58 58 49 47
Net operating income margin % 91.8 92.2 90.6 89.4 82.9
Like-for-like rental income growth % 15.9 6.2 2.3 3.1 9.7
Real economic occupancy % 97.2 98.5 98.5 96.1 89.9
Capital expenditures SEK m -1 1 1 18 73

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %

United Kingdom

Heimstaden Bostad entered the UK market in 2021 with the acquisition of the new-build project Soho Wharf in Birmingham. Since then, we have added properties in both London and Edinburgh to our portfolio and are actively developing residential units to meet the growing demand in the UK. With population growth, demographic shifts towards major UK cities, and a supply of new-build housing falling short of future demand, Heimstaden is well-positioned to provide an affordable offering to customers.

5 billion
Investment Properties
1,415
Homes
11%
Regulated Income

Key Figures

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Rental income SEK m 59 51 50 62 56
Net operating income SEK m 31 31 31 48 41
Net operating income margin % 52.9 61.0 62.4 76.8 71.8
Like-for-like rental income growth % 6.7 0.6 2.1 7.1 42.3
Real economic occupancy % 80.3 71.1 64.9 78.1 96.8
Capital expenditures SEK m 17 3 9 140 176

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %

Finland

In mid-2021, Heimstaden Bostad entered the Finnish market. Finland is a prosperous Nordic country with anticipated positive economic development and a demographic shift towards its major cities. The Finnish portfolio primarily consists of properties located in the Helsinki Metropolitan Area, Oulu, Jyväskylä, and Lahti, offering affordable housing solutions. Heimstaden is actively enhancing its properties by upgrading facades, transitioning to geothermal heating systems, and integrating innovative technologies such as Leanheat sensors and Smartvatten water meters in all units to reduce energy consumption and promote sustainability.

4 billion
Investment Properties
3,144
Homes
0%
Regulated Income

Key Figures

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Rental income SEK m 70 69 72 74 72
Net operating income SEK m 42 38 35 39 42
Net operating income margin % 60.6 54.5 48.7 52.7 57.5
Like-for-like rental income growth % 0.0 3.6 4.1 5.8 8.3
Real economic occupancy % 94.6 95.1 95.5 96.6 96.3
Capital expenditures SEK m 27 18 17 19 19

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %

Czechia

In Czechia, Heimstaden Bostad is the largest provider of rental housing as well as one of the largest companies in  the Moravian-Silesian Region. The company owns and manages almost 42,000 housing units, providing homes to nearly 90,000 clients. Our portfolio is mainly located in the Moravia-Silesia region, where approximately one third is in Ostrava — the most densely populated region in Czechia after the capital Prague.

30 billion
Investment Properties
40,677
Homes
17%
Regulated Income

Key Figures

Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Rental income SEK m 474 459 461 463 453
Net operating income SEK m 388 359 354 346 354
Net operating income margin % 81.9 78.3 76.9 74.6 78.1
Like-for-like rental income growth % 6.8 8.2 9.0 9.3 10.5
Real economic occupancy % 96.1 96.4 96.6 96.7 96.6
Capital expenditures SEK m 217 158 109 271 250

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %