Balder shares climb after equity raise

Fastighets AB Balder

13/02/2024 08:49

** Shares in Fastighets Balder  BALDb.ST  rise more than 3%
after the Swedish real estate company said on Monday it had
raised 1.17 billion Swedish crowns ($112.22 million) in equity
from institutional investors AMF and Swedbank Robur
    ** "It is very positive for Balder to be able to replace
more expensive hybrid capital with equity from stable owners,"
says Carlsquare analyst Bertil Nilsson 
    ** Separately, Pareto Securities upgraded rating on the
property group to "buy," citing strong financial position,
promising property development, and robust free cash flow
generation
    ** The broker notes that the company's is aided by an
increasingly accessible bond market and strong banking
relationships, mitigating refinancing risk
    ** Shares of Balder are among best performers of
pan-European 600 index  .STOXX 
    
($1 = 10.4258 Swedish crowns)

 (Reporting by Jesus Calero and Greta Rosen Fondahn)
 ((Jesus.calero@thomsonreuters.com))