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Heimstaden’s Bonds Drop on Alecta’s Divestment
October 2, 2026
Heimstaden AB’s euro bonds dropped by 4-6 points (chart below) after reports emerged that Alecta is in advanced talks to exit Heimstaden Bostad. This follows years of disagreement between Alecta and the property company’s principal owner, Ivar Tollefsen, according to sources. The Swedish pension fund, which holds just under 39% of Heimstaden Bostad, is expected to exchange its stake for a portfolio of properties valued at around SEK 110bn ($10.9bn). The assets could comprise as many as 50,000 apartments across Sweden, Norway, Denmark, Germany and other markets. Alecta has previously criticized its investment in Heimstaden Bostad, arguing that the shareholders’ agreement provided insufficient influence and inadequate returns relative to the risks involved. Following a potential exit, Tollefsen’s ownership could increase to nearly 59%, however the impact on Alecta’s holding remains unclear. Heimstaden Bostad’s property portfolio was valued at SEK 331bn ($32.9bn) at the end of 1H2026.
As of this morning, Heimstaden’s bonds have recovered marginally. For instance, its EUR 7.361% 2031s were up 2 points to 90.4, yielding 10.2%.
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– Vandit P
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