Ten Swedish commercial and industrial assets. Due diligence complete on every property. Acquisition, upgrade, and long-term operation from one integrated platform.
Ten assets. One acquisition criteria set. One upgrade method. One long-term operating agreement. The consistency is deliberate – it is what makes the programme scalable and the results transferable from one asset to the next.
Every property in the portfolio completed due diligence before commitment. Each was assessed against three tests:
Motivated seller at current-configuration pricing – A seller prepared to transact at a price that reflects current energy performance, not upgraded performance. The value uplift belongs to the investor, not to a vendor who has already priced it in.
Clean title – No structural legal complication, no contested ownership, no encumbrance that would slow or complicate a future sale or refinancing. Every property entered the programme with title that a buyer or refinancing bank can underwrite without reservation.
Confirmed energy upgrade pathway within existing electrical capacity – A clear route to installing battery storage, solar generation, EV charging, and where the site supports it, cylindrical wind turbine generation, without requiring any grid reinforcement.
That third test is the one that matters most for execution. Grid reinforcement is not merely slow. It is the single largest cause of project failure in European energy infrastructure. Queues run to years. Costs are unpredictable. Outcomes depend on grid operator decisions made on timelines outside any developer's control.
Every installation is engineered within the existing fuse capacity of the site. The grid owner application covers connection within current limits – a process measured in weeks, not years. That engineering decision is not a constraint on the programme. It is the design of the programme. Ten assets can be acquired, upgraded, and prepared for exit inside a defined timeline because grid operator dependency has been removed from the middle of it.
Properties – all DD-complete
Total battery storage across the portfolio
Solar and wind generation capacity
EV charging capacity
Sweden holds approximately 100 million square metres of commercial and industrial floorspace built or last refurbished before energy costs became a dominant operating variable. Many of these buildings run on grid electricity with no on-site generation, no battery storage, and no EV charging infrastructure. Their energy cost per square metre is high and rising. Their credentials are poor by current tenant and lender standards. They are priced to reflect all of that – because buyers who cannot add energy infrastructure have no basis to price the upside.
That is where the gap is. HNordic can add it.
Three conditions converge to make this the right entry point.
Swedish commercial property transaction volumes have normalised after a period of rate-driven compression. Motivated sellers are still available at prices that reflect current, not upgraded, income. That window is not permanent.
Battery storage and solar equipment costs have declined materially over the past three years. The upgrade programme that would have been margin-thin at 2021 equipment prices is structurally sound at current ones. The capital efficiency of the energy uplift has improved; the income it generates has not diminished.
The Swedish balancing and flexibility markets – FCR, aFRR, mFRR – have deepened significantly. Revenue from these markets is contracted, not spot. It is earned by the battery system doing its job, independent of what any tenant is paying or what the weather is doing. The market that absorbs it has grown; the competition for it has not kept pace.
None of this is a thesis about what Sweden's energy transition might produce. These conditions already exist. The Portfolio SE10 programme is being deployed against them now.
Commercial property is valued by capitalising net income. A property earning additional income from energy systems carries a higher capital value at the same capitalisation rate. The income is auditable. It flows into the property company's accounts before exit and is there when a buyer or refinancing bank underwrites the asset.
A property earning SEK 2 million per year at an 8% capitalisation rate is worth SEK 25 million. The same property, after an energy upgrade that adds SEK 500,000 of annual energy income and reduces tenant operating costs, earning SEK 2.5 million per year, is worth SEK 31.25 million at the same rate. That is a 25% uplift in capital value. The physical building has not changed. Its location has not changed. What has changed is the income it produces.
Each property company in Portfolio SE10 owns both the real estate and the energy equipment installed within it. Energy income flows into the same entity whose building is being valued and mortgaged. It is not a separate stream sitting in a subsidiary, or an arrangement that a change of ownership might disrupt. It is embedded in the income base of the asset itself – and capitalised accordingly at exit.
Four revenue streams are targeted at each asset, deployed selectively based on the physical characteristics of the site. They do not operate as independent installations. Each asset is managed as a single coordinated system by an AI energy management system that continuously optimises battery charge and discharge cycles against day-ahead electricity prices, real-time balancing market signals, and on-site generation and consumption data.
The system decides, in each half-hour window, whether the battery should be charging from solar, discharging to the grid under a balancing contract, held in reserve for an afternoon arbitrage window, or used to supply the building. That optimisation runs continuously, every day, across every site. It is the difference between energy assets that produce their modelled revenue and energy assets that leave it on the table.
Capital is deployed in four defined phases. Each phase is gated: the next tranche is not advanced until the previous phase is verified complete. Investor funds are never deployed ahead of confirmed progress.
Acquisition – Property SPV established. Title transferred. Stamp duty and legal completion confirmed. Due diligence was completed prior to commitment – no acquisition proceeds on an unassessed asset. The legal and financial structure is in place before a single euro of equipment spend is authorised.
Procurement – Equipment ordered in batch across the portfolio. Battery storage systems, solar panels, EV charging hardware, and cylindrical wind turbines are staged at a central distribution hub before deployment to individual sites. Ordering across the portfolio as a single batch produces the cost discipline the programme depends on – and means no site waits on a separate procurement cycle.
Installation – All systems installed by certified subcontractors. Roof inspection completed before solar panels are fitted. Grid connection papers submitted and processed within existing fuse limits. No reinforcement application, no grid operator queue. Every installation follows the same sequence, reducing the execution risk that accumulates when each site is treated as a separate project.
Operations – Energy systems commissioned and active. AI energy management system live and optimising from day one. Maintenance protocols in place. Heating and LED upgrades completed where specified in the property brief. The asset is fully operational – generating energy income, servicing its tenancy obligations, and producing the auditable revenue record that supports its exit valuation.
Track record in comparable projects, in the same geography, at comparable or greater complexity, is the evidence that matters. HNordic has it.
Rune Holm led a shore power installation at the Port of Ystad – an 86,000 m² port expansion delivered at 1.3% variance to its capital budget. The same approach was applied to a commercial property portfolio worth €33M, which reached 99% occupancy through integrated energy and property management. These are not analogous projects offered as proof of general competence. They are directly comparable: energy infrastructure deployment on industrial assets in Sweden, managed for income and capital performance.
The supporting team covers each function with a specialist who has done the work before. Electrical engineering, including offshore and onshore industrial power distribution. Solar installation across commercial and industrial scale. Commercial real estate advisory from senior leadership roles across Swedish municipal and private portfolios. Green energy development in the Nordic market from feasibility through to operational deployment. Sustainability and compliance with direct experience of Miljöbyggnad and GreenBuilding certifications on Swedish commercial assets.
HNordic is not assembling a supply chain for this programme. It is deploying an existing operational capability – tested on comparable assets, in the same market – into a defined financial structure for the first time as an investor-facing product.
All figures current at time of publication and subject to change. Property Schedules with full asset-level detail are available to investors who have established contact with Rune or Thomas.
Next step
The full instrument – security package, term sheet, illustrative returns, and property schedules – is available to eligible investors after a first conversation with Rune or Thomas.
Get in touch Portfolio SE13