Two fully-leased Swedish commercial properties. Rental income contractual from day one. Energy infrastructure layered on top of a base that is already producing.
Portfolio SE10 acquires assets below their upgraded potential and builds toward it. Portfolio SE13 starts from a different position entirely.
Both properties are fully occupied. Both generate contractual rental income from the day of acquisition, before a single energy system is commissioned. The tenants are established Swedish businesses – a transport company already transitioning its freight fleet to electric vehicles, a DIY warehouse and car mechanic chain generating consistent daily footfall from highway-adjacent premises. These are not speculative lettings or short-term arrangements. They are the foundation on which the energy infrastructure is built.
The investment argument is addition, not transformation. Battery storage, solar generation, EV charging, and cylindrical wind turbine generation – coordinated by an AI energy management system – layer revenue on top of an income base that already runs. The combined return of 30.9% per annum reflects both streams. The property yield alone, at 6.1% to 6.8% across the two assets, is a credible return on a fully-leased Swedish commercial portfolio. The energy infrastructure is what separates 6% from 30%.
Properties – 100% occupied at acquisition
Net rental yield, property only
Combined return per annum
Battery storage per site
Total solar generation capacity
Total EV charging capacity
Most infrastructure investments carry a single point of failure. If the revenue assumption does not hold, the investment does not work. Portfolio SE13 is constructed so that its two return drivers are genuinely independent.
Rental income is contractual. It exists independent of energy system performance. The tenants run operations that depend on these specific premises – a freight company whose EV fleet transition is already underway, retail and service tenants whose footfall is tied to location and access. That income runs whether the battery is dispatching to the Swedish balancing market or not.
Energy revenue is operational. Battery storage trading against FCR and aFRR markets, EV charging sessions, solar generation, and cylindrical wind turbine output are managed continuously by the AI energy management system. That revenue is earned by the infrastructure doing its job. It runs independent of whether the tenants renew their leases or whether a new tenant takes their place.
If the energy system underperforms in a given period, the rental income continues. If a tenant exits and a lease-up period follows, the energy systems continue earning. The two streams are not correlated. That is the structure. And it is the reason Portfolio SE13 carries a different risk profile from either a conventional property investment or a standalone energy infrastructure play.
Both income streams are capitalised at exit. A portfolio that enters fully occupied and adds energy revenue on top arrives at exit with a complete income record – rental and energy, running together from day one, with no lease-up period to normalise and no system commissioning curve to discount. Buyers and refinancing banks price certainty. That is what this portfolio delivers.
Full occupancy is not simply a risk reduction. In this portfolio, it creates a set of specific commercial conditions that the energy infrastructure compounds rather than initiates.
The transport tenant in southern Sweden is already transitioning to electric freight vehicles. The municipality in that area is actively facilitating EV charging infrastructure along the same corridor. The EV charging capacity at that site is not a bet on future fleet electrification – it is a contracted service to a tenant whose operational direction already points toward it, in a geography where the supporting infrastructure is being built around it. The revenue case deepens over the hold period without requiring a change in tenant behaviour, because the tenant's behaviour is already changing.
The highway-adjacent assets with high daily footfall carry the same logic from a different angle. EV charging on a site that already generates consistent visitor traffic from established retail and service tenants does not depend on attracting new users. The demand is already on site. The infrastructure captures it.
Full occupancy also means that the energy upgrade is built into an active operational relationship with tenants, not introduced to a vacant building. That relationship is the environment in which an energy system performs at the top of its range – not the bottom.
Each property company in Portfolio SE13 owns both the real estate and the energy equipment installed within it. Rental income and energy income flow into the same entity. When a buyer underwrites the asset at exit, they capitalise total net income – both streams together, in the same calculation, at the same capitalisation rate. The energy upgrade does not create a separate business to be negotiated at arm's length at exit. It increases the income of the asset that already exists.
The principle is the same as across Portfolio SE10. What differs here is the starting point. The rental income base is already established and running at acquisition. The energy systems are layered on top of it. The buyer at exit sees a property company with two years of auditable income from both streams – not a projection of what the combined income might be once the systems bed in, but a record of what it actually was.
Every system across both assets is engineered within the existing fuse capacity of each site. No grid reinforcement. No queue. The same discipline that keeps Portfolio SE10's timeline defined applies here – and for a two-asset portfolio operating on an established platform, the execution variables are narrower still.
The team, the method, and the operational infrastructure behind Portfolio SE13 are the same as those running across Portfolio SE10's eleven assets. There is no separate management structure. The AI energy management system optimising the batteries at these two sites is the same system, with the same balancing market participation history and the same dispatch logic, as the one running across the wider portfolio.
For the investor, this means Portfolio SE13 does not carry the operational start-up risk of a platform being tested for the first time. The balancing market relationships are established. The grid connection process is known and has been run at comparable sites. The tenant engagement approach – introducing energy infrastructure into an active commercial relationship – has been practised across a portfolio that includes assets with identical tenant dynamics.
The ten assets in Portfolio SE10 are not a separate investment. They are the operational proof of the platform on which Portfolio SE13 runs.
All figures current at time of publication and subject to change. Cylindrical wind turbine revenue for both assets to be confirmed. Property Schedules with full financial 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.
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