What Trophi does

Trophi Fastighets AB (publ) is the leading Nordic real estate company focused on grocery-anchored retail properties, operating approximately 281 commercial properties totaling over 921,000 square meters of lettable area across roughly 200 locations in Sweden and Finland. The portfolio spans discount stores to hypermarkets and includes flagship destinations such as Arninge Centrum (Täby), Bäckebol (Gothenburg), Boländerna (Uppsala), Tunapark (Eskilstuna), Framnäs Köpcenter (Lidköping), and Råå Center (Helsingborg). Tenant base is concentrated in essential grocery retail, with ICA, Axfood/Willys, Coop, S Group, Kesko, Lidl, and Citygross as anchors, plus IKEA, Costco, and Systembolaget as supporting tenants.

The business model is a long-duration B2B landlord model. Trophi generates the vast majority of revenue through long-term rental income on triple-net-style leases (FY2025 rental income of 1,521 mkr SEK and net operating income of 1,158 mkr SEK), supplemented by operational surcharges, forward funding project fees, and active property management. Portfolio expansion is executed through sale-leaseback, forward funding, swap transactions, and direct acquisitions, and the company lists vacant premises on Objektvision.se while engaging tenants through direct enterprise field sales. Financing is layered: secured bank loans, a 3,000 mkr SEK commercial paper program (SEB, Swedbank, Handelsbanken, Nordea, backstopped by owner Tredje AP-fonden), and a newly issued 500 mkr SEK senior unsecured bond (April 2026).

The company is wholly owned by Swedish pension fund Tredje AP-fonden (Third AP Fund), a sovereign-style capital provider that enables a long-term ownership approach unmatched by typical sponsor-backed vehicles. Governance includes a board chaired by Bengt Hellström (Senior Advisor at AP3) and was recently refreshed with Ulrika Danielsson (ex-CFO of Castellum and Atrium Ljungberg). In December 2025, Johan Augustsson succeeded founder Jan Björk as CEO, bringing grocery-operator experience from Lidl (former Sweden CEO and Property Director). Leverage is conservative with a 45% loan-to-value ratio, a 47% equity ratio (well above the 30% policy minimum), and a 3.8x interest coverage ratio, leaving capacity for continued acquisitions and development.

Name

Trophi

Legal name

Trophi Fastighets AB (publ)

Website

https://trophi.se

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Trophi is a Nordic commercial real estate company focused on grocery-anchored retail properties, operating roughly 281 properties totaling 921,000+ sqm across 200 locations in Sweden and Finland. It leases primarily to major grocery chains and is wholly owned by Swedish pension fund Tredje AP-fonden.

Ownership category

akta.pro rank

Product category

Grocery Retail Real Estate

NAICS

Lessors of Real Estate (5311), Real Estate Property Managers (53131)

SIC

Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Retail Property Management (BPAJAGAB)

Keywords

• Grocery retail real estate
• Commercial property leasing
• Retail property management
• Sale-leaseback services
• Nordic retail properties

Headquarters

HQ city

Västerås

HQ country

Sweden

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Rental income from grocery retail properties: Trophi generates the vast majority of its revenue through long-term rental income from its property portfolio of approximately 281 commercial properties in Sweden and Finland. Tenants are primarily grocery retail chains. Rental income includes operational surcharges and other property earnings.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Trophi is the leading Nordic real estate company owning and operating grocery-anchored retail properties. The company leases approximately 281 commercial properties totaling around 921,000 sqm across Sweden and Finland to major grocery retail chains and complementary retailers. Beyond property ownership, Trophi provides active property management, leasing, and project development services for new retail premises and forward-funded developments.

Product overview

Trophi is a Nordic real estate company and the leading owner of grocery retail properties in the Nordics. The company operates nearly 300 trading properties comprising over 920,000 square meters of retail space across Sweden and Finland. The portfolio includes major retail destinations such as Arninge Centrum (Täby), Bäckebol (Gothenburg), Boländerna (Uppsala), Tunapark (Eskilstuna), Framnäs Köpcenter (Lidköping), and Råå Center (Helsingborg). The core business combines ownership of grocery-anchored retail properties with active property management, leasing services, and project development. Financing is supported through secured bank loans, a commercial paper program (3 billion SEK framework), and a senior unsecured bond (500 mSEK). The company also operates Beredskapsbutiken Sverige, a pilot project developing crisis-resilient grocery stores.

Differentiator

Problem solved

Functional benefit

Products and services

• Handelsfastigheter (Grocery Retail Properties) Commercial retail properties focused on grocery retail, including grocery stores, shopping centers, and retail spaces across Sweden and Finland. Tenants include ICA, Axfood/Willys, Coop, S Group, Kesko, Lidl, Citygross, and complementary retailers such as Systembolaget, IKEA, and Costco.
• Property Management (Fastighetsförvaltning) Active property management services including maintenance, tenant relations, and operational oversight of the property portfolio. Includes facility management and emergency fault reporting handled via partners such as Bravida and D2 Gruppen AB in Sweden, and Newsec Property Asset Management Finland Oy in Finland.
• Leasing (Uthyrning) Leasing services for vacant retail premises, connecting tenants with suitable commercial spaces. Available premises in Sweden are published on Objektvision.se and on Trophis website. Direct engagement with major grocery chains for lease negotiations and renewals.
• Project Development (Projektutveckling) Development of new retail properties and expansion projects, including forward funding arrangements with developers such as TAM Group. Recent projects include new Willys stores, ICA stores, and developments with Lidl and Fitness 24 Seven.
• Beredskapsbutiken Sverige (Emergency Preparedness Grocery Store Pilot) Pilot project developing grocery stores designed to operate during crises and supply disruptions as part of Sweden's civil defense. Designed for retailers and municipalities seeking crisis-resilient retail infrastructure.

Quantifiable outcome

• Property value increased by 869 mkr in 2025
• +4 more outcomes

Named customers10 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Newsec Property Asset Management Finland OycoreImplementation/ SI/ Consulting PartnerNewsec Property Asset Management Finland Oy is the management company responsible for day-to-day property management of Trophis Finnish real estate portfolio (111 properties in Finland). Finland operations account for approximately 30% of Trophis letting and property value.
• TAM GroupminorStrategic or Co-development PartnerTAM Group is the seller/developer in Trophis forward funding acquisition of a development project in Skurup, where TAM develops the property (approximately 2,700 sqm for Lidl and Fitness 24 Seven) and Trophi acquires it upon completion.
• BravidaminorOthersBravida provides facility management and emergency maintenance services for Trophi properties in Sweden.
• D2 Gruppen ABminorOthersD2 Gruppen AB provides emergency fault reporting and maintenance services for Trophi properties in Sweden.

Scale indicators12 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Atrium Ljungberg: Swedish commercial real estate company focused on retail and urban properties, with a significant grocery-anchored retail portfolio. Most directly comparable to Trophi in terms of Nordic geography, retail focus, and tenant mix including grocery chains.
• Citycon: Finnish/Nordic shopping center owner with grocery-anchored centers across Finland, Sweden, Norway, and the Baltics. Direct comparable given overlapping Nordic geographies, grocery-anchored retail focus, and similar long-term lease-based business model.
• Castellum: One of Sweden's largest commercial real estate companies; notably divested a grocery property portfolio to Trophi in 2023. Comparable in Nordic commercial real estate scale and tenant relationships, though Castellum operates across broader property types (office, logistics, retail).
• Agree Realty: US net-lease REIT focused on grocery-anchored retail properties. Highly comparable business model (long-term net leases with essential retail tenants, development pipeline) and serves as a strong international benchmark for grocery-anchored retail real estate valuations and capital structure.

Broad incumbents

• Kungsleden: Swedish commercial real estate company with a diversified portfolio including office, retail, logistics, and light industrial. Comparable in Nordic commercial property scale and lease-based business model, though broader than Trophi's grocery-anchored focus.
• Diös Fastigheter: Swedish commercial real estate company focused on properties in growth cities across northern Sweden. Comparable as a Nordic property company with a regional/growth-city focus, though broader property mix than Trophi's grocery specialization.
• Samhällsbyggnadsbolaget (SBB): Major Swedish property company with a portfolio spanning community service properties, residential, and commercial. Comparable in Nordic commercial property scale, though SBB is significantly more leveraged and has a different tenant focus.
• Klépierre: Europe's largest pure-play shopping center owner, owner of Steen & Strøm in the Nordics. Comparable as a continental retail real estate platform with grocery-anchored centers, providing a European benchmark for retail real estate valuations and capital structure.
• Unibail-Rodamco-Westfield: Global premier retail real estate group with major shopping destinations across Europe and the US. Comparable as a large-scale retail real estate platform, though URW focuses on flagship shopping destinations rather than grocery-anchored daily-need retail.

Emerging players

• NP3 Fastigheter: Swedish commercial real estate company focused on retail, industrial, and office properties in northern Sweden. Comparable in Nordic commercial real estate with a retail-adjacent focus, though smaller and broader than Trophi.

Market position

Weaknesses1 record

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/trophi-fastighets-ab

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Trophi