At Nordea we are happy to be a financial partner to SLP and support their work in being at the forefront of sustainability work, which has been clearly linked to financing operations. This leads to a more sustainable operation for SLP and their tenants and also means that we are taking concrete steps towards a more sustainable society.
We continue to maintain a steady rate of acquisitions, i.e. one per month on average. The conditions for continuing to acquire logistics properties with development potential remain excellent. We continuously evaluate potential transactions and are well prepared for completing further acquisitions in the near future. Despite the continuous expansion of operations, administration costs remain at the same level, which makes a positive contribution to profit from property management and illustrates our efficiency and cost consciousness.
We are very pleased to have refinanced parts of our loan portfolio in advance, which gives us a lower average margin immediately and extends our capital tied up. The refinancing is the result of a good dialogue and a very strong interest from our existing banks. We see good opportunities to continue growing with secured bank financing at attractive terms going forward.
We are very pleased to complete this acquisition of two fully leased development logistics properties. Both properties have significant development potential in the form of building rights, low average rents and high property costs. We plan to, in dialogue with the tenants and in accordance with our continuous sustainability work, upgrade the properties to become more energy efficient and environmentally optimized.
In the quarter, we completed a further five acquisitions. In the first half year, we completed acquisitions with a total area of 92,500 square metres and a property value of approximately SEK 1,050 m. The investments made in existing properties continuously generate positive returns and create value for our tenants and shareholders. This is clearly reflected in our property costs which are unchanged during the period January-June compared to last year, despite a larger property holding. In addition to a optimized net operation income, the property development we carry out also generates sustainable assets with sustainable financing.
We are pleased to be able to acquire another property off market. This time in Linköping, which has a strategic location along the route E4. The property already has a good yield today, which will increase further as an effect of our standardized development work. As part of our continuous sustainability work, we will develop the property to become more energy efficient by, among other things, installing solar cells.
We are very satisfied with the acquisition of this newly built logistics property, which has an excellent strategic logistics location by highway 40 and which also has development potential in the form of a large building right.
It is very pleasing that we are already reaching another of the sustainability goals that we have set for the end of 2025. The fact that 50 percent of the rentable area is now environmentally certified is a direct result of the active work we are doing to improve sustainability performance in our property portfolio.
The property is in very good condition and has great potential to be environmentally certified by, among other things, installing solar cells. There is also significant potential in utilizing existing building rights and build a large extension, which would increase the annual rent in the long term.
We are very pleased to complete the acquisition of a fully leased logistics property with a long lease that extends our average remaining tenancy period and also has development potential. Among other things, we will install solar cells and initiate environmental certification of the building,
We are very pleased with the development journey so far with this property. In addition, additional building rights remain to extend further. Our business model is based on creating value growth through continuous development of logistics properties in Sweden's most attractive logistics locations. The development also leads to sustainable assets with sustainable financing and optimized net operating income.
It is thanks to the fact that sustainability is integrated into our business model and by actively working to improve the sustainability performance of our property portfolio that we have already achieved our goal of 70 percent sustainable financing. It is positive for society, SLP, our shareholders and our tenants.
In the quarter, we completed our first acquisition in Gothenburg, our 60th acquisition overall. Alongside our organic growth, we have acquired one property per month on average since the company’s foundation in 2019. The transaction meant that, at the end of the quarter, our portfolio comprised 100 properties with a total value of just over SEK 10 bn and an area of 1,000,000 square metres. In the quarter we also took ownership of a new construction project in Katrineholm over 11,000 square metres, and we eagerly look forward to following the progress of this project during the year, as well for our other ongoing construction projects.
This is the first time we have acquired a separate building right. Jönköping is an expansive logistics hub that ranks as one of the best in Sweden as 80 percent of Sweden's population is reached within a radius of 40 miles. In addition, the property is strategically located in the best logistics location and there is great interest in new construction from both our existing and new tenants,
Our growth journey continues unabated, and means that in addition to our organic growth, we have acquired an average of one property per month since the founding of the company in 2019. Furthermore, it is pleasing that we are now carrying out our first acquisition in Gothenburg. The property is an development logistics property adapted for so-called "last-mile" cold and freezer storage, an area where we see increased demand.
At SLP, we work with sustainability as an integral part of our business model in our daily work. We are beginning to see a connection between sustainable logistics properties and increased demand and thus value creation for the society as well as for our tenants and shareholders.
It is very pleasing that we are already achieving the target for installed power in solar cells. We continue our expansion and work continuously to optimize our properties with a focus on reduced operating costs and sustainability. In this way, we have successfully optimized the energy use in parts of our property portfolio, but there is still much to do.
We carried out a directed new share issue during the fourth quarter totalling SEK 550 m to enable further expansion while maintaining a balanced risk profile. Net asset value per share increased by 15 percent in 2023, and we have reported positive value changes for our properties in each quarter, despite a 30 b.p. increase in the average return requirement during the year.
After a review of our overarching goals and risk limitations in connection with the year-end, we have made the assessment that we can achieve the overarching goals even with a reduced risk level. SLP is and will continue to be a growth company. With a long-proven business model, a good financial position and attractive development properties, we have all the conditions to continue our growth journey.
It is pleasing for us to be a long-term partner for the expansion of this family business. The fact that the tenant both expands its space and extends the lease is proof that we are considered a reliable and professional property owner.
It feels very satisfying to tie another new tenant to us and be able to offer them efficient premises in Malmö with so-called last mile location.
For SLP, it is important to be able to develop together with our existing tenants. It is therefore pleasing that we can offer our existing tenant Seafrigo new premises in the form of a modern cold storage. The project enables us to expand together with the tenant and jointly strive for increased sustainability that contributes to a better environment and reduced energy costs.
We are happy to be able to welcome yet another new tenant in the form of by Crea. Since the acquisition of Segeholm 10 in June 2020, we have successively developed the property with investments in, among other things, solar cells, energy storage, led lighting and charging posts. The property has also been environmentally certified according to Miljöbyggnad iDrift Silver and has sustainable financing. What remains to be refined is a building right of approx. 3,000 square meters. As a result of this lease agreement, we will move our office to a neighboring property with development potential that we also own.
We are very much looking forward to moving into our new premises. For us, the property is a strategically located last mile property that is also environmentally certified. We are very satisfied with the process with SLP, who have been both responsive and professional, not least that SLP is prepared to leave their own office so that we can optimize our operations.
"With this transaction, I further increase my shareholding and ownership in SLP and look forward to, together with my colleagues, continuing to create value for both our tenants and our shareholders.
It feels fantastic that we can maintain a high pace in our transition in terms of the implementation of more sustainable solutions. By integrating sustainability into our business model and actively working to improve the sustainability performance of our stock, we are also well on our way towards our long-term goal of achieving climate-neutral property management by the year 2030.
We are pleased to tie another tenant to us through this lease. Together with TR Electronic, we will develop the premises which means, among other things, installation of charging posts and LED lighting in accordance with our sustainability strategy.
We are pleased to be able to carry out this acquisition in a location that is a priority for us, where we already own four other properties, which makes it very management efficient. The property, which can be developed, will be environmentally certified and is planned to be equipped with solar cells completely in accordance with our sustainability strategy.
We are pleased to be able to develop another new construction project. This time in the form of a freezer warehouse with storage options up to 15 meters, which also extends our already long rental period by 6.2 years. In addition, we have the opportunity to develop the property further over time through expansion.
The deal complements the current property portfolio and strengthens our key figures through long and fully indexed lease agreements, while at the same time we grow with existing tenants with new establishments where we are already locally strong. Both properties, which are fully leased, will be equipped with solar cells and be environmentally certified, which is in line with our sustainability strategy.
To summarize, we can conclude that we are continuing to expand through a strong business model that delivers results, that we enjoy a strong financial position, and that we are continuously advancing our market positions with the aim of becoming an operator able to attract both major domestic and international customers.
This property will be equipped with solar cells, which many of our tenants are interested in. This provides a good effect for the environment combined with a high financial return for SLP and our tenants. We are happy that our existing tenant is extending the agreement, which has a positive effect on our current lease duration of 6.2 years, and that we are continuing our sustainability journey together.
With the transactions described, both our chairman and the undersigned increase our shareholdings in SLP, and we look forward to continuing to build value for both our tenants and our shareholders.
We want to be a long-term and stable partner to our tenants and we are happy to be able to offer an extended lease while increasing our lease duration.
We are very happy that the property formation has gained legal force so that we can take ownership of the property and continue developing SLP's largest project to date.
We are very pleased to acquire this new production project in the best logistics location, which is completely in line with our strategy to acquire, refine and manage logistics properties with sustainability in focus.
Over the past year, we gradually increased our return requirement from 5.2 percent to 5.9 percent, despite that we delivered positive value changes in each quarter. This is a sign that our day-to-day property management is producing results and our business model is delivering.
We are happy to be able to grow with existing tenants and that we in this case also can sign an extended lease. Continually improving our stock is an important ingredient in our business model, and the current building right were identified already when the property was acquired. We look forward to continued collaboration and the opportunity to be part of Inission's growth.
We have had a very good dialogue with SLP. It is very positive that we can expand the area and develop together with our property owner.
This is SLP's absolutely largest project to date, and also a significant project for the entire real estate segment. We have chosen to work with a so-called "open book procedure", which minimizes our risk and means that together with the tenant we will minimize the costs of the construction project without compromising on quality. The final annual rent is set as a function of the total cost of the project. The lease agreement with Ahlsell corresponds to nearly 10 percent of our entire current rental value, and will greatly extend our average rental duration.
SLP was one of many Swedish and foreign real estate companies that were in discussion with Ahlsell and we are very happy and satisfied that they chose us as landlord and partner in this transaction, which is one of the largest in our segment. The property, which covers a total of 280,000 square meters of land, also provides the opportunity for further extensions.
After a broad and structured process, we have chosen to collaborate with SLP, which is a fast-growing company with a focus on expanding with its existing customers and putting sustainability in focus. Our logistics center in Hallsberg has long been the heart of Ahlsell's Swedish operations. Through today's agreement, we can continue to build on our journey of success by developing and improving our offer and serving the market even better for a continued offensive Ahlsell.
"In many of our properties, we have the opportunity to grow with our tenants. We are very pleased to be able to utilize existing building rights and offer our current tenant a larger area when their business grows,"
We are very pleased to be the first company in the segment to obtain this certification for a new construction. The certification is a proof that the building has low energy consumption and climate impact, which brings positive value for the tenant as well as for SLP.
Over the past two years, we at Halmstad Delivery have developed into a supplier for all logistics needs, and our new logistics center has been a prerequisite for being able to offer our customers both more efficient and more sustainable solutions. That is why we are extra proud that our investment together with our partner SLP has made us the first logistics center in Sweden to receive the net zero certification.
We are very pleased to be able to continuously improve our existing portfolio by, among other things, utilizing building rights and offering our current tenants a larger area. Thus, we can grow together with them while extending our tenancy period.
It is gratifying that we have signed an extended agreement with Veolia while investing in sustainability. The investment is part of our work to strive towards increased sustainability that will contribute to a better environment and reduced energy costs.
We are seeing continued strong demand for modern, sustainable logistics spaces. Net rental income amounted to SEK 8.4 m during the quarter, which is a very satisfactory level. One vital cornerstone of our work is establishing long-term relationships with our tenants. It is a seal of approval that they continue to extend their rental agreements with us.