Sehlhall shares
Unlisted company
Sehlhall develops care properties on behalf of municipalities and care providers and retains them under its own long-term management.
How the company makes money
The revenues consist of rental income. The tenants are municipalities and established care providers that enter into long-term, fully index-linked agreements, often as early as the planning stage before construction begins. As of 30 June 2026, the average contract term was 10 years and the occupancy rate was 100 percent.
Three types of properties
The portfolio consists of care homes, group homes and preschools. The property value amounted to MSEK 1,680 as of 30 June 2026, and the rental value of ongoing construction amounted to MSEK 77.
The growth plan
Urban Partners (formerly Nrep) became a co-owner in 2025. The five-year plan encompasses approximately forty new care properties through 2030, primarily elderly care homes, with an underlying property value of approximately SEK 8 billion. The expansion is financed with equity through successive new share issues, bank financing and a sustainability bond.
Revenue model
Long-term, index-linked lease agreements
Municipalities and care providers
Agreements are signed before construction begins
Characteristics of the business model
Care homes, group homes, preschools
In-house long-term management
Approximately 40 new properties by 2030
Financial performance
Published 21 October 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Cash and bank 2025-12-31
- 123MSEK
- Burn rate
- 8.3MSEK/mo
- Runway
- 15mo
- Equity ratio
- 29%
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Net sales | 0 | 0 | – | – |
| Revenue growth | – | – | 38% | – |
| EBITDA | 7.3(+28.5 %) | 5.7 | – | – |
| EBIT | 6.1 | -0.7 | -0.2 | -6.8(-188.3 %) |
| Net income | -17 | -79 | -70 | -30(-192.9 %) |
| Equity | 482(-30.9 %) | 697(+3.9 %) | 671(+20.2 %) | 558(-4.7 %) |
| Total liabilities | 1,188(+15.9 %) | 1,025(+17 %) | 876(-3.4 %) | 907(+40 %) |
| Cash and bank | 123(+124.6 %) | 55(+16.3 %) | 47(+9.3 %) | 43(-67.5 %) |
| Operating cash flow | -100(-1,594.7 %) | 6.7 | – | – |
| Equity ratio | 29%(-11 pp) | 40%(-3 pp) | 43%(+5 pp) | 38% |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 85m | SEK 980m |
Questions about Sehlhall
Is Sehlhall publicly listed?
No, Sehlhall is not listed on a stock exchange. Sehlhall Fastigheter AB (publ) is a public limited company — a corporate form, not a listing — and Sehlhall shares are instead traded on the unlisted market.
What does Sehlhall do?
Sehlhall is a Swedish real estate company that develops, owns and manages care properties: nursing homes, group homes and preschools. Its tenants are municipalities and established care providers, and the properties are built for the company’s own long-term management.
Can I buy shares in Sehlhall?
Yes, it is possible to buy Sehlhall shares through trading in unlisted shares, provided that there are sellers. Through Eqvor, you place a buy order for Sehlhall shares and are matched with sellers in the unlisted market.
How do I sell shares in Sehlhall?
If you own shares in Sehlhall, you place a sell order via Eqvor and are matched with buyers. Since Sehlhall is connected to Euroclear, the Sehlhall shares are delivered to the buyer’s custody account after the transaction has been completed.
Is Sehlhall connected to Euroclear?
Yes, Sehlhall is affiliated with Euroclear. Sehlhall shares are therefore handled within the Swedish securities system and can be delivered to a custody account with any bank or investment firm after the transaction has been completed.
Can I hold Sehlhall shares with Avanza or Nordnet?
Yes, since Sehlhall is affiliated with Euroclear, Sehlhall shares can normally be held in a securities account with, for example, Avanza or Nordnet, provided that the bank or online broker supports the custody of unlisted shares. However, Sehlhall shares cannot be held in an investment savings account (ISK).
Does Sehlhall have post-transfer purchase rights or pre-emption clauses?
Yes, Sehlhall shares are subject to a pre-emption clause with a 10-day period, but not to a post-transfer purchase right. This means that existing shareholders are first offered the opportunity to buy the shares on the same terms before a transaction with an external buyer is completed. If the pre-emption right is exercised, the transaction does not go ahead, and you as the buyer pay nothing.
At what price is the Sehlhall share traded?
As Sehlhall is not listed on a stock exchange, there is no official quoted price for the Sehlhall share. Instead, the price is determined by supply and demand among buyers and sellers in the unlisted market.
When will Sehlhall be listed on a stock exchange?
There is currently no publicly announced timetable for a listing of Sehlhall. We therefore do not know at present whether or when Sehlhall may carry out an IPO.
What are the risks associated with investing in Sehlhall?
Investing in Sehlhall involves risk, just like other investments in unlisted shares. As a real estate company, Sehlhall is affected by interest rates, property values and construction costs, and the company has several projects under construction. Trading in unlisted shares also normally involves lower liquidity than trading in listed shares.
Where can I find Sehlhall’s annual report or financial statements?
Sehlhall’s annual report, i.e. årsredovisning in Swedish, is available under Investor Relations and Financial Reports on the company page. Sehlhall’s annual reports and interim reports for the most recent financial years can be found there.
Has Sehlhall carried out any share issues?
Yes, Sehlhall has completed several new share issues since 2019, most recently in September 2026. Since Urban Partners joined in 2025, equity has been provided through successive new share issues in line with the business plan. Sehlhall’s funding rounds are listed under New Share Issues on the company page.
How much capital has Sehlhall raised in total?
Sehlhall Capital's raised amount is stated as SEK 1.13 billion. An equity raise is a term for raising capital, but in Swedish, the terms capital round, financing or new share issue are most commonly used for the rounds Sehlhall has carried out.
Has Sehlhall reported a profit or a loss?
Sehlhall reported a loss for 2025: the Group’s profit or loss for the year amounted to SEK −16,947 thousand, while profit before tax was SEK 6,607 thousand. The results of a property company such as Sehlhall are also affected by unrealised changes in the value of its properties.