Vendus shares
Unlisted company
Vendus is a real estate company that acquires, owns and manages grocery and retail properties. Its income comes from leases with tenants primarily operating in the grocery retail sector, with ICA being the single largest tenant. Rents are almost entirely CPI-indexed throughout the lease term, making cash flows less sensitive to inflation.
How the properties are selected
The investment criteria are aimed at acquiring the best grocery store in the local area, often the store with the highest turnover in a small or medium-sized town. Such stores are often centrally located, where there are few alternative premises and where it is difficult for new operators to establish themselves.
How value is created
The properties are managed in-house. Value is created by renegotiating lease agreements, reducing operating costs and investing in the properties together with the tenant, including in solar panels, CO₂-based cooling and LED lighting.
How the company grows
Growth is achieved through acquisitions of individual properties and entire portfolios, mostly off-market. Expansion is financed with equity through new share issues and with senior secured bank loans.
Properties and tenants
Grocery retail properties
Grocery tenants, ICA largest
CPI-indexed, inflation-protected rents
Management and growth
The best store in town
In-house management, sustainability investments with tenants
Acquisitions, mostly off-market
Financial performance
Published 8 October 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Cash and bank 2025-12-31
- 145MSEK
- Burn rate
- 30MSEK/mo
- Runway
- 5mo
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Net income | 12(-77.4 %) | 54 | -2.5 | – |
| Equity | 1,572(+38.2 %) | 1,138(+29.7 %) | 877 | – |
| Total liabilities | – | – | – | 1,136 |
| Cash and bank | 145(-24.4 %) | 192(+118.8 %) | 88(-26.7 %) | 119 |
| Operating cash flow | -362(-1,579 %) | 25(-26.9 %) | 33 | – |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 8m | SEK 1bn |
Questions about Vendus
Is Vendus publicly listed?
No, Vendus is not publicly listed. Vendus Sweden AB (publ) is a public limited company — a corporate form, not a listing — and Vendus shares are instead traded on the unlisted market.
What does Vendus do?
Vendus is a Swedish real estate company that acquires, owns and manages retail properties with a focus on grocery retail, where ICA is the largest tenant. Vendus manages the properties in-house and develops the retail locations together with the tenants.
Can I buy shares in Vendus?
Yes, it is possible to buy Vendus shares through trading in unlisted shares, provided that there are sellers. Via Eqvor, you place a buy order for Vendus shares and are matched with sellers on the unlisted market.
How do I sell shares in Vendus?
If you own shares in Vendus, you place a sell order through Eqvor and are matched with buyers. Since Vendus is affiliated with Euroclear, the Vendus shares are delivered to the buyer's securities account once the transaction has been completed.
Is Vendus affiliated with Euroclear?
Yes, Vendus is affiliated with Euroclear. Vendus shares are therefore handled within the Swedish securities system and can be transferred to a custody account with any bank or securities firm once the transaction has been completed.
Can I hold Vendus shares with Avanza or Nordnet?
Yes. Since Vendus is affiliated with Euroclear, Vendus 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, Vendus shares cannot be held in a Swedish investment savings account (ISK).
Is Vendus subject to any rights of first refusal or pre-emption clauses?
No, Vendus shares are not subject to any rights of first refusal or pre-emption rights, and the shares in Vendus are freely transferable. Vendus shares may therefore be resold to an external buyer without first being offered to existing shareholders.
At what price is the Vendus share traded?
As Vendus is not listed on a stock exchange, there is no official market price for the Vendus share. Instead, the price is determined by supply and demand between buyers and sellers on the unlisted market.
When will Vendus be listed on the stock exchange?
There is currently no publicly announced timetable for a stock exchange listing of Vendus. We therefore do not currently know whether or when Vendus may carry out an IPO.
What are the risks of investing in Vendus?
Investing in Vendus involves risk, just like other investments in unlisted shares. As a property company, Vendus is affected by interest rates, property values and tenants’ ability to pay, and ICA accounts for a large share of the rental income. Trading in unlisted shares also normally involves lower liquidity than trading in listed shares.
Where can I find Vendus' annual report?
Vendus' annual report can be found under Investor Relations and Financial Reports on the company page. Vendus' annual reports for the most recent financial years are available there.
Has Vendus carried out any share issues?
Yes, Vendus has carried out several new share issues since its launch in 2022, including both cash issues and in-kind contribution issues. Vendus' funding rounds are shown under New Share Issues on the company page.
How much capital has Vendus raised in total?
Vendus Capital’s total capital raised is stated as SEK 2.7 million. An equity raise is a term for raising capital, but in Swedish, the terms most commonly used for the rounds completed by Vendus are capital round, financing, or new share issue.
Did Vendus report a profit or a loss?
Vendus reported a profit for 2025, and under Key Figures, Vendus’s net profit is stated as TSEK 144,618. The earnings of a real estate company such as Vendus are also affected by unrealised changes in the value of its properties.