The transaction activity in Sweden was increasing with 32deals summing to €1.0 billion, according to Pangea. The largest deal was Akelius and Heimstaden swapping almost 1,200 apartments in Stockholm, Malmö and Trelleborg.

In Norway, the transaction volume was fairly high, reaching €800M. 45 deals were made. The largest deal was Swiss-based Partners Group acquiring 75% (30 commercial properties out of 40) of Storebrand Eiendomsfond.

The transaction volume in Finland reached €188M (18 deals). The largest transaction was Unilmmo's acquisition of the EY office building in Helsinki City Centre.In addition, the upcoming large REDI Shopping Centre project in Helsinki has been launched.

The transaction volume in Denmark was fairly high, reaching €400M (19 deals). The largest deal was Pension Danmark's acquisition of three commercial properties with a total lettable area of 88,000 sqm in Ballerup, Odense and Aalborg.

Macroeconomic: Further decreasing 10Y interest rates in the Nordics(-8 bps on average) coupled with weakening local currencies against the USD (-3.5% on average).

In addition, deflation in Finland (-0.2%) while Sweden (+0.1%) Norway (1.9%) and Denmark (0.6%) all reported inflation in March.

Equity markets: The long-term positive trend for Nordic real estate equities was interrupted in March with both PREX Property(-5.1%) and PREX Construction(-3.3%) decreasing notably. However, despite the recent decline, Nordic real estate equities have increased almost 50% in the last 6 months.

Debt capital markets: Overall, declining property bond yields(-0.3%) in March now trading at 1.7% on average, according to Pangea.