Hufvudstaden is lowered to neutral. Kempen believes that the share is reasonably valued given the expected return, Nyhetsbyrån Direkt reports.

Fabege, Entra and SBB are downgraded to sell.

"While we believe that the office markets in Stockholm and Oslo are solid, we believe that Fabege and Entra are too leveraged for us to be comfortable with a net debt/Ebitda of around 15x for both," Kempen writes.

While SBB is addressing its indebtedness through divestments, Kempen believes that the current pace is insufficient.

"We expect further write-downs to weigh on total returns and interest costs to rise faster than ebitda, indicating a negative leverage effect," writes Kempen.