Eastnine offers discounted access to prime CEE office assets, with The Bridge acquisition setting up a potentially sharp earnings and valuation re-rating.
Overview
Eastnine AB is a focused CEE office landlord that owns and manages modern, institutional-grade office properties in prime metropolitan locations, with a particular strength in Vilnius and an expanding footprint in Warsaw. The investment case centers on **high-quality, inflation-protected cash flows** from long-term triple-net leases to creditworthy multinational tenants, combined with a disciplined capital recycling strategy that is shifting the portfolio toward higher-yielding Polish assets. In Q2 2026, Eastnine sold its Riga assets for about EUR 38 million and simultaneously announced the EUR 300 million acquisition of The Bridge in Warsaw, a landmark tower that is expected to lift profit from property management per share by roughly 20% to EUR 0.371 once tenants fully take possession. Financially, Q2 2026 rental income was EUR 15.272 million, up 0.77% year over year, while comparable portfolio rental income rose 3.0%, indicating underlying operating stability after a weaker Q1. Despite these qualities, the shares trade at **48.80 SEK, a 13.6% discount to EPRA NRV of 56.47 SEK** as of March 31, 2026. Near-term catalysts include closing The Bridge in Q4 2026, earnings accretion from Poland, and a potential re-rating as operations normalize after temporary vacancy and winter utility headwinds.