Comment in relation to agreements between Blackstone and three shareholders in D. Carnegie & Co AB (publ)

D. Carnegie & Co AB (publ) (”D. Carnegie & Co” or the “Company”) has noted that today, on 15 July 2016, Blackstone Real Estate Partners Europe IV and Blackstone Real Estate Partners VIII (jointly “Blackstone”) have announced that agreements regarding transfer of shares at a price of SEK 100 per share and exercise of voting rights have been reached between Blackstone, through its entity Vega Holdco Sarl, and three of D. Carnegie & Co:s largest shareholders Kvalitena AB (“Kvalitena”), Svensk Bolig Holding AB and Frasdale Int. BV (“Frasdale”). D. Carnegie & Co has also noted that the transfers and the grant from Kvalitena and Frasdale of the right to exercise the voting rights of their remaining shares in D. Carnegie & Co, provided that certain conditions are fulfilled and the shares are transferred, will result in Blackstone holding 40 percent of the voting rights and 32 percent of the share capital and controlling 53 percent of the voting rights in the Company. Provided that the transfers are completed, Blackstone will thus become the new controlling shareholder in the Company and obliged to launch a bid for all the remaining shares in the Company at a price of not less than SEK 100 per share in accordance with applicable takeover rules. 

With regard to the contemplated transfers, the board of directors has within itself appointed an independent committee, consisting of Mats Höglund (chairman of the committee) and Eva Redhe, to represent the Company in connection with a potential mandatory bid and make a statement regarding such offer. The board of directors has also appointed SEB to act as financial advisor and Vinge to act as legal advisor. 

Stockholm on 15 July 2016

D. Carnegie & Co AB (publ)

The board of directors


For further information, please contact
Mats Höglund, board member and chairman of the committee, phone +46 705 93 24 63

This press release was submitted for publication on 15 July 2016 at 12.00 (CET).

About D. Carnegie & Co
D. Carnegie & Co is a real estate company focusing on residential properties in the Stockholm region. The Company’s business concept is to own and manage its real estate portfolio and to gradually refurbish apartments in connection with the natural turnover of tenants. This can take place quickly and cost-efficiently due to our Bosystem refurbishment method which, among other things, does not require tenants to vacate the premises. The Company also creates significant value through the development of building rights in the existing portfolios. As of 31 March 2016, the market value of the company's properties amounted to MSEK 13.873. As per 31 March 2016, the total rental value amounted to MSEK 1.262 annually. The financial leasing rate is high with no vacancies. D. Carnegie & Co is listed on Nasdaq Stockholm. 

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About Us

About D. Carnegie & Co D. Carnegie & Co is a property company focusing on residential properties in the Greater Stockholm region and other growth areas. The company’s business concept is to own property portfolios slated for a gradual renovation of apartments in conjunction with the natural turnover of tenants. This can take place quickly and cost-efficiently thanks to extensive experience from the Bosystem renovation method which, among other things, means that no evacuation needs to take place. In addition to this, the company creates value through the development of building rights in existing portfolios. The market value of the company’s properties amounted to SEK 15,887 million as of September 30 2016. The total annual rental value amounted to SEK 1,366 million as of September 30 2016. The economic occupancy rate is high – vacancies are virtually non-existent. D. Carnegie & Co is listed on Nasdaq Stockholm.

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