Platzer reports stable growth, prepares for major acquisition

Interim Report 1 January – 30 September 2016

  • Rental income increased to SEK 492 million (429)
  • Income from property management improved by 19% to SEK 232 million
  • Profit for the period amounted to SEK 183 million (391)
  • Property portfolio increased in value to SEK 10,813 million (9,784)
  • Net asset value per share was SEK 41.52 (38.62)
  • Earnings per share amounted to SEK 1.84 (4.08)
  • New financial targets established
  • First acquisition in Lindholmen
  • Construction start at Gamlestads torg
  • Positive planning decision for Södra Änggården by the Building Committee

Platzer’s CEO, P-G Persson, said:

-        Platzer’s property assets and profits are continuing to show stable growth, in accordance with our strategic plan. Compared with the same period in the previous year, the operating surplus increased by 13%, while income from property management was up by 19%.

 

-        Since Platzer has achieved its financial target for net asset value per share of SEK 40 already in 2016 rather than in 2017, new financial targets have been established and approved by the board. 

-        Since the end of the financial period, Platzer has concluded an agreement with AB Volvo on the acquisition of a property portfolio comprising 10 properties with a lettable area of approx. 338,000 square metres as well as land in Arendal, Torslanda and Säve. The area of land is around 3,600,000 sq. m. In the transaction the properties are valued at around SEK 2.8 billion. Offices account for 40% and logistics facilities for 60% of the lettable area. 

The preliminary completion date is 15 December 2016. In order to finance the acquisition, Platzer’s Board of Directors is proposing a SEK 700 million rights issue. 

Platzer Fastigheter Holding AB (publ)  

For further information, please contact: 

P-G Persson, CEO, Tel: +46 (0)734 11 12 22 

Lennart Ekelund, CFO, Tel: +46 (0)703 98 47 87

The information in this press release is information that Platzer Fastigheter Holding AB (publ) is legally obliged to disclose in accordance with the Swedish Securities Market Act and/or Swedish Financial Instruments Trading Act. The information was released for publication at 08:00 on 27 October 2016.

Platzer Fastigheter Holding AB (publ) owns and develops commercial properties in the Gothenburg area comprising a total lettable area of around 480,000 sq. m. and with a value of around SEK 11 billion. Platzer is listed on NASDAQ OMX Stockholm, Mid Cap.

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Interim Report January - September 2016
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- Platzer’s property assets and profits are continuing to show stable growth, in accordance with our strategic plan. Compared with the same period in the previous year, the operating surplus increased by 13%, while income from property management was up by 19%.
P-G Persson, VD, Platzer