Aros Bostad enters into agreement to divest two residential development projects for MSEK 850
Aros Bostadsutveckling AB publ (”Aros Bostad”) has signed an agreement regarding divestment of two residential development projects, formed by the first phase of the residential area Viggby Ängar in Täby and the third phase of O2 Orminge in Nacka. The purchase price is MSEK 850 and the buyer is CBRE Global Investors, on behalf of a pan European fund.
The development project Viggby Ängar in Täby, which is fully owned by Aros Bostad, comprises four phases with a total of 247 apartments. The first phase consists of a building with 102 apartments, which is under construction with an estimated completion during 2023. The divestment of the first phase enables an earlier sales and construction start of the second phase.
O2 Orminge in Nacka comprises three phases with a total of 268 apartments, which are being developed within the Fund Aros Bostad IV. The first two phases are completed. The third and final phase, which is now being divested, consists of four buildings with a total of 105 apartments. The production start is planned for late 2021 and completion is estimated for the beginning of 2023.
Magnus Andersson, CEO Aros Bostad:
“In the light of a strong investment market for rental residential properties we can carry out this, for us, very attractive deal, by which we can secure the promised investor return at an early stage and still control the quality throughout the development. The ability to act fast and decisively on opportunities in the market is a key strength for Aros Bostad.”
Upon completion, the buyer will take position of the properties and the divestment will be reported in line with IFRS. Skierfe Advokatfirma and Tango have acted as advisers for the seller.
Aros Bostad’s Certified Adviser for Nasdaq First North Growth Market is Erik Penser Bank. Financial information is to be found at www.arosbostad.se/investerare
This disclosure contains information that Aros Bostadsutveckling AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 09-07-2021 19:22 CET.
For more information, please contact:
Magnus Andersson, CEO, e-mail: magnus.andersson@arosbostad.se, phone: +46 8 400 230 50
Ken Wendelin, CFO/Deputy CEO, e-mail: ken.wendelin@arosbostad.se, phone: +46 73 518 02 70
Anna Åkerlund, Head of Communications & IR, e-mail: anna.akerlund@arosbostad.se, phone: +46 70 778 28 97
Certified Adviser, e-mail: certifiedadviser@penser.se, phone: +46 8 463 83 00
About Aros Bostad
Aros Bostad is a residential developer within the Stockholm area focusing on developing modern, functional and sustainable residential housing in attractive geographical areas, with timeless choices of materials and designs. The Company acquires and develops land into building rights and subsequently into residential housing. With a long-term perspective and responsibility for the entire value chain, Aros Bostad creates a safe deal for home buyers as well as stable returns for the investors. The Company was founded in 2006 and its primary geographical market is the greater Stockholm area and Uppsala. The Company's project portfolio has historically been built up through fund structures in collaboration with institutional investors, as well as through own acquisitions. Aros Bostad has residential development projects in different stages of development corresponding to c. 4,600 units.
Main investors in Aros Bostad's funds is primarily institutional capital from AP1, Varma, SEB Trygg-Liv, SEB Pensionsstiftelse, Östersjöstiftelsen as well as several prominent and financially strong entrepreneurs and investors.
The Company's ordinary shares and preference shares of class A and B are listed on Nasdaq First North Growth Market.