Heimstaden Bostad Buys the Operational Organisation from Heimstaden
The transaction value is SEK 3 billion and includes companies employing 2,000 people in nine countries, carrying out local management of Heimstaden Bostad’s properties and central IT services. In addition to the strategic rationale, annual savings for Heimstaden Bostad is estimated to SEK 130 million.
Simultaneously, the management agreement with Heimstaden AB is prolonged until 2047. Annual cash flow in Heimstaden AB will be reduced by ~SEK 150 million.
The transaction and agreements were negotiated between Heimstaden AB and the main Institutional owners of Heimstaden Bostad and approved by the board and all other shareholders.
Transaction was completed today and the purchase price has been settled in cash.
“Heimstaden Bostad is by far our largest investment with customer focused operations in nine European countries. We are pleased that Heimstaden Bostad takes ownership of the operations and that Heimstaden AB is secured as manager for 25 years,” says Axel Brändström, Head of Real Assets at Alecta and Board Member of Heimstaden Bostad.
“To be an owner of peoples’ homes is one of the biggest responsibilities one can have, and it pleases me that we have secured the best long term solution with Heimstaden AB as manager and the operations now becoming an integrated part of Heimstaden Bostad,” says Casper von Koskull, Chairman of the Board.
“With the size we have reached and the cost savings that are available, it’s a natural development that the operational organization now becomes part of Heimstaden Bostad. A win-win for both parties, and with Heimstaden as a permanent manager, we can together invest in long term quality and Friendly Homes. I am really pleased,” says Patrik Hall, CEO of Heimstaden and Heimstaden Bostad.
Contact
Thomas Hvitstein, IR
+47 907 02 452
ir@heimstaden.com
Malin Lethenström, DCM Com.
+44 7748 0558 21
Christian Dreyer, CCO
+47 90 72 49 99
media@heimstaden.com
Heimstaden Bostad is a leading European residential real estate company with around 150,000 homes across 9 countries with a property value of SEK 316 billion. We acquire, develop, and manage properties with an evergreen perspective. Guided by our Scandinavian heritage and values Care, Dare and Share - our 2,000 colleagues fulfil our mission to enrich and simplify our customers’ lives through Friendly Homes. Read more at www.heimstadenbostad.com.
This information is such that Heimstaden Bostad AB (publ) is required to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the agency of the above contact persons, for publication on 1 July 2022 at 12:45 CET.
