Heimstaden and Alecta Enter into Arbitration Proceedings
Alecta Tjänstepension Ömsesidig has initiated arbitration proceedings against Heimstaden Investment AB, a wholly owned subsidiary of Heimstaden AB (publ) under the shareholders agreement pertaining to Heimstaden Bostad AB (publ)
Alecta argues that the establishment of Heim Global Investor AS by Fredensborg AS / Ivar Tollefsen, and the investments into its fund, competes with the business of Heimstaden Bostad AB (publ) and thus constitutes a breach of the shareholders agreement. Heimstaden Investment AB disagrees, noting that Heimstaden Bostad AB (publ) is not active within the business of fund management and that the investment made by Heim Global Investor AS’s fund falls within the exemption to the non-compete undertaking in the shareholders agreement.
Co-CEO of Heimstaden AB (publ) Christian Fladeland comments:
“Our ambition is, and has always been, to act in the best interest of Heimstaden Bostad and manage the joint investment to the benefit of all shareholders. It is unfortunate that it has not been possible to settle the matter amicably. We and our legal advisers are certain that we comply with all undertakings of the shareholders agreement and that the tribunal will conclude that we are not in breach with the shareholders agreement.”
Contact:
Frederik Berling, Media
+45 21 30 94 89, media@heimstaden.com
About Heimstaden:
Heimstaden is a leading European residential real estate manager and investor with around 162,000 homes across nine countries with a property value of SEK 332 billion. We acquire, develop, and manage properties with an evergreen perspective. Guided by our Scandinavian heritage and values Dare, Care, and Share – we fulfil our mission to enrich and simplify our customers’ lives through Friendly Homes. Heimstaden is listed on Nasdaq First North Growth Market. Read more at www.heimstaden.com. Certified Adviser is Carnegie Investment Bank AB (publ).
This information is such information that Heimstaden AB (publ) is obliged 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 11 December at XX:XX CET
