Movinn A/S signs on 24 new units in Odense (DK)
Company Announcement no. 3 - 2021
Date 30/10/2021 kl. 18.00 (CET)
This Company Announcement contains inside information
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Movinn A/S and Barfoed Group A/S extends their existing partnership with Movinn signing on 24 new apartments from in Odense (DK). The portfolio consists of 1-beds and studio apartments.
The units are scheduled to be handed over in May 2022 and launched the following month, meaning they will not have a full year effect on the 2022 figures. However, it is a positive factor that the Company can sign on that volume so relatively early in the year. When the units are fully integrated into existing operations, the portfolio is expected to perform with annual revenues between 3,0 mDKK and 3,3mDKK.
The lease contract term is open-ended, meaning it will run indefinitely if the units are performing as expected. Movinn has a three month notice on the units, should the Company deem it necessary to adjust the portfolio in the long run.
Movinn CEO, Patrick Blok states:
“I am extremely happy with this deal. The team at Barfoed Group A/S, spearheaded by CEO Frederik Barfoed, have been extremely professional during the process. There is no doubt, that the good people at Barfoed Group put a lot of love into their properties and has a very hands-on approach to their operations. That speaks directly to Movinns core values, so this partnership is a match made in real estate heaven. Other than that, Odense is just a fantastic city with several industries booming across the region, meaning demand for our services are extremely high”.
Summary:
- Movinn signs on 24 new apartments in Odense (DK).
- The portfolio consists of studio and 1-bedroom apartments.
- The units are scheduled to be handed over on May 1st and launched in June.
- The full year revenue effect of the units is expected to be 3,0 mDKK and 3,3mDKK.
Quotes in Danish:
”Jeg er enormt glad for denne aftale. Teamet omkring Barfoed Group har været ekstremt professionelle i den her proces. Der er ingen tvivl om, at holdet omkring Barfoed Group elsker ejendomme, har stor fokus på detaljen, og så har de selv fingrene nede i dejen. Alt det her taler direkte til Movinns DNA og kerneværdier, så dette partnerskab er elegant på mange måder. Udover det, så er Odense bare en fed by, som har flere sektorer i hastig vækst, hvilket skaber en meget høj efterspørgsel på vores services”, siger CEO I Movinn, Patrick Blok.
Company Reference for additional information
Patrick Blok
CEO, Movinn A/S
+45 28940979
Certified Advisor
Per Lönn
Västra Hamnen Corporate Finance AB
About Movinn
Founded in October 2014, Movinn A/S has grown to become one of Denmark's leading providers of fully serviced aparments, delivering space-as-a-service to mainly large domestic and international corporations and organizations. To stay at the forefront of trends in the real estate and serviced living industry - and to diversify activities - the company has created a house of brands that cover both traditional and emerging client segments.
Inhouse, the company has created a highly intergrated value chain and comprehensive tech-products (several software platforms & IoT hardware) to help provide the best possible service and quality to the company's clients and to help scale profitable growth. Movinn has a strong presence in Denmark, covering Aarhus, Odense and Copenhagen (the latter being the largest and primary market), and the company is planning to expand its operations into new European destinations.
Movinn A/S has received a conditional approval for admission to trading of its shares on Nasdaq First North Growth Market Denmark. The first day of trading is November 4 2021 under the ticker “MOVINN”.