Nyfosa's joint venture Söderport divests properties in Torslanda for MDSEK 2.3 and sets the foundation for a new property company
Nyfosa's joint venture Söderport Holding AB ("Söderport"), which is owned equally by Nyfosa and Sagax, has today, through a subsidiary, agreed to transfer six properties in Torslanda to the listed one-property company Torslanda Property Investment AB ("TPI"). The transaction takes place in corporate form and the underlying property value amounts to MDSEK 2.3, which represents externally assessed market value.
TPI pays MSEK 965 of the purchase price in terms of newly issued TPI shares. The issue price amounts to SEK 195.46 per share, which corresponds to the TPI's net asset value. Through the issue, Söderport's ownership in TPI will increase from 28.6 percent to 78.4 percent. Söderport has applied for and is granted an exemption from the mandatory bid by the Swedish Securities Council.
The properties that are divested to TPI mainly constitute office properties and comprise a leasable area of 145 thousand sqm. The rental value amounts to MSEK 170. The properties are located in connection to TPI's existing property and have the same main tenant.
The transaction creates conditions for an active and independent property company to build up its own property management organization in order to create efficient property management with high customer service.
The transaction is subject to approval by the Extraordinary General Meeting of TPI, whereby the Board of Directors and shareholders representing about 21 percent of the voting rights have announced that they are positive to the transaction. The Extraordinary General Meeting is expected to take place on August 22, 2019. Provided that the shareholders' meeting approves the transaction, closing date is expected to take place on October 1, 2019.
Nyfosa's profit from property management and financial position is only marginally affected by the transaction.
"Through the transaction, Söderport creates an exciting property company with growth opportunities. The intention is to recruit employees who can develop the company and create value for our shareholders and tenants.", says Jens Engwall, CEO of Nyfosa.
For more information, please contact:
Jens Engwall, CEO, firstname.lastname@example.org, tel: +46 706 906 550
The information was prior to this release inside information and is information that that Nyfosa AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above on July 10, 2019 at 11:00 a.m. CET.
Nyfosa is a transaction-based and opportunistic property company. The company’s business concept is based on active participation in the Swedish transaction market combined with an investment strategy that can be flexible to the property market. The goal is to develop and add value to a growing property portfolio while generating sustained high returns. At present, Nyfosa is focusing primarily on commercial properties in Sweden. As of March 31, 2019, Nyfosa owned commercial properties with a total property value of approximately SEK 15.7 billion. The company’s stock is listed on Nasdaq Stockholm since November 2018. Read more at www.nyfosa.se.