Largest project let and set to commence

•   Rental income increased to SEK 768 million (744)

•   Income from property management improved by 2% to SEK 387 million (379)     

•   Profit for the period amounted to SEK 963 million (633)                                                                                

•   Property portfolio increased in value to SEK 17,570 million (15,559)
•   Income from property management per share amounted to SEK 3.23 (3.17)           
•   Earnings per share amounted to SEK 8.02 (5.23)                                                                   

•   Long-term net asset value (EPRA NAV) per share was SEK 65.71 (58.39)                  

•   Acquisition of two properties in Gårda comprising a total of 22,400 sq. m. of office space

•   Project Gamlestads torg has now started to take occupancy

   Detailed development plan becomes legally binding and lease signed with the hotel operator ESS Group Kineum Gårda

Platzer’s CEO, P-G Persson, said:

-          “In August we, together with NCC, were able to start work on the project Kineum in Gårda, following the decision by the Swedish Transport Administration not to appeal the detailed development plan. At the same time, we were able to announce that we had concluded our largest lease agreement in 2018 with ESS Group hotels leasing 15,000 sq. m. of the finished building. Following the lease concluded with ESS, the building is already 65% let. Construction of Kineum is expected to be completed in 2022.”

-          “In parallel with us having more and larger projects underway, we are also maintaining pace in our day-to-day operations, as indicated by our constantly growing operating surplus. The operating surplus for this quarter was the highest we have ever recorded for an individual quarter. This is despite the fact that we have reduced our portfolio so far in 2018 and have not yet benefited from the cash flow effect on profit or loss from our finished project at Gamlestads torg or the transaction with Vasakronan in Gårda.”

-          “Furthermore, Platzer’s property assets have increased by around SEK 2 billion since the turn of the year. In addition to the acquisition from Vasakronan in Gårda, we are seeing an ever increasing contribution from our ongoing and completed projects. We are on the way to achieving our ambition for half of our growth to come from our development projects.” 

For more information, please contact:

P-G Persson, CEO, Platzer, Tel: +46 (0)734 11 12 22
Fredrik Sjudin, CFO, Platzer, Tel: +46 (0)721 27 77 78

The information in this press release is information that Platzer Fastigheter Holding AB (publ) is legally obliged to disclose in accordance with the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was released for publication on 25 October 2018 at 08:00 CET through the agency of the contact persons shown above.
  

Platzer Fastigheter Holding AB (publ) owns and develops commercial properties in the Gothenburg area comprising a total lettable area of around 825,000 sq. m. and with a value of around SEK 18 billion. Platzer is listed on Nasdaq Stockholm, Mid Cap.