Platzer stable and enduring in Covid-19 outbreak

• Rental income increased to SEK 285 million (277)
• Income from property management increased to SEK 183 million (148)
• Profit for the period increased to SEK 429 million (273)
• Property portfolio increased to SEK 21,127 million (20,479)
• Earnings per share increased to SEK 3.56 (2.24)
• Building Committee gives green light for detailed development plan for Södra Änggården
• After the end of the reporting period: Platzer and Bockasjö set up joint venture (JV) to develop Sörreds Logistikpark
• After the end of the reporting period: Of expected rental income, 96% had been received eight working days after the due date, which is in line with previous quarters.

Platzer’s CEO, P-G Persson, said:

 "I am incredibly grateful that we enter this crisis in better shape than ever before. We have solid major shareholders, a large proportion of bank borrowings, a high and stable surplus ratio, and strong suppliers, cooperation partners and building contractors, as well as skilled and driven staff. These things count in our favour and mean that we are in an incredibly stable position and able to endure in these times of great turmoil.

“Because rents are normally paid quarterly in advance, paradoxically, the first quarter of 2020 was a record quarter for Platzer. The operating surplus was SEK 216 million, the largest ever reported by Platzer. The increase in value amounted to SEK 449 million and the EPRA NAV was SEK 89 per share, an increase of 6% on the same quarter in the previous year and up by more than 20% on a rolling 12-month basis. “

“After many years of hard work, our large detailed development plan for Södra Änggården was given the go-ahead by the City of Gothenburg Building Committee. We now hope the City Council will approve the detailed development plan in mid-April and I cannot foresee any direct obstacles to this.”

“After the end of the reporting period we launched the joint venture Sörreds Logistikpark together with Bockasjö, which represented a large step in project development of our logistics properties at Torslanda.”

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 16 April 2020 at 08:00 CET through the agency of the contact persons shown above.

The English text is an unofficial translation.

Platzer Fastigheter Holding AB (publ) owns and develops commercial properties in the Gothenburg area comprising a total lettable area of around 820,000 sq. m., worth around SEK 21 billion. Platzer is listed on Nasdaq Stockholm, Mid Cap.