Nordika takes a stake of approximately 20% in the listed company Amasten through a directed new share issue to support its ambitious growth plan and the repositioning of the company
Nordika III Fastigheter AB (“Nordika”) invests SEK 175 million through a directed new share issue in listed residential company Amasten Fastighets AB ("Amasten") or ("the Company"). The subscription price was set to SEK 4.20 which corresponds to a discount to 31% of NAV.
The new equity strengthens the Company’s financial position and creates a foundation to capitalise on growth opportunities ahead. Amasten’s new management has launched an ambitious growth plan which will be fully supported by Nordika’s investment.
"We have been following the transformation under the CEO, Jan-Erik Höjvall. Nordika recognises that the repositioning to a more residential focused company, with the aim to re-listing to Nasdaq Stockholm Mid Cap. It is a highly driven organisation and we have a strong belief that the company will succeed with its repositioning and growth plan", says Jonas Grandér, CEO Nordika.
“We welcome Nordika as a new investor in Amasten. It is good to expand the ownership base with an institutional and well-known investor such as Nordika. Nordika recognizes that the work we have initiated is the right way forward. With the additional capital, we will have a strong platform for further growth”, says Jan-Erik Höjvall, CEO Amasten.
Based on the closing share price as per the date of this press release, the discount amounts to approximately 17.0%. Through the directed new share issue, Nordika will become the largest owner in the company. Nordika intends to support and work together with the senior management on its growth journey as well as the repositioning of the Company.
Glimstedt has been an advisor to Amasten. Roschier, Nordanö and PWC acted as advisors to Nordika.
For additional information, please contact:
Jan-Erik Höjvall
CEO Amasten
Tel: +46 (0) 70-553 80 04
janerik.hojvall@amasten.se
Jonas Grandér
CEO Nordika
Tel: +46 (0) 70-750 94 94
jg@nordika.se
Nordika is a non-listed Swedish real estate company owned by Nordic institutions. Its focus is on investments primarily in Sweden and Finland (with flexibility to invest in Denmark and Norway). Since the inception in 2011 Nordika have acquired and managed properties with a value of SEK 5 billion. The company have a reputation for its capabilities to stabilize complex assets where Nordika’s creative ideas and the management’s ability to implement change, achieves highly-functioning re-positioned properties.
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