Svenska Handelsfastigheter divests 3KR Norwegian Retail to Slate Asset Management
Svenska Handelsfastigheter has today signed an agreement to sell all shares in the Norwegian subsidiary 3KR Norwegian Retail AS. The purchase price amounts to over NOK 1 billion. The buyer is Slate Asset Management, a global alternative investment platform, with a focus on property and real estate assets. The divestment of the company will be completed on 15 December 2021, when all shares will be transferred to the buyer.
Through 3KR Norwegian Retail, Svenska Handelsfastigheter owns 25 retail properties in Norway. The divestment of the company to Slate Asset Management will enable Svenska Handelsfastigheter to focus on its portfolio in Sweden and continue its efforts to develop and environmentally adapt its existing properties.
“We are very happy to have entered into an agreement with our partner Slate Asset Management regarding 3KR Norwegian Retail. Slate Asset Management's active focus on the tenant and long-term view upon ownership are in line with our perception of what tenants will demand in the future. The divestment will make it possible for us to focus on developing and environmentally adapting Svenska Handelsfastigheter’s existing properties in Sweden, which is in line with our strategy,” says Lennart Sten, CEO of Svenska Handelsfastigheter.
Brady Welch, Founding Partner of Slate Asset Management adds: “We are pleased to be further expanding our footprint in Europe with this acquisition. Our hands on approach to asset management is focused on creating value through property modernizations, sustainability enhancements and strong leasing, and we see a significant opportunity to deploy our strategy across this portfolio in Norway to the benefit of our tenants and our partners.”
Advokatfirmaet Selmer AS, Akershus Eiendom AS, and Deloitte are Svenska Handelsfastigheter's advisors in the process attributable to the sale.
For further questions, please contact:
Lennart Sten, CEO of Svenska Handelsfastigheter
E-mail: lennart.sten@handelsfastigheter.se
Tel: 070 - 697 81 70
This information is such information that Svenska Handelsfastigheter is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the care of the above contact person, for publication on 20 October 2021 at 12:00 CEST.
About Svenska Handelsfastigheter
Svenska Handelsfastigheter is a property owner who, in collaboration with the retail trade, develops attractive trading places. The company's owners and financing are long-term, which provides an opportunity to run the business with a long-term perspective. The company was founded by Lennart Sten, Thomas Holm and Johan Röhss. Read more at www.handelsfastigheter.se
About Slate Asset Management
Slate Asset Management is a global alternative investment platform focused on real estate. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform has a range of investment strategies, including opportunistic, value add, core plus and debt investments. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.