Hembla’s independent committee appoints advisors for Vonovia’s potential mandatory offer
On 23 September 2019, Hembla AB (publ) (“Hembla”) announced that they had been informed that Vonovia SE, through its wholly-owned subsidiary HomeStar InvestCo AB (“Vonovia”), has entered into an agreement with Hembla’s largest shareholder Vega Holdco S.à r.l., an entity wholly owned by real estate funds advised by The Blackstone Group Inc. (“Blackstone”), whereby Vonovia acquires approximately 69.30% of the voting rights and approximately 61.19% of the share capital in Hembla. Through the completion of the transaction, which is still subject to clearance by the merger control authorities, an obligation for Vonovia to launch a mandatory offer in accordance with applicable takeover rules will arise.
Hembla has appointed Bank of America Merrill Lynch as financial advisor and Vinge as legal advisor and the independent committee (which consists of Patrick Forslund (chairman of the committee), Fredrik Brodin and Karolina Keyzer) has appointed Handelsbanken Capital Markets as provider of a fairness opinion regarding the potential mandatory offer.
Stockholm on 3 October 2019
Hembla AB (publ)
The independent committee
For further information, please contact
Patrick Forslund, board member and chairman of the independent committee, phone +46 720 62 60 54
The information was released for publication on 3 October 2019 at 16:00 (CEST).
About Hembla
Hembla is a property company focusing on residential properties in the Greater Stockholm region and other growth areas. The company’s business concept is to own property portfolios slated for a gradual renovation of apartments in conjunction with the natural turnover of tenants. This can take place quickly and cost-efficiently thanks to extensive experience from the company's renovation method which, among other things, means that no evacuation needs to take place. In addition to this, the company creates value through the development of building rights in existing portfolios. The market value of the company’s properties amounted to SEK 32,964 million on 30 June 2019. The total rental value amounted to SEK 1,953 million annually on 30 June 2019. The economic occupancy rate is high – vacancies are virtually non-existent. Hembla is listed on Nasdaq Stockholm.