Klövern has signed a contract with Tobin Properties regarding a commitment to buy 7. 5 million ordinary shares in a directed share issue at a price of EUR 2 per share, in total EUR 15M, and to guarantee a rights issue of at most 2,592,383 ordinary shares, corresponding to EUR 5.2M The board of Tobin Properties has decided to propose that an extraordinary general meeting on 8 January 2018 decides on the directed share issue and the rights issue.
"In connection with Klövern's ambition to invest in housing development through Klövern Living, a unique opportunity has arisen for Klövern to position itself on the important Stockholm market. An investment by Klövern in Tobin Properties is not an expression of the housing market having bottomed out, on the contrary it is a way to take advantage of future opportunities which a probably weak market during 2018 will offer. Tobin Properties has a very talented development team which with stronger financial muscles can use opportunities which may arise in the wake of a weaker housing market," says Rutger Arnhult, CEO of Klövern.
Klövern New Main Owner in Tobin Properties
Sweden — Klövern will after the directed share issue own around 40 per cent of the number of shares and hold around 42 per cent of the voting rights in the Tobin Properties.
Maria Olsson Äärlahtmaria@nordicpropertynews.com