Sagax Expands in Finland

Finland Finland Sagax acquires a warehouse property in the Vantaa, Helsinki and two propertis in Eindhoven in the Netherlands.

2018-11-02

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Sagax has acquired a warehouse property in Vantaa, 20 minutes north of central Helsinki and 10 minutes from Helsinki-Vantaa airport. The property encompasses 89,000 sqm redeemed land area and 62,300 sqm leasable area mainly consisting of warehouse facilities. According to the lease investments can be requested in the property against rent allowance. The property is acquired in company form and access has taken place today.
 
The property is acquired from Ilmarinen. Our of the purchase price, MSEK 165 is paid through 4,900,000 newly issued ordinary shares in the D Series. The settlement price amounts to SEK 33.68 per share, corresponding to the average price during the last fifteen (15) trading days. The newly issued shares correspond to 1.8 percent of the capital and 1.2 percent of the votes in Sagax. The issue is carried out on the basis of the authorization granted at the Annual General Meeting on May 7, 2018. Following the issue, the total number of outstanding ordinary shares of Series D amounts to 101,900,000.
 
Sagax has also acquired two properties in Eindhoven, the Netherlands. The properties are located next to each other and have a total leasable area of ​​6,600 sqm, mainly consisting of warehouses. Access will take place in Q1 2019.
 
Sagax's combined acquisition cost amounts to SEK M396. The annual rent amounts to the equivalent of MSEK 37. The average remaining time of the leases is 6.9 years.
 
Advium was the advisor to Ilmarinen.




Axel Ohlsson
axel@nordicpropertynews.com




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