SBB buys M2 Asset Management for SEK 1.305 billion (EUR 127M.
SBB sells to a JV, the company cooperates with Klarabo and two properties worth SEK 1.375 billion (EUR 134M).
SBB also sells a development property in Oslo to Union Property Development for MSEK 228 (EUR 22M).
The M2 transaction:
SBB buys 50 properties in Enköping, Sigtuna, Södertälje, Tierp, Tranås, Vaggeryd, Söderhamn and Nässjö. The agreed property value is SEK 1,305 million. Scheduled entry is March 29th. At the same time, M2 (owned by Rutger Arnhult) has subscribed more than 7.25 million D shares in SBB in a directed new issue at a price of SEK 31. At the same time, Klövern (with Rutger Arnhult as CEO and major owner) subscribes to 1.65 million D shares in the issue.
The Klarabo transaction:
SBB sells 1,600 apartments in six resorts - Bollnäs, Borlänge, Ludvika, Malmö, Smedjebacken and Sundsvall - in Sweden to a JV jointly with Klarabo. The properties comprise a total of 123,000 square meters of rented housing and are sold at an agreed property value of SEK 1,375 million.
The JV company will also work actively to grow through both acquisitions and new production. The deal means that SBB and Klarabo expand their cooperation in addition to the construction law development already made in the JV form.
"We are looking forward to deepening our cooperation with Klarabo whose knowledge and experience of renovations further highlights the potential of our residential portfolio," says CEO Ilija Batljan.
Klarabo has also subscribed for new D shares: more than 4.8 million at the subscription price of SEK 31.
"This is an interesting business from a number of perspectives, especially from Klarabo's recently expanded business. We take over a larger stock with predominantly low rents and with a larger ROT potential. We can apply our strategy for processing thanks to upgrading and renovations," says Andreas Morfiadakis, CEO of Klarabo.
Advisers in the store have been JLL and Lindahl.
The Union transaction:
SBB sells an office property with development potential in Drammen, Norway, to Union Real Estate Development. The property with a total rentable area of approximately 5,000 square meters is leased with a remaining contractual length of approximately six years. On the property there is also an attractive building right for the development of another approximately 6,000 square meters of office worth about MSEK 52. Union Property Development acquires the property at an agreed property value of MSEK 228.
"Sales show again that SBB's development properties with strong cash flows are very attractive and liquid. When we now divest the property in Drammen, we are also pleased to sell to Union Real Estate Development, a player with strong local affiliation," says Ilija Batljan.
SBB in Major Transactions
Nordic —
SBB carries out several major stores, both acquisitions and sales, in Sweden and Norway. At the same time, the company is conducting targeted issues of D shares.
2018-12-21
Nicklas Tollesson
[email protected]