"We are increasing our property portfolio in Mälardalen in line with our established strategy," says Jan-Erik Höjvall, CEO of Amasten.
Sterner Stenhus Fastigheter's voting shareholding in Amasten Fastighets AB today amounts to 18 percent. Due to Sterner Stenhus Fastigheter's close representation to Amasten, the transaction is subject to approval by the Annual General Meeting.
The acquired properties comprise 220 apartments and 17,381 square meters with rental income of SEK 16.9 million per year. The letting rate for the properties amounts to 98.6 percent and the weighted yield is estimated at 4.7 percent. All conditions for the transaction will be presented in conjunction with the notice to the Annual General Meeting, which will be published shortly.
The preliminary purchase price for the shares in the property-owned companies amounts to SEK 107 million. In addition to bank financing, Amasten (i) pays SEK 103 million in the form of newly issued ordinary shares in Amasten at an agreed subscription price of SEK 5.15 per ordinary share (ii) the remaining part is paid in cash. Deductions for deferred tax amount to SEK 5 million. The final purchase price shall correspond to the preliminary purchase price with adjustments for changes in the equity on the day of take-off. Any adjustments in the preliminary purchase price shall be settled in cash.