Nyfosa has acquired a portfolio comprising mainly tax-funded tenants at a value of SEK 4.9 billion. The seller is SBB i Norden AB. The properties are situated in high-growth regions in Sweden. Nyfosa has also divested the Gamlestaden 2:8 project development property in Gothenburg at a value of MSEK 400. The transaction is another step in Nyfosa’s growth – the company’s property portfolio has increased by 50 percent.
The 38 acquired properties comprise an area of 303,000 square meters of primarily office premises. Property locations include Västerås, Kristianstad, Luleå, Örebro, Karlskrona, Stockholm and Uppsala. The properties have a total annual rental value of approximately MSEK 402, of which 79 percent is derived from tax-funded operations with the government, county councils, municipalities and other public agencies as tenants, such as the Swedish Transport Agency, the Swedish National Board of Housing, Building and Planning and the Swedish Police Authority. The commercial tenants include e.g. Lantmännen, Vattenfall and Dagab. The occupancy rate is 97 percent and the average remaining lease term is 2.3 years. The closing date is scheduled as July 15, 2020 but may be postponed until August 17, 2020.
Nyfosa is also divesting the Gamlestaden 2:8 property in Gothenburg at a value of MSEK 400 to SBB i Norden AB. The property is a project development property as it will be vacated in November 2020 when the tenant SKF will vacate the premises. The divestment is scheduled to take place on July 15, 2020 but may be postponed until August 17, 2020.
“Nyfosa is continuing to strengthen its cash flow and earnings at a high pace. Since the start of the year, we have increased the property portfolio by 50 percent. The acquired properties will help further differentiate Nyfosa’s portfolio of strong and stable tenants, largely made up of government, municipality, county council and other tax-funded operations. These properties also complement our existing portfolio in several locations. This transaction fits us very well and we are pleased to be able to realize it in the current market,” says Stina Lindh Hök, COO of Nyfosa.
“SBB's transaction team under the leadership of Lars Thagesson and Oscar Lekander is doing a great job in a challenging market. This helps us to continue to deliver divestments with the ambition to achieve a BBB+ rating within the next 12 months”, says Ilija Batljan, CEO and Founder of SBB.
Nyfosa’s acquisition will take place in the form of a company transaction. The transaction is conditional upon the approval from the competition authorities as well as upon financing, that is planned to be secured through equity and by raising loans.