Swedish Logistic Property has signed an agreement to acquire a total of 25 warehouse and logistics properties. The transaction takes place through a company transaction with an underlying property value of approximately SEK 1.1 billion. Access is planned for December 30, 2020.
The portfolio comprises 17 properties in the Malmö area and 8 properties in the Helsingborg area. Major tenants in the portfolio include Postpac and Still.
"Through the acquisition, we take another step in SLP's growth journey. We significantly strengthen our presence and position in the Scanian market and gain significant holdings in important geographical locations in the region," says Peter Strand, incoming CEO of SLP.
The total lettable area in the acquired property portfolio amounts to approximately 121,000 square meters. The portfolio has a vacancy rate of approximately twelve percent and a number of building rights, which entails significant potential. The portfolio's average rental duration is just over 3.5 years.
"The properties are an excellent addition to our portfolio and suit us perfectly. We see great potential in the vacancy that exists in the stock and look forward to working with the development of several parts of the stock and will also take measures to make the operation of the stock more cost-effective," Peter Strand continues.
Brinova buys 13 community properties in southern Sweden for an underlying property value of SEK 761 million. The properties are located in southern Sweden.
The properties, with a lettable area of approximately 38,000 square meters, mainly consist of nursing homes, care, offices for public activities, ambulance station and housing. In addition, building rights are included for approximately 12,000 square meters of housing as well as a development area in an attractive residential location in Ängelholm with the opportunity to develop an entire block. The properties are located in Ängelholm, Lund, Trelleborg, Höör, Växjö, Malmö and Karlskrona.
Tenants consist mainly of Region Skåne, Försäkringskassan, Arbetsförmedlingen, Attendo and Ängelholm Municipality, Annual rental income amounts to approximately SEK 46 million and access takes place on 30 December 2020, provided that the conditions for access are met as stated below.
"The properties, which contain many public tenants and also contain potential for projects for new production of housing, will be an excellent addition to Brinova's property portfolio, where the focus is on housing and community properties. Brinova is broadening its presence to new locations where the ambition is to operate with a strong local presence," says CEO Per Johansson.
The remaining properties that Norama sells buy a JV company with Brinova and SLP as owners. But Brinova and SLP immediately sell the JV company to Emilshus. This part of the portfolio consists of eleven food properties in Småland with an underlying value of SEK 185 million.
The total lettable area amounts to 13,000 sq.m. with an annual rental value of SEK 14.1 million. All properties are leased by Coop.
The transactions are conditional on all the partial transactions being carried out as planned.
Withdrawal is planned for 2020-12-30.
The seller Norama has had Catella as an advisor.
"The interest during the sales process has been very large among both national and international investors. It is clear that the segment warehousing, light industry and community properties remains attractive. It has been fun and educational to be able to carry out another large assignment during the year with a committed client, says Carl Wingmark, transaction manager at Catella Corporate Finance.
"The implementation of the sale has been intensive and constructive from both sellers and buyers. It is extra fun to be able to contribute to finding two new platforms in SLP and Brinova for the real estate portfolio," says Bo Ljungberg, senior partner at Catella Corporate Finance.