Nyfosa enters into a combined acquisition and divestment agreement with Genova – signs agreement for acquisition of five properties in Uppsala, Norrtälje and Nacka as well as divestment of two project properties in Lund and Haninge.
The acquired portfolio consists of five properties totaling 39,500 square meters with an annual rental value of SEK 50 million and an average remaining contract period of 6.6 years. The properties are located in Uppsala, Norrtälje, and Nacka and consist mainly of offices and industry/warehouses with a mix of different operations and companies. The occupancy rate is 97 percent.
In connection with the acquisition, Nyfosa divests two properties in Lund and Haninge, where a change of zoning for residential units has begun, with a total lettable area of 27,000 square meters and a rental value of SEK 40 million. The occupancy rate for the two properties amounts to 80 percent with an average remaining contract period of 3.2 years.
Closing is planned for May 14, 2021, with the exception of the property in Uppsala, which will be accessed upon completion November 1, 2021.
“This is a very logical deal for Nyfosa, in which we change future residential projects for properties with stronger cash flows and longer contract periods in good locations”, comments Stina Lindh Hök, CEO of Nyfosa.
“We are divesting fully developed commercial properties and acquiring properties with considerable development potential, particularly in Lund, which is an expanding city where we want to continue growing. Genova already owns properties in central Lund, where we are now driving a residential zoning process. This transaction will strengthen our presence in the area and we see potential for creating a new attractive district for residential and community service properties in an historic environment with cultural significance close to the city centre”, says Michael Moschewitz, CEO of Genova.