John Mattson has entered agreements to acquire further shares in HEFAB Fastighets AB (HEFAB) and EFIB Aktiebolag (EFIB). As a result, John Mattson will control a total of 95 percent of HEFAB and 99 percent of EFIB. 

John Mattson has previously announced that it has entered agreements to acquire shares in HEFAB and EFIB. John Mattson has now acquired a further 27 percent of the shares in HEFAB and 41 percent of the shares in EFIB. EFIB is the largest shareholder in HEFAB with 36 percent of the shares. 

The purchase consideration for the recently acquires shares amounts to SEK 1,489 million. The consideration for these shares will be paid with a combination of cash and through a non-cash issue of 1,587,406 shares at an average issue price of SEK 151.50 per share. The non-cash issue will be completed with the support of the authorisation from the Annual General Meeting on 22 April 2021. The number of shares in John Mattson will increase following the completed issue from 34,717,309 to 36,304,715, corresponding to a dilution of approximately 4.4 percent of the total number of shares and the total amount of votes in John Mattson. 

In total, acquisition agreements have been entered entailing that John Mattson controls a total of 95 percent of the shares and votes in HEFAB and 99 percent of the shares and votes in EFIB. The total purchase consideration amounts to SEK 3,392 million, of which SEK 399 million will be financed with a non-cash issue.

For HEFAB, the transfer of 32 percent of the shares will be completed on 31 August 2021, and the transfer of 27 percent of the shares will be completed on 30 September, provided that none of the sellers use their post-transfer acquisition right on the 31 August 2021 at latest. For EFIB, the transfer of 45 percent of the shares was completed on 6 July 2021. The transfer of 34 percent of the shares in EFIB will be completed on 31 August 2021 and the transfer of 20 percent of the shares will be completed on 30 September.

The total property value of HEFAB and EFIB, including two ongoing housing projects in Hägerstensåsen and Högdalen, amounts to SEK 5.3 billion with a rental value of SEK 200 million. With the acquisition of an attractive property portfolio, John Mattson is increasing its exposure for housing in Stockholm and adding ongoing and future projects. The acquisition will increase the attractiveness of John Mattson in the financial markets and create volume benefits. Based on John Mattson’s property value at the end of the first quarter, after adding the acquisitions of HEFAB and EFIB and the previously announced acquisition in Sollentuna that will be taken possession of on 1 October, John Mattson’s total property value is estimated at SEK 14.4 billion.

“We are very pleased to have acquired this unique property portfolio in Stockholm. EFIB and HEFAB are two excellent companies with well-maintained portfolios and a tradition of long-term management, which makes them suitable additions to our property portfolio. John Mattson will now be a presence in additional attractive submarkets, such as Bromma and Hägersten, and the acquisition also provides interesting project opportunities,” comments John Mattson’s CEO Siv Malmgren.

Lindahl Winter and Wigge & Partners have acted as advisors for John Mattson in connection with the acquisitions.

The acquisitions in brief*:

Number of properties/leasehold properties: 36 (including 6 project properties)

Area: 100,000 sqm, of which 75% housing

Number of apartments: 1,200

Property value: SEK 5.27 billion

Rental value: SEK 200 million

Net operating income: SEK 145 million 

Income from property management: SEK 102 million

*Includes ongoing projects in Hägerstensåsen and Högdalen. The summary is based on information from the acquired companies and our own assumptions.