Studentbostäder i Norden continues its Nordic expansion and acquires a property in Norway with 99 student apartments. Studentbostäder i Norden AB (SBS) has, through its wholly owned Norwegian subsidiary STUSAB Norge AS (company name to be changed from Athomstart Invest 633 AS) entered into an agreement with the shareholders of Torp Campus AS to acquire a property with 99 student apartments in Norway through the acquisition of all the shares in Torp Campus AS. The Property has an underlying property value of approximately 64 MNOK. The property is leased on a block lease to Pilot Flight Academy AS for 5 years and is expected to generate an annual rental income of approximately 5.2 MNOK of which 100 percent is attributable to rental income from student housing.
The purchase price is paid upon access to the property and amounts to approximately 5.4 MNOK in cash and 6.4 MNOK in shares in SBS that are intended to be issued at a price of SEK 11.40 per share.
The acquisition is conditional on:
- SBS is granted financing with satisfactory terms; and
- Sandefjord municipality, in which the Property is located, accepts in writing that the municipality does not intend to use the right of the pre-emption of the Property held by the municipality under Norwegian law. Sandefjord municipality has until December 22, 2021, to decide whether to exercise the right of pre-emption. Access is intended to be implemented as soon as possible after the approval has been obtained.
The Property is located at Pilot Flight Academy and next to Sandefjord Airport Torp. The student housing at Campus Torp is located right next to the school building and offers views of Torp Airport and the runway. Pilot Flight Academy in Sandefjord is one of Europe's largest and most modern flight schools and the school has a large international environment with almost 400 students.
“It feels fantastic to be able to communicate an additional transaction only a month after our entry into Denmark – now entering the Norwegian market. The Pilot Flight Academy is unique and attracts students from all over the world and will continue to grow. We at SBS are happy to own student housing in close cooperation with the Academy to continue the development at Torp. In addition, being well located only 1 hour from Oslo it helps to attract more people", says Rebecka Eidenert, CEO Studentbostäder i Norden.
The advisors for SBS and this transaction has been Arctic Securities, Advokatfirmaet Thommessen and EY.