Stenhus Fastigheter i Norden has signed an agreement to sell the property Örnen 4 in Karlstad. The sale is made via a company transaction where the underlying property value amounts to approximately SEK 196 million before deduction for deferred tax, which is in line with the book value per Q2 of SEK 197 million. The buyer is Albér Fastigheter and withdrawal will take place on 17 October 2022.
Örnen 4 is located on Stora torget in central Karlstad, and the largest tenant is the Norwegian Court of Justice. The leasable area amounts to approximately 6,600 square meters and the total annual rental income including rent supplements is approximately twelve million kroner.
The proceeds from the sale will be used by Stenhus to repay credits with the aim of further strengthening Stenhus' financial position and equity as well as increasing the company's earnings per share.
"After the merger between Stenhus and Randviken, a clean-up work has been started with the aim of increasing the combined property portfolio's average dividend yield and reducing the Company's interest costs. As part of this, we have previously communicated divestments of approximately SEK 800m during the third quarter, and with the sale of Örnen 4, the divestments during the second half of the year so far amount to approximately SEK 1 billion," says Elias Georgiadis, CEO of Stenhus Fastigheter.
"Örnen 4 was originally acquired by Randviken in June 2021 and since the acquisition, a new six-year green lease has been signed with the Norwegian Courts Administration. We assess that the property is fully developed and that it is now the right time to hand the property over to a new long-term owner. We are very satisfied with the results during the holding period and it feels good to sell to a responsible owner with local roots," says Gustaf Segerborg, vice president of Stenhus Fastigheter.
Born Advokater has been legal advisor to Stenhus in this transaction.