The portfolio consists of properties situated in Gothenburg, Jönköping, Malmö, Stockholm and Västerås. The total lettable area amounts to around 357 tsq.m. which are mainly premises for warehouse and logistics. The economic occupancy rate is 94 per cent.

The underlying property value is around 5,350 SEKm, which is in line with the book value. For Corem, the estimated result effect of the transaction amounts to around -360 SEKm, after deduction for deferred tax, transaction costs and agreed price deductions as well as reversal of previously reported deferred tax. For the fourth quarter, an unrealized change in value will be reported. Transfer of possession will be made in two stages, the first in the middle of February 2023 regarding seven properties and the second in the middle of April 2023 regarding 40 properties. The agreement is conditional on the approval from the Swedish Competition Authority.

The transaction frees up capital for strengthening Corem’s long term financial capacity, as well as for prioritized investments. Properties included in the divestment are:

Corem’s legal advisors have been Walthon Advokater. CBRE, Citigroup Global Markets Limited, Nordea and PwC served as exclusive advisors to Blackstone. Roschier and Simpson Thacher & Bartlett LLP served as legal counsel to Blackstone.