Stenhus has entered into an agreement for the sale of six properties and divested and resigned two properties, indirectly through a number of company transactions, for a total underlying property value of SEK 242 million without deduction for deferred tax. Given a market-based deduction for deferred tax, the agreed property value amounts to approximately SEK 257 million, which means a discount of just under one percent compared to book value. Withdrawal has taken place in two deals and the others will be withdrawn during Q1 and Q2 2023.

The properties comprise a rentable area of approximately 16,087 square meters and are located in six Swedish municipalities. The estimated total annual rental income from the properties amounts to approximately SEK 20.7 million and the average remaining lease term is 4.8 years. Main use is retail, warehouse and industry.

The proceeds from the sale will be used to repay secured and unsecured loans and thereby strengthen Stenhus' financial position and reduce the company's interest costs by a preliminary amount of approximately SEK 17 million per year. The sale as a whole is judged not to have any significant impact on the company's management results as the earnings for the properties sold are on par with the average interest cost on the loans that are intended to be repaid.

"These sales are part of the consolidation work that has been going on since last summer after the merger with Randviken. By using the proceeds from the sale to repay our most expensive loans, we strengthen a number of important key figures such as the net loan-to-value ratio, equity ratio and interest coverage ratio. The sale of the properties, which is now made public, will lead to Stenhus reducing its net debt further through amortization of bridging loans. All in all, this creates greater security for the Company and makes us even better equipped for the future," says CEO Elias Georgiadis.

The attached document contains all properties that Stenhus has agreed to sell during Q1 2023, including the sale of 13 properties that was communicated on February 24, 2023.

Born Advokater has advised Stenhus in these transactions.