In the transactions, the total of 18 divested properties have been assigned a total property value of SEK 450.5 million before market-based deduction for deferred tax, which corresponds to a discount of approximately 0.3 percent compared to Stenhus' most recently reported book value of the properties. Through the deals, Stenhus will receive a total purchase price for the divested shares of approximately SEK 33.2 million and repayment of borrowed funds to the divested companies of a total of approximately SEK 158.5 million. The combined total change in value of the properties during Stenhus' tenure is positive and amounts to approximately SEK +35 million. Withdrawal will take place at the beginning of Q3 2024.

The properties comprise a total lettable area of ​​approximately 61,916 square meters and are located in five Swedish municipalities. The properties' estimated total annual rental income, including rent supplements, amounts to approximately SEK 44.1 million and the average remaining lease term for the properties amounts to approximately 3.5 years. With these deals, Stenhus leaves its presence in Tidaholm and Falköping, which is expected to have a positive synergy effect on the company's management costs. The main use for the properties is warehouse/light industry/logistics.

The proceeds from the sale will be used to repay secured loans and thereby strengthen Stenhus' financial position and reduce the company's interest costs. The sale is considered as a whole to have no 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.

"The sales are a step for us to streamline and dissolve the last part-owned company as well as streamline the management work as we leave two locations with smaller properties. With these deals, a lot of liquidity is added, which gives ss us increased room for growth in an exciting market," says Elias Georgiadis, CEO of Stenhus Fastigheter.