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Aros Bostad divests portfolio with rental apartments for ca. SEK 3.6 billion in the largest deal this year
Regulatorisk information
Aros Bostadsutveckling AB (publ) (”Aros Bostad”) has divested four residential projects in the Greater Stockholm area, for rental purposes. The buyer is the global real asset investment manager PATRIZIA and the purchase price amounts to ca. SEK 3.6 billion. The divestment provides for securing project revenues, for cash flow being brought forward and for new project starts to be accelerated and optimized in time. The deal also means that almost all projects within Aros Bostad’s Fund structures are sold out or divested, which is in line with the strategy to solely develop residential projects as own projects ahead.
The deal comprises a total of 878 apartments in Danderyd, Solna, Täby and Huddinge, corresponding to ca 47 700 sqm (lettable gross area). Originally, the portfolio contained five projects, but Aros Bostad chose to exclude one project due to high customer interest for the apartments as tenant ownerships. None of the four projects in the remaining portfolio have been sales started. Aros Bostad will develop and build all apartments and handover will take place upon completion of each project.
Magnus Andersson, CEO Aros Bostad:
“We are very satisfied with the deal, which is a good example of our business model’s flexibility and how we create shareholder value at low risk. This is not only the largest transaction of the year so far, it also a very good timing for us to shift parts of our project portfolio from tenant ownerships to rental apartments. By divesting these projects as rental apartments we can secure a sales ratio of at least 80% for our ongoing projects, as well as the projects which are planned to be started during 2022, at levels corresponding to sales prices for tenant ownerships over the last year. We are convinced that PATRIZIA with its strong track record and commitment to ESG will be a responsible manager, ensuring these assets are fully sustainable.”
The buyer is responsible for the leasing of the apartments. Tango, Skierfe and Kane have acted as the seller’s advisers during the divestment process.
The Certified Adviser for Nasdaq First North Growth Market is Erik Penser Bank. Financial information in English at https://arosbostad.se/investerare/in-english/
This disclosure contains information that Aros Bostadsutveckling AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 10-06-2022 14:04 CET.
For more information, please contact:
Magnus Andersson, CEO, e-mail: magnus.andersson@arosbostad.se, phone: +46 73 410 12 43
Ken Wendelin, CFO/Deputy CEO, e-mail: ken.wendelin@arosbostad.se, phone: +46 73 518 02 70
Anna Åkerlund, Head of Communications & IR, e-mail: anna.akerlund@arosbostad.se, phone: +46 70 778 28 97
Certified Adviser, e-mail: certifiedadviser@penser.se, phone: +46 8 463 83 00