Altor and Bure to divest Norvidden (SE)

AB Skrindan – owned by private equity entities Altor and Bure – has initiated a sales process to divest Norrvidden and has appointed Leimdörfer as adviser to identify a long-term owner to the leading property company in northern Sweden.

"We believe that Norrvidden with its reputation, organization, market positions and high-quality property portfolio will attract considerable attention and interest from parties interested in investing in properties in the north of Sweden. Norrvidden will become an even stronger property company with a long term owner," says Per Uhlén, Chairman of Norrvidden.

Norrvidden, established in 2002, is the largest property company in the north of Sweden with offices in Sundsvall, Östersund, Gävle, Umeå and Luleå. The head office is located in Sundsvall. Norrvidden owns properties with lettable area of some 840,000 m². External valuations have put the market value at some SEK 6,400 million (approx. €714 million).

During 2010, rental income amounted to some SEK 700 million and profit before tax amounted to SEK 175 million.

Leimdörfer has been appointed financial adviser in relation to the sale of Norrvidden. Norrvidden is since 2009 owned by Altor Fund III and Bure Equity AB through the holding company Aktiebolaget Skrindan.

Source: Leimdörfer

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