Balder acquires a Hotel Portfolio for SEK 2,2 billion (SE)

Balder has agreed to acquire a hotel portfolio of 14 hotel properties from Pandox. The purchase price amounts to SEK 2,2 billion (approx. €242,16 million) and covers 127,000 m² and 2,400 hotel rooms.

Over 40 % of the assigned property value is situated in the Stockholm region and the remaining values are situated in cities as Gävle, Karlstad and Lund where Balder already have local representation.

Scandic is the single largest tenant, representing 65 % of the earnings, Nordic Choice represents 20 % and Winn Hotel Group 12 %. The leases have a remaining average term of approximately 7 years. The properties will be taken into possession in the second quarter of 2014.

"We are delighted to make this acquisition with Pandox. I would also like to thank Christian Ringnes and Olaf Gauslå for a professional, easy and pleasant approach to complete this transaction," said CEO Erik Selin

Source: Balder

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