Hemfosa acquires the remaining 50% of a portfolio of 26 commercial properties from Crown Nordic Management. The portfolio, which contains community-service properties, office and logistics properties in southern and central Sweden, has a total market value of about SEK1.3 billion (€137 mln).
Hemfosa implemented the first stage of the acquisition of Kronfastigheter in December 2013 through the joint venture Hemfosa Kronfastigheter Holding that is owned equally by Hemfosa and Crown Nordic Management. Hemfosa is now taking the next strategic step in this transaction by exercising an option to acquire the remainder of the portfolio.
The acquired properties encompass a total of approximately 140,000 m² of leasable area and had an underlying property value of some SEK1.3 billion (€137 mln) on 30 September 2014. Possession was taken on 31 December 2014.
The properties are located centrally in growth districts of southern and central Sweden such as Sundsvall, Gävle, Enköping, Stockholm, Vallentuna, Sigtuna, Norrköping, Linköping, Motala and Uddevalla. The properties in Stockholm, Gävle and Uddevalla account for approximately 70% of the property value.
“We are delighted that Hemfosa, following one year of joint development and streamlining of the portfolio together with Crown Nordic Management, can now exercise the option to acquire the remainder of Kronfastigheter. The properties are an ideal fit for Hemfosa’s growing property portfolio both geographically and strategically,” says Jens Engwall, CEO of Hemfosa Fastigheter.