Stockholm-listed property company Corem has agreed to acquire Estancia, the owner of a 168,500 m2 warehouse and logistics portfolio valued at SEK 1.3 bn (€140 mln).
Stockholm-listed property company Corem has agreed to acquire Estancia, the owner of a 168,500 m2 warehouse and logistics portfolio valued at SEK 1.3 bn (€140 mln).
The acquisition of the 21 assets will be financed by taking over existing bank financing and a bond issued by Estancia, as well as via the issue of 588,681 shares in Corem and the sale of 5.5 million shares in Klövern, another Swedish listed property company.
'The acquisition increases Corem's rentable area and the property value by about 17%. This deal strengthens and complements our position in all regions,' said Eva Landen, CEO of Corem.
The sellers are four private individuals and companies.
The properties are mainly located in Stockholm, Malmö, Gothenburg and Jönköping. They are 86%-leased with an average remaining lease term of 4.9 years and generates revenues of SEK 129 mln a year. The largest tenants in the portfolio are Bring, Axfood, Ingram Micro, Pon Equipment and DHL.
MAQS Law Firm advised Corem. Nordic Fixed Income, part of the Arctic Group, acted as financial advisor to Corem regarding amendment of the terms of the bond.
