Swedish real estate company Corem has transferred possession of the remaining 40 properties out of a portfolio of 47 properties worth SEK 5.35 bn (€467 mln).
The first seven properties were transferred in mid-February.
The divestiture is a part of Corem's goal of boosting and consolidating its business financially in light of the current capital market conditions, freeing up money for property improvements and debt repayment on bonds maturing in 2023 and banks.
Eva Landén, CEO at Corem, said: ‘We are very pleased to complete this transaction where we free up capital, both for prioritized investments in our properties and to reduce outstanding bond volume. Our strategy is to continue financially consolidating the business during the year.’
This transaction, together with other announced sales, improves some financial key figures, such as the loan-to-value ratio and equity ratio.
The operational priorities are now on active property management and caution regarding new development projects.
Separately, Corem said it divested of a portfolio of ten properties in Kalmar for SEK 425 mln (€37 mln) to buyer LW Fastigheter.
The total leasable area amounts to 48,000 m2, consisting mainly of offices, trade and warehouses, while the economic letting rate amounts to around 92%.
Walthon Advokater was Corem's legal adviser in the transaction.
