Nordic real estate investor Nordika has invested SEK 400 mln (€35 mln) to become the largest shareholder in grocery property platform Vendus.
Vendus Sweden is a real estate company focused on properties within the food retail segment, investing in assets with stable cash flows across Sweden. Vendus has a portfolio of 51 properties, with around 77% of rental income derived from key players in the grocery sector with an asset value of SEK 2.3 bn.
Vendus is raising equity to capitalize on attractive investment opportunities and to establish an efficient capital structure enabling a continued growth journey with the ambition to grow the property value to at least SEK 6 bn within a three-year period.
In addition to the directed new share issue to Nordika, Vendus intends to raise up to an additional SEK 450 mln from existing investors in a rights issue. The founders, management and current main shareholder MEL & ME will commit to invest at least SEK 110 mln out of the additional SEK 450 mln providing Vendus with up to SEK 850 mln in new equity.
In connection with the capital raises, Vendus will undergo a structural change, transforming into a streamlined real estate company with an in-house organization. As part of this, Vendus will acquire a management organization from Real Value Management Nordic, which has provided property management and transaction services to Vendus on a consultancy basis, a relationship that will now end.
Roschier Advokatbyrå, PwC, and Newsec acted as advisors to Nordika.
