Swedish real estate company NP3 Fastigheter has signed conditional agreements with Poularde AB to acquire properties and a stake in Cibola Holding.
The agreements foresee the acquisition of full ownership of Frösö Park Fastighets, a company holding properties valued at SEK 755 mln (€66.6 mln), in which NP3 Fastigheter board member Mia Juhlin indirectly owns a 50% stake.
Additionally, NP3 Fastigheter will purchase a 29.6% stake in their existing partner, Cibola Holding, representing an underlying property value of SEK 620 mln (€54.7 mln).
The acquisition of Frösö Park is pending approval from the Swedish Inspectorate of Strategic Products and the extraordinary general meeting of NP3 shareholders, scheduled for around 22 October. If all conditions are met, the acquisitions are anticipated to be finalized by 1 November.
To fund these acquisitions and ensure adequate liquidity, NP3 Fastigheter has raised SEK 1 bn (€88 mln) from a directed new share offering. The company issued 4 million ordinary shares at a subscription price of SEK 250 (€22) per share.
The share offering was oversubscribed, leading to an increase in the number of shares issued from the originally planned 3.5 million. The subscription price was set at a discount of 4.4% to the closing price on 16 September.
The shares were allocated to Swedish, international institutional and professional investors, as well as certain existing shareholders. These include Swedbank Robur Fonder, Enter Fonder, Inga Albertina Holding AB, Bäckarvet Holding AB, Länsförsäkringar Fonder, and Fjärde AP-fonden.
Inga Albertina Holding, controlled by NP3 board member Mia Bäckvall Juhlin, was allocated shares under the same terms as other institutional and professional investors.
Carnegie Investment Bank, Danske Bank (Sweden), and Swedbank were tasked with the targeted share offering.
The funds raised from the share offering will be used to pay for the acquisitions, lower the company's debt-to-value ratio, optimize its debt structure, and seize opportunities for future acquisitions and value-enhancing investments.
As of 30 June, NP’s portfolio was worth SEK 20.9 bn (€1.8 bn), consisting of commercial and high yielding investment properties in northern Sweden.
