Sweden-based real estate company Nyfosa has acquired the remaining 50% stake in Samfosa, their Norwegian joint venture with Ringmuren, the parent company of Samfunnsbyggeren.
This move will make Samfosa a wholly-owned subsidiary of Nyfosa. The deal is expected to close in September 2024.
The NOK 1.46 bn (€126 mln) purchase price reflects the fair market value of the properties owned by Samfosa as of 30 June, as determined by an independent assessment.
As part of the agreement, Samfosa will divest a hotel, a development property, and stakes in four companies to their previous partner Ringmuren. The value of these assets, amounting to NOK 134 mln (€11.5 mln), is also based on independent market valuations.
Stina Lindh Hök, CEO of Nyfosa, said: ‘With this transaction, we are strengthening Nyfosa’s cash flow while at the same time increasing our flexibility to act in Norway.’
Following the acquisition, Nyfosa will own nine properties in Skien, Porsgrunn, and Horten with a total of 97,000 m2 of leasable space, including offices, retail space, warehouses, and light industrial facilities. The properties boast a 92% occupancy rate and generate annual rental income of SEK 114 mln (€9.8 mln). Leases on average have a remaining term of 5 years. Nyfosa will also absorb Samfosa's existing Norwegian property management team.
In addition to the acquisition, Nyfosa announced the departure of CEO Stina Lindh Hök, a position she held for four years. She will continue as CEO until a replacement is found, but no later than 1 February 2025.
