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Nordic Update
Tre Kronor planning a 903 million acquisition
Publicerad: 24 september 2018, 11:49
Bild: Riksbanken
First North-listed Tre Kronor Property Investment has signed a conditional agreement to acquire 50 grocery retail properties. The total property value underlying the transaction is 903 million SEK.
The deal concerns the so-called GSS-portfolio, that will be sold by AEVS Grocery Stores Sweden – a company managed by Brunswick Real Estate. At present, Systembolaget is the biggest tenant but after the acquisition, ICA will be the biggest tenant, according to a press release.
The deal which is conditioned to the issue of 350 million SEK in new equity, will be made via a series of corporate takeovers and funded by the issue of new equity in combination with bank financing. In total, eight different entities will be acquired with each entity holding one or more properties.
Tre Kronor’s pro forma property value will be roughly 2,308 million SEK upon completion of the transaction.
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