Länsförsäkringar rejects Stendörren bid

According to Länsförsäkringar Fonder, one of the main players in the Swedish listed property market, the EQT bid for Stendörren is low and they will not accept the offer. Länsförsäkringar has announced that its funds have acquired additional shares in Stendörren and now hold just over 10 per cent of the shares in the company, Nyhetsbyrån Direkt reports.

Peter Norhammar, fund manager of the Länsförsäkringar real estate fund, says that the NAV of Stendörren already lies higher than the bid and that it will grow rapidly going forward.

On Tuesday, EQT Real Estate made a cash offer to acquire all shares in Stendörren at 100.25 SEK per share, 4 per cent higher than the closing price of Stendörren on the day before. The EPRA NNAV of Stendörren was at 100 SEK per share at the end of Q3 and the EPRA NAV at 109.6 SEK per share.

Länsförsäkringar published a major shareholding notification on Tuesday, announcing that its holdings in Stendörren amounted to 10.01 per cent of the shares and 5.56 per cent of the votes in the company.

Oskar von Bahr