“Levels of return in parts of Stockholm’s outer areas are now as high as in the rest of Sweden”, says Klövern’s CEO Gustaf Hermelin. “Kista and Täby are attractive markets, where we have good opportunities to work closely with the local business community.”
The properties, which are being acquired in corporate form, will be taken possession of on 20
November 2006. The initial occupancy rate in the acquisition is approximately 80 per cent. Initial direct yield, including a rental guarantee of SEK 45 million, is about 6.5 per cent. The acquisition is being financed partly by a directed new share issue of approximately 46.5 million shares at a price of SEK 23.68, in total SEK 1,100 million, to Fabege, and partly by taking up new loans totalling SEK 2,940 million. Klövern will convene to an extraordinary shareholders’ meeting in October to decide on the new issue.
After this transaction, Klövern will become one of the largest listed property companies on the Stockholm stock exchange with an rental value of around SEK 1,300 million, annual rental income of approximately SEK 1,130 million, operating surplus of SEK 710 million and a property value of around SEK 10.6 billion. The equity ratio after the transaction totals approximately 32 per cent.
“The acquisition in Kista reinforces our profile as one of the leading providers of premises in the sphere of Business/Science Park. It increases our ability to offer growth companies, among others, that are attracted to environments with flexible premises and an attractive offering of goods and services”, says CEO Gustaf Hermelin referring to similar facilities in Karlstad, Linköping, Norrköping, Uppsala and Örebro.
Klövern are holding a press conference at Catella Corporate Finance, Birger Jarlsgatan 6, 6th floor in Stockholm, at 11 am today, Friday. Catella is Klövern’s adviser in the transaction.
Nyköping, 8 September 2006
Klövern AB (publ)
For further information, please contact:
Gustaf Hermelin, CEO, tel +46-(0)155-44 33 10, +46-(0)70-560 00 00, email@example.com
Anders Lundquist, CFO, tel +46-(0)155-44 33 20, +46-(0)70-528 43 33, firstname.lastname@example.org
Britt-Marie Einar, Corporate Communications Officer, tel +46-(0)155-44 33 12, +46-(0)70-224 29 35,
Klövern is a real estate company with a local presence that actively develops properties in large Swedish cities outside the metropolitan areas. Klövern has geographical units in ten cities: Borås, Eskilstuna, Kalmar, Karlstad, Linköping, Norrköping, Nyköping, Uppsala, Västerås and Örebro. As at 30 June 2006, the value of the properties totals approximately SEK 6.6 billion and the rental income on an annual basis is approximately SEK 745 million. The Klövern share is listed on the Stockholm stock exchange, Stockholmsbörsen’s O list.
Klövern AB (publ), Box 1024, SE-611 29 Nyköping, Sweden. Tel +46-155-44 33 00, Fax +46-155-44 33 22.
Corporate registration no. 556482-5833. Registered office: Nyköping. Website: kelly.corem.se