Sweden-based commercial real estate company Corem Property Group has completed the previously announced sale of 47 properties in Sweden to a funds managed by an affiliate of US-based alternative asset manager Blackstone Group for SEK 5.35 billion (app.€490m).
The first stage, comprising seven properties, was transferred in mid-February. The remaining 40 properties in the second stage were transferred today.
The portfolio is situated in Gothenburg, Jönköping, Malmö, Stockholm and Västerås. The total lettable area amounts to around 357,000 square meters which are mainly premises for warehouse and logistics. The economic occupancy rate is 94 per cent.
”Property transactions are a strategically important tool for Corem, and the current sale is a main step in the company’s endeavour to effectively consolidate and strengthen the company financially under the prevailing capital market conditions,” said the company in a statement.
”In line with the company’s strategy to consolidate operations, this transaction, in combination with other announced sales, improves some of the company’s financial key figures, such as the loan-to-value ratio and equity ratio. The operational focus is now on active property management and caution regarding new development projects.”
“We are very pleased to complete this transaction where we free up capital, both for prioritized investments in our properties and to reduce outstanding bond volume. Our strategy is to continue financially consolidating the business during the year,” said Eva Landén, CEO at Corem.
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