Fastator grows through acquisition of property company in Ängelholm region
Fastator today signed an agreement to indirectly acquire 50% of Portvakten Industrifastigheter AB for a purchase consideration of MSEK 13.4. The company owns six large industrial properties with leasable space of approximately 26,000 square metres in Ängelholm, Sweden. The remaining shares are controlled by Per-Axel Bengtsson, who will remain the President and a partner of Portvakten Industrifastigheter.
The acquisition is in line with Fastator’s strategy of entering into partnerships with strong entrepreneurs in local markets. With this acquisition, Portvakten Industrifastigheter will gain a strong financial and strategic partner who will develop the operations together with the original entrepreneur.
Fastator’s recently acquired management company, Nordic PM, will take over the financial and technical management of the company.
The occupancy rate of the portfolio is 91%, which for Portvakten Industrifastigheter entails both a continuous cash flow from existing tenants and a platform for capitalising on growth opportunities in the region.
The acquisition is financed by cash and cash equivalents and a MSEK 34 issue of preference shares which Fastator will subscribe for at an annual dividend of 10.5%. Transfer will occur on 1 November 2016, provided the conditions of the acquisition have been met.
CEO of Fastator Daniel Hummel made the following comments on the transaction:
“Portvakten is a strong player in the Öresund region, an area of Sweden where we see substantial growth in population, establishment of companies and investment. This acquisition gives Fastator’s shareholders the option of capitalising on the appreciation in value of the property market in an expansive region and the growth potential of the company.”
For more information, please contact:
Daniel Hummel, CEO
+46 (0)70 661 24 29
Erika Kveldstad, CFO
+46 (0)70 339 99 99
This is information of the type that Fastator is obligated to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 3 October 2016 at 2:00 p.m.