Refinement completed, strong nine-month results

Summary January – September 2021

  • Rental income increased and amounted to 60 (9) MSEK.
  • Net operating income increased to 44 (7) MSEK.
  • Profit from property management increased to 8 (2) MSEK.
  • Changes in the value of investment properties amounted to 116 (18) MSEK.
  • Profit for continuing operations, real estate operations, increased to 95 (13) MSEK.
  • Acquisition and closing of eleven fully leased properties in southern and central Sweden, corresponding to approximately 56,000 sqm with a total property value of 507 MSEK.
  • The Annual General Meeting resolved to divest the company’s fashion business to We aRe Spin Dye AB (publ).
  • Directed new issues totaling 7,843,232 shares have been completed in order to finance property acquisitions.
  • Recruitment of a new CFO.

Summary July – September 2021

  • Rental income increased and amounted to 23 (3) MSEK.
  • Net operating income increased to 19 (3) MSEK.
  • Profit from property management increased to 3 (1) MSEK.
  • Changes in the value of investment properties amounted to 12 (18) MSEK.
  • Profit for continuing operations, the real estate business, decreased as a result of increased costs related to the change in operations and amounted to 12 (14) MSEK.
  • The sale of the company’s fashion business to We Are SpinDye (WRSD) was completed. The company received 7,769,718 newly issued shares in WRSD with a value of 158 MSEK.
  • Access to the e-commerce operator Cellbe’s existing logistics property in Borås, which after extension is estimated to amount to 21,400 sqm of lettable area.
  • Directed new issues totaling 912,330 shares were carried out in connection with property acquisitions.
  • Recruitment of CEO, CEO and appointment of COO.

Significant events after the end of the balance sheet date

  • Establishment of a green financial framework and issuance of unsecured green bonds of 500 MSEK.
  • At the Extraordinary General Meeting on October 22, 2021, it was resolved to change the company name to Logistea AB, change business items, distribute all shares in WRSD to the company’s shareholders, new share issue, introduction of Class B shares, bonus issue, reverse share split, incentive program 2021/2025 and election of Bengt Kjell as new board member.
  • Acquisition and access of properties in Falkenberg, Karlskoga and Kristinehamn with a property value of 481 MSEK with a leasable area of approximately 108,000 sqm. Total rental income is estimated at 49 MSEK and net operating income to 34 MSEK.
  • The company’s three largest shareholders, corresponding to 46 percent of the company’s votes and capital as of August 31, 2021, appointed Ilija Batljan, Rutger Arnhult and Bengt Kjell as new Nomination Committee for the Annual General Meeting 2022.
  • A bonus issue, a directed share issue and reverse share split have been completed. The company’s Class B share was admitted to trading on Nasdaq Stockholm on November 22 and the company’s bond loan is listed on Nasdaq Stockholm on November 26, 2021.

CEO Jennie Högstedt-Björk comments on Q3 2021:

The market for warehouse and logistics properties is under strong growth, primarily driven by a growing digitalization and e-commerce. Logistea’s ambition is to be a rapidly growing challenger in the Swedish real estate market in warehouses and logistics. The company focuses on building a property portfolio with strong cash flows combined with long average remaining contract time in attractive and growing logistics hubs.

Logistea’s growth is significant since the first property was acquired at the end of 2019 and the property portfolio today consists of almost 305,000 square meters of lettable area, all in attractive logistics hubs in southern and central Sweden, worth about 2,000 MSEK.

Logistea’s earning capacity has almost tripled by annual comparison and amounted to 71 (19) MSEK for the third quarter and approximately 105 MSEK for the entire property portfolio as of November 25, 2021. Logistea’s volume growth in investment properties shows its clarity in annual comparison, where rental income for the first nine months of the year has almost increased sixfold and amounted to 60 (9) MSEK while net operating income increased to 44 (7) MSEK. Profit for the period for continuing operations, the real estate business, amounted to 95 (13) MSEK, where changes in the value of properties have had a positive impact on earnings by 116 (18) MSEK.

The growth and return in Logistea’s property portfolio inspire confidence in the company’s continued development. The existing property portfolio currently includes project properties with approximately 32,000 square meters of lettable area. All project properties are located in attractive logistics hubs and thus there are good conditions for creating value for Logistea’s shareholders both in the short and long term.