Logistea AB (publ) has today closed the transaction of two properties in Partille, Gothenburg, with an underlying property value of SEK 292 million. The purchase was signed and announced on December 22, 2022. The seller is Nordika Fastigheter (“Nordika”).
Logistea AB (publ) has today closed the transaction of two properties, Lexby 11:242 and Lexby 11:14 in Partille, Gothenburg with an underlying property value of SEK 292 million. The properties consist of 18,000 square meters of lettable space for retail, warehouses and a small portion of offices. The location and the nature of the property are suitable for retail as well as last-mile logistics. The largest tenants are Elgiganten, Lindex and Leo’s Lekland. Rental income excluding rent supplements amounts to SEK 18.7 million and the average remaining term is just over five years. 97 percent of the space is currently leased.
The seller is Nordika to whom Logistea will issue 1,455,643 A shares and 16,960,379 B shares at a price of SEK 12.75 per share, corresponding to SEK 234.8 million. Nordika, which is a Swedish unlisted real estate company owned by a number of Nordic pension funds and institutions as well as the founders, thus becomes Logistea’s third largest owner with 13.2 percent of the capital and votes.
The acquisition is financed through the above share issue and bank loan. The new share issue also offsets certain receivables that the seller has against the acquired property-owning company, which creates additional lending space and thus liquidity for Logistea of approximately SEK 105 million. The issue to Nordika of Logistea shares will be completed after the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) has approved prospectus regarding admission to trade of the newly issued shares, which is expected to take place during the beginning of March 2023.
The number of outstanding shares in Logistea prior to the transaction amounts to 9,568,392 A shares and 111,485,665 B shares respectively, and the number of shares after the completed transaction amounts to 11,024,035 A shares and 128,446,044 B shares respectively.
Nordika is an unlisted Swedish real estate company owned by Nordic institutions. The focus is on investments mainly in Sweden and Finland (with flexibility to invest in Denmark and Norway). Since its inception in 2011, Nordika has acquired and managed properties with a value exceeding SEK 8 billion. The company has been recognized for its ability to stabilize complex assets, where Nordika’s creative ideas and ability to implement change provide well-functioning and long-term sustainable properties.
Logistea is a Swedish real estate company with a focus on warehouses, logistics and light industry. The company’s shares are listed on Nasdaq Stockholm under the short names LOGI A and LOGI B. In three years, Logistea’s property portfolio has grown from SEK 189 million in property value to just over SEK 4.9 billion. The company’s growth strategy is to build a property portfolio with strong cash flows in combination with a long average remaining contract period in well-located and growing logistics hubs in Sweden. After the above acquisition, the company owns 70 properties in Sweden with a lettable area of approximately 580,000 square meters, as well as a building rights portfolio of approximately 316,000 square meters.