Logistea AB (publ) ("Logistea") has a clear growth strategy with the target of achieving a property value of BSEK 15 by the end of 2024. In order to finance continued growth, the company intends to carry out a fully guaranteed new share issue of MSEK 350, before issue costs, with preferential rights for existing shareholders (the "Rights Issue"). The terms and conditions for the Rights Issue will be made public after the Board of Directors has decided to carry out the Rights Issue, which is estimated to take place in mid-March 2022
The demand for premises for warehouses, logistics and light industry is significant and Logistea's growth has been significant since the first property was acquired at the end of 2019. At the end of 2021, the company's project portfolio consisted of 345,145 square meters of lettable area with a property value of MSEK 2,607. Volume growth in investment properties shows its clarity in annual comparison. The company's actual rental income quadrupled in 2021 and amounted to MSEK 93 (18) for the full year, while net operating income increased to MSEK 65 (14).
Logistea's overall growth target is to achieve BSEK 15 in property value within three years, at the end of 2024. The company intends to grow both through acquisitions of properties and land, as well as through new production and investments in its existing own portfolio. The target going forward is to annually complete at least 25,000 square meters of new leasable space and the company sees great opportunities to grow with existing and new tenants.
As part of the company's growth strategy, the Board of Directors of Logistea intends to resolve on a new share issue of MSEK 350, before issue costs, with preferential rights for existing shareholders. The resolution is made based on the Board of Directors' authorization, which was received at the Extraordinary General Meeting on October 22, 2021. The rights issue is fully covered by subscription and guarantee commitments from a number of existing shareholders and is thus fully guaranteed.
The proceeds from the Rights Issue are intended to be used to realize the growth ambition of the company. Among other things, part of the issue proceeds is intended to be used in connection with the company's planned acquisition of a property portfolio containing 15 properties with a total property value of MSEK 770. A letter of intent regarding the planned acquisition was published in a separate press release earlier today.
"Logistea has a significant acquisition ambition with the target of reaching BSEK 15 in property value by the end of 2024. The fact that some of the company's largest shareholders guarantee the rights issue through their subscription and guarantee commitments confirms their confidence in Logistea and enables the company to realize the business plan and act on attractive business opportunities," says Niklas Zuckerman, CEO, Logistea.
The terms and conditions for the Rights Issue will be announced after the Board of Directors has decided to carry out the Rights Issue, which is estimated to take place in mid-March 2022.