Stockholm-listed Platzer Fastigheter is acquiring a 10-asset real estate portfolio from Swedish car maker Volvo in the Gothenburg region for SEK 2.8 bn (鈧�290 mln).
The acquired portfolio consists of 338,000 m2 of lettable space on 3.6 million m2 of land in Arendal, Torslanda and Save in the Gothenburg region. The portfolio generates annual rental income, with Volvo leasing 50% of the space.
'This is a strategically important deal for Platzer Fastigheter. It provides strong cash flow and provides good opportunities to pursue urban development in the areas of Arendal, Torslanda and Save, to sell the development rights and the development of Volvo's current headquarters in Torslanda,' said Per-Gunnar Persson, CEO of Platzer Fastigheter.
Platzer will fund the acquisition with a SEK 700 mln rights issue and SEK 1.7 bn in new bank financing.
Already one of the largest real estate owners in and around Gothenburg, Platzer will see the value of its portfolio increase by 26% to SEK 13.4 bn as a result of the deal with Volvo.
