STOCKHOLM, Sweden—Hemfosa has acquired the remaining 50% of a portfolio of 26 commercial properties from Crown Nordic Management. The portfolio, which contains community-service properties, office and logistics properties in southern and central Sweden, has a total market value of about $164 million (SEK 1.3B).
“We are delighted that Hemfosa, following one year of joint development and streamlining of the portfolio together with Crown Nordic Management, can now exercise the option to acquire the remainder of Kronfastigheter. The properties are an ideal fit for Hemfosa's growing property portfolio both geographically and strategically,” says Jens Engwall, CEO of Hemfosa Fastigheter.
Hemfosa implemented the first stage of the acquisition of Kronfastigheter in December 2013 through the joint venture Hemfosa Kronfastigheter Holding that is owned equally by Hemfosa and Crown Nordic Management. Hemfosa is now taking the next strategic step in this transaction by exercising an option to acquire the remainder of the portfolio.
The acquired properties encompass a total of approximately 140,000 sqm of leasable area. Possession was taken on December 31.
The properties are located centrally in growth districts of southern and central Sweden such as Sundsvall, Gävle, Enköping, Stockholm, Vallentuna, Sigtuna, Norrköping, Linköping, Motala and Uddevalla. The properties in Stockholm, Gävle and Uddevalla account for approximately 70% of the property value.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
