KMC Properties acquires herring production facility in Sweden from Kldesholmen Seafood for SEK 94 million
KMC Properties ASA, a real estate company focusing on industrial and logistic properties, today announced the acquisition of a herring production and cold storage facility in Rönnäng, in the Swedish country of Västra Götaland, from Klädesholmen Seafood ABfor approximately SEK 93.6 million(approximately NOK 90 million). " KMC Propertieswelcomes the opportunity to add another property to our portfolio, in line with our strategy. Klädesholmen Seafood is owned by Grøntvedt, our third-largest tenant, with offensive growth ambitions," says Liv Malvik, CEO of KMC Properties. Klädesholmen Seafood is a modern herring production company based on generations of knowledge and experience from the industry and close customer relationships. KMC Propertieswill acquire the 19.873 sqm BTA of land and 11.670 sqm BTA of buildings for approximately SEK 94 million, with a yield-on-cost estimated at 7.5 per cent and lease it to Klädesholmen Seafood. The parties have agreed on a triple-net bare house agreement, with an initial lease term of 15 years. Klädesholmen Seafood is owned by Grøntvedt Pelagic AS, which is KMC Properties'third-largest tenant. Grøntvedt Pelagic is 31 per cent owned by BEWI Invest, who is represented at the board of Grøntvedt, and the largest shareholder of KMC Properties. The pre-transaction process and conclusion to proceed with the transaction has been conducted at arm's length. Klädesholmen Seafood is the result of a merger between four local family-owned businesses in 2002. Today, the company's markets span the Scandinavian countries, Germany, Russia, Australia, Japan, Canada, and Israel, delivering its specialized herring products to private labels, as well as restaurants and caterers. In 2020, Klädesholmen had a turnover of approximately SEK 190 million, of which just over 90 per cent came from the Swedish market. NOK 30 millionof the consideration will be settled by issuance of new shares in KMC Propertiesto the seller at a subscription price equal to the volume weighted average share price for trades in the company's shares on the Oslo Stock Exchangethe last 30 days prior to the date of completion of the transaction, and the remainder, approximately NOK 64 millionwill be settled in cash. The transaction is subject to confirmatory due diligence. KMC Properties'portfolio currently consists of 45 assets, primarily in the Nordics, constituting approximately 370,000 sqm in total. For further information, please contact: Liv Malvik, CEO of KMC Properties ASA, tel. +4748003175 About KMC Properties ASA KMC Propertiesis an Oslo Børs-listed real estate company focusing on industrial- and logistic properties. The company has a diversified portfolio of properties in the Nordics and the Netherlands, as well as an office building in Moscow, Russia. The properties are strategically located and have long lease agreements with solid tenants. KMC Propertieshas an ambitious strategy to grow the portfolio through further development of existing properties, as well as M&A initiatives. The information is such that KMC Properties ASAis required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 19:10 CETon 21 January 2022.
Click here for more information
© Oslo Bors ASA, source