Ratos AB: Ratos divests Serena Properties
(Thomson Reuters ONE) -
PRESS RELEASE 30 June 2017
Ratos has signed an agreement to divest all of the shares in its subsidiary
Serena Properties AB, a real estate company with a portfolio of 21 commercial
retail properties in Finland, to Fastighets AB Balder. The enterprise value
amounts to EUR 206m and Ratos will receive approximately EUR 50m for its
shareholding. The divestment generates an exit gain of approximately SEK 90m and
an average annual return (IRR) of approximately 30% as well as a money multiple
of 1.5x.
Serena Properties AB (Serena) owns and manages 21 commercial retail properties
located across 14 mid-size towns in Finland. The properties are located in
established retail areas with attractive tenants and largely comprise of grocery
and discount retailers.
During nearly two years under Ratos's ownership, Serena has developed into a
focused retail property company. As a property owner, Serena has succeeded in
reducing vacancies, establishing favourable relations with key tenants,
commencing development projects in several retail areas, and streamlining its
property portfolio through the sale of properties not compatible with its
strategy. Serena's sales and EBITA amounted to SEK 172m and SEK 129m,
respectively, for the rolling 12 months as at 31 March 2017.
"In a short time, Serena's CEO Marc von Melen has, together with his management
team, succeeded in implementing several value-generating initiatives that Ratos
identified in conjunction with our investment. The efficiency of the ongoing
operation of properties has been enhanced and in most of the retail areas, the
tenant mix has been improved and the leases has been extended. Offering
competitive and sustainable retail areas has been a priority for Serena. Since
the property market has continued its strong performance and Ratos, with its
current return requirement, would have difficulty in expanding Serena's
portfolio, it is a natural step for us to now sell the company. Balder is
offering a valuation that reflects the future potential of the portfolio and we
are certain that Serena, with Balder, Varma and Redito as its future owners, has
favourable prospects for developing well," says Johan Rydmark, Investment
Director at Ratos.
The selling price for 100% of the shares (equity value) amounts to EUR 90m and
the enterprise value to EUR 206m. Ratos's share of the equity value is
approximately EUR 50m and the exit gain amounts to a total of approximately SEK
90m, calculated on the book value in Serena at 31 March 2017. The annual average
internal rate of return (IRR) is approximately 30%. Ratos's holding in Serena
Properties amounts to 56%. The divestment is subject to approval by the relevant
authorities and is expected to be completed in the third quarter of 2017.
For further information, please contact:
Johan Rydmark, Investment Director, Ratos, +46 8 700 17 00
Helene Gustafsson, Head of IR and Press, Ratos, +46 8 700 17 98
Financial calendar from Ratos:
Interim report January-June 2017 17 August 2017
Interim report January-September 2017 14 November 2017
Ratos is an investment company that owns and develops unlisted medium-sized
companies in the Nordic countries. Our goal as an active owner is to contribute
to long-term and sustainable business development in the companies we invest in
and to make value-generating transactions. Ratos's portfolio consists of 17
medium-sized Nordic companies and the largest segments in terms of sales are
Construction, Industrials and Consumer goods/Commerce. Ratos is listed on Nasdaq
Stockholm and has a total of approximately 14,200 employees.
Press release:
http://hugin.info/1180/R/2116911/805717.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ratos via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 30.06.2017 - 08:40 Uhr
Sprache: Deutsch
News-ID 550633
Anzahl Zeichen: 4574
contact information:
Town:
Stockholm
Kategorie:
Business News
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