Samfosa AS, which is jointly owned by Nyfosa AB and Samfunnsbyggeren AS, has acquired the property company Bratsberg AS with properties mainly located in the Norwegian cities of Skien and Porsgrunn. The acquisition, which marks the company's first in Norway, amounts to a total value of MNOK 1,550, corresponding to approximately MSEK 1,560, and creates a strong platform for continued growth in the country.
The acquisition comprises a total of 13 property units and 10 project properties located in the cities of Skien, Porsgrunn and Horten, in the expansive Grenland region southwest of Oslo, which is known, among other things, for investments in industrial infrastructure. The existing portfolio has a leasable area of approximately 95 thousand square meters distributed across offices, retail, warehouses and light industry, and the larger tenants include SATS, Power, Sensonor and Memscap. The annual rental value amounts to a total of approximately MSEK 119 and the average remaining contract period amounts to 5.0 years. The occupancy rate is 96 percent.
The project portfolio is estimated to comprise approximately 64 thousand square meters of existing and potential building rights for both commercial premises and housing, where most of the projects are expected to start within a five-year period. As a part of the acquisition, Samfosa will also obtain Bratsberg's current organization.
Closing is planned for December 31, 2021. The final acquisition price may be adjusted up to a maximum of approximately MSEK 1,650 and down to a minimum of approximately MSEK 1,350 respectively, as a number of pre-emption right clauses are activated in connection with the transaction. The acquisition price is also linked to the outcome of ongoing zoning plan processes.
“This is an important first step for Samfosa in Norway and a very good starting point. The portfolio consists of a variety of properties in good locations with many different tenants, which we like. It is a well-maintained company we acquire with a dedicated team as well as a combination of good cash flows and great development potential. We are happy that the collaboration with our experienced partner in Norway, Simon Venemyr Ottersland and his Samfunnsbyggeren, bears fruit so quickly. This is encouraging for the future", comments Stina Lindh Hök, CEO, Nyfosa.
"With the acquisition of Bratsberg, Samfosa creates a very exciting platform for continued growth. Bratsberg is a fantastic property company with a competent organization. With this deal, we are well equipped to develop Samfosa and Bratsberg in the coming years", comments Simon Venemyr Ottersland, CEO, Samfosa.