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Corem Property Group, ALM Equity, and Broskeppet Bostad have agreed to sell a majority stake (51%) in Klovern, a Swedish housing company, to property investor Nrep. The deal, valued at 2.5 billion Swedish crowns, will also involve an additional investment of 4 billion Swedish crowns in Klovern by Nrep through share issuances. This transaction will enable Klovern to fulfill its project portfolio of approximately 24,000 homes and establish itself as one of the largest housing companies in Sweden. Following the sale and a subsequent share issuance, Nrep's ownership stake in Klovern will increase to 65%, while Corem's ownership will decrease to 17%.
Corem Property Group, ALM Equity, and Broskeppet Bostad, the collective owners of Klovern, have reached an agreement to sell a majority stake (51%) in the Swedish housing company to Nrep, a property investor, as announced by Corem. According to the statement, Nrep will purchase the stake for 2.5 billion Swedish crowns ($231 million) and will additionally invest 4 billion Swedish crowns in Klovern over a period of time through directed share issuances.
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Corem stated that the agreement, in combination with traditional external financing, will facilitate the fulfilment of Klovern’s project portfolio, consisting of approximately 24,000 homes, and consequently enable the company’s aspiration to become one of the largest housing companies in Sweden. Furthermore, upon the finalization of the deal next month, Klovern will initiate an initial share issuance, resulting in Nrep’s ownership stake in the group increasing to 65%.
According to Corem, their ownership in Klovern will decrease to 17% following the sale and the first share issuance. They further mentioned that the agreement will have a substantial impact on Corem’s liquidity, resulting in a total of 1.4 billion crowns in 2023.
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