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    EQT   SE0012853455

EQT AB (PUBL)

(EQT)
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EQT Exeter to sell modern education property in central Stockholm to Alecta Fastigheter

12/06/2021 | 01:46am EST
  • EQT Exeter to sell modern education property in central Stockholm to Alecta Fastigheter, the real estate company of the Swedish pension fund manager Alecta
     
  • EQT Exeter has transformed the asset from an obsolete 50 percent vacant Grade C mixed-use building into a sustainable Grade A educational-use property that will host four upper secondary schools for 2,200 students in an attractive and densely populated neighborhood
     
  • The property will meet the standards for BREEAM In-Use "Very Good" with a high emphasis on sustainable and environmentally friendly building techniques such as recycling of construction materials, energy efficiency improvements and upgrades to the building fabric to improve thermal performance

EQT Exeter is pleased to announce that EQT Real Estate Fund I ("EQT Exeter") has agreed to sell Hönsfodret 1 (the "Property" or "Southside") to Alecta Fastigheter, the real estate company fully owned by Alecta, one of Sweden's largest pension fund managers.

EQT Exeter acquired the Property in June 2018 after having recognized the need for modern educational-use assets as particularly high in central Stockholm due to the city's demographic development and rapidly increasing population. The Property, located on the island of Södermalm in Stockholm, was a half vacant, mixed-use building comprising a school and office space at the time of the acquisition.

In collaboration with AcadeMedia, a leading education provider in Northern Europe, EQT Exeter developed a clear strategy to refurbish the Property into a prime education building with an increased lettable area. EQT Exeter and AcadeMedia signed a 16-year lease to realize the vision for "Campus Södermalm" that will host four Upper Secondary Schools for approximately 2,200 students.

Under its tenure, EQT Exeter obtained a building permit to expand the Property from approximately 9,500 sqm NLA (Net Lettable Area) to more than 14,000 sqm by exercising the unutilized building rights. EQT Exeter has also undertaken actions to meet the industry standard BREEAM In-Use "Very Good" in the final detailed design. Throughout the development process, EQT Exeter has prioritized environmentally friendly building techniques and incorporated multiple key sustainability features as part of the process of securing key constituent consent. These efforts include recycling of construction materials, efficiency improvements via real-time energy usage monitoring and upgrades to the building fabric to improve its thermal performance.

Campus Södermalm will promote a healthy lifestyle with prominence of the stairwells over elevators, a gym and conversion of former car parking to a generous amount of bicycle parking spaces to encourage students to choose active means of transportation to and from school. Moreover, the adjacent local community will be able to enjoy a publicly accessible, student-operated café, bakery and restaurant on the ground floor of the Property. EQT Exeter and its building contractor Zengun are currently in the final stages of completing the development which is expected to take place during Q2 2022, ahead of the academic year 2022/23.

Henrik Orrbeck, Partner within EQT Exeter's Advisory Team, said, "We are proud to hand over the Property to Alecta after a successful transformation project where we have turned a half-vacant building with poor energy performance into a flagship "green" campus that meets modern demands for attractive and inspiring education premises. This transaction perfectly exemplifies the investment philosophy of EQT's real estate platform, EQT Exeter, using our value-creation toolbox to deliver a core building into the highly sought-after institutional real estate market of Sweden. We would like to thank our contractor Zengun and project manager Tjuren Projektpartner for a well-managed construction process and, of course, our tenant AcadeMedia for trusting us to develop their new flagship campus."

Jenny Lindholm, CIO, Alecta Fastigheter, said, "We are very pleased with this acquisition, it's completely in line with our ambition to drive sustainable and long-term development in attractive growth areas. This state-of-the-art educational property that will meet the standards for BREEAM In-Use "Very Good" certification further strengthens our position within the community service segment. We look forward to working closely with the tenant, Academedia, and together develop the environment for the four schools that will move in next year."

The transaction is expected to close in Q3 2022. EQT Exeter was advised by AG Advokat (Legal), Savills (Commercial), and Tjuren Projektpartner (Technical).

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 70 billion in assets under management across 27 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About EQT Exeter
EQT Exeter is a global real estate solutions provider serving corporate and consumer tenants with scope and scale. EQT Exeter is among the largest real estate investment managers in the world and is focused on acquiring, developing and managing logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. EQT Exeter was created through the combination of EQT Real Estate and Exeter Property Group

The EQT Exeter Team comprises 330 experienced professionals operating in close to 40 regional offices around the globe. Collectively, they have consummated over 830 real estate investments. As part of EQT, the team has access to the full EQT Network including more than 600 industry advisors across the globe as well as the EQT's industry-leading sustainability credentials and framework, and in-house digitalization skills.

https://news.cision.com/eqt/r/eqt-exeter-to-sell-modern-education-property-in-central-stockholm-to-alecta-fastigheter,c3466284

https://mb.cision.com/Main/87/3466284/1505805.pdf

https://news.cision.com/eqt/i/southside-exterior-4,c2988451

https://news.cision.com/eqt/i/southside-exterior-3,c2988452

https://news.cision.com/eqt/i/southside-exterior-1,c2988453

https://news.cision.com/eqt/i/southside-exterior-2,c2988454

(c) 2021 Cision. All rights reserved., source Press Releases - English

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Sales 2021 1 461 M 1 640 M 1 640 M
Net income 2021 796 M 894 M 894 M
Net cash 2021 628 M 705 M 705 M
P/E ratio 2021 42,7x
Yield 2021 1,10%
Capitalization 33 950 M 38 326 M 38 099 M
EV / Sales 2021 22,8x
EV / Sales 2022 18,4x
Nbr of Employees 1 059
Free-Float 35,7%
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Christian Otto Sinding Chief Executive Officer & Managing Partner
Kim Henriksson Chief Financial Officer
Yngve Conni Jonsson Director
Caspar Mats Andreas Callerström Chief Operating Officer & Deputy CEO
Edith W. Cooper Independent Director
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