The Offering in brief:
- The price in the Offering has been set at
SEK 13.4 per share, corresponding to a market value of the Company’s shares ofSEK 2,680 million before the completion of the Offering and a market value ofSEK 3,430 million after the completion of the Offering. - The market value of the Company’s shares, before and after the completion of the Offering, corresponds to a valuation of 1.0 times in relation to the Company’s long-term net asset value (EPRA NAV)*.
- The Offering comprised 111,940,300 shares, of which 55,970,150 were newly issued shares in the Company and 55,970,150 were existing shares offered by the Company’s sole shareholder,
Nordact AB (the “Selling Shareholder”). - The Offering of new shares will provide Offentliga Hus with gross proceeds of approximately
SEK 750 million before issue costs and net proceeds of approximatelySEK 710 million after deduction of costs in relation to the listing. - Out of the proceeds from the sale of existing shares which were offered by the Selling Shareholder, approximately
SEK 415 million will accrue to Offentliga Hus by covering the promissory notes attributable to the repositioning of the Company’s property portfolio which included the divestment of 88 small properties and the minority interest in Studentbostäder iSverige AB , made public by the Company in a press release28 July 2020 . - To cover any overallotment in the Offering, the Selling Shareholder, at the request of
Nordea Bank Abp , filial iSverige andSwedbank AB (publ) (the “Joint Global Coordinatiors”), has undertaken to sell up to 16,791,045 additional shares, corresponding to a maximum of 15 per cent of the total number of shares in the Offering (the “Overallotment Option”). - Provided that the Overallotment Option is exercised in full, the Offering will comprise 128,731,345 shares, which represents 50 per cent of the total number of outstanding shares and votes in the Company after completion of the Offering.
- The total value of the Offering amounts to approximately
SEK 1,500 million and approximatelySEK 1,725 million if the Overallotment Option is exercised in full. - Immediately after completion of the Offering, provided that the Overallotment Option is exercised in full, Offentliga Hus’ largest shareholder will still be
Nordact AB holding 50 per cent of the total number of outstanding shares and votes in the Company. - Trading in Offentliga Hus’ shares commences today,
23 October 2020 , on Nasdaq First North Premier under the ticker “OFFHUS” and is conditional up to and including the settlement day which is expected to be27 October 2020 .
"I am pleased with the great interest in becoming a shareholder in Offentliga Hus, both among Swedish and international institutional investors as well as among the public in
Adam Kostyál, SVP and Head of European Listings, Nasdaq, comments:
”We welcome Offentliga Hus to the Nasdaq First North Premier Growth Market. Offentliga Hus makes an important contribution to society and we look forward to supporting the company on its continued growth journey in the public market. With a strong visibility and access to investors, we are convinced that Offentliga Hus will make a successful journey as a listed company.”
About Offentliga Hus and use of proceeds
Offentliga Hus is a growth-oriented real estate company that owns, manages and develops quality community service properties in a long-term and sustainable way. Through smart and sustainable real estate solutions, Offentliga Hus contributes to a world-class public welfare service.
The state, regions and municipalities in
Since its start in 2011, Offentliga Hus has been a transaction-driven company with a focus on long-term management of community service properties. The Company focuses mainly on three property segments; healthcare & care, education and public offices.
The Company intends to use the net proceeds from the IPO to finance continued long-term growth in the Company and for other business-related purposes.
Key strengths and competitive advantages
- Broad exposure to the strong and attractive Swedish market with a clear focus on community service properties.
- Diversified portfolio mix enables high yield vs. risk.
- Trusted counterparty to ‘AAA’ tenants with strong contract base of >500 lease contracts and long tenant relations.
- Business model with clear focus on growth and with a clear sustainability agenda:
- Proven track record of growth through acquisitions and a significant M&A pipeline of attractive community service properties.
- Organic and profitable growth through tenant driven investments, new development and active property management.
- Seasoned management team with proven track record of running listed companies to execute on the Company´s growth agenda, supported by committed Board of Directors and owners.
About the Selling Shareholder
Selling Shareholder in the Offering is the Company’s sole shareholder
The Selling Shareholder and the Principal Owners have undertaken, with certain exceptions and for a certain period of time, not to sell their respective holdings of shares or in any other way enter into transactions with similar effect without prior written consent from the Joint Global Coordinators (the “Lock-up Period”). After expiry of the Lock-up Period, the Selling Shareholder and the Principal Owners will be free to sell their shares in Offentliga Hus.
Advisors
For more information, please contact:
+46 (0)708 88 66 65
fredrik.brodin@offentligahus.se
The information was submitted for publication, through the agency of the contact person set out above, on
Important information
This press release is not and does not form a part of any offer for sale of securities.
Copies of this press release are not being made and may not be distributed or sent into
Any offering of the securities referred to in this press release will be made by means of a prospectus. This press release is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the
In any EEA Member State other than
This press release is only being distributed to and is only directed at persons in the
Matters discussed in this press release may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may,” “continue”, “should” and similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this press release speak only as at its date, and are subject to change without notice.
Stabilisation measures
The Overallotment Option may be utilised to overallot shares in order to facilitate any stabilisation transaction. The stabilisation transactions, if conducted, may be discontinued at any time without prior notice but must be discontinued no later than within the aforementioned 30-day period.
*EPRA NAV before the completion of the Offering calculated in accordance with EPRA NAV as of
© Modular Finance, source