Property investor Nrep buys 51% of Swedish housing group Klovern, ET RealEstate

July 3, 2023

STOCKHOLM: Corem Property Group , ALM Equity and Broskeppet Bostad, which together own Klovern, have agreed to sell a 51% stake in the Swedish housing company to property investor Nrep, Corem said on Monday.

Swedish real estate group Corem said in a statement Nrep would pay 2.5 billion Swedish crowns ($231 million) for the stake, and would also invest another 4 billion in Klovern over time, through directed share issues.

“The deal, together with conventional external financing, enables the completion of Klovern’s project portfolio of approximately 24,000 homes and thus the ambition to become one of Sweden‘s largest housing companies,” Corem said.

In connection with the closing of the deal next month, Klovern will conduct a first share issue, in which Nrep’s stake in the group will rise to 65%.

Corem said its stake in Klovern would amount to 17% after the sale and the first share issue.

“The deal implies a significant liquidity effect for Corem, amounting to 1.4 billion crowns in 2023,” it said.

  • Published On Jul 3, 2023 at 06:00 PM IST

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