KMC Properties ASA ("KMCP" or the "Company") has agreed to acquire one Danish
and three Finnish properties from BEWI ASA ("BEWI") for a total transaction
value of NOK 348.3 million. The properties have a rental income of DKK 3.5
million and EUR 1.6 million, giving a gross yield of approximately 6.6 per cent,
and a WAULT of 17 years. The transaction also includes a set of contractual
changes on existing properties rented by BEWI.
The acquisition of the four properties represent approximately one third of the
value of the second tranche of the larger ongoing portfolio transaction with
BEWI, scheduled for completion in June 2023, and completes the acquisition of
the Nordic share of the BEWI transaction. KMCP values the Danish property at DKK
52.8 million and the three Finish properties at EUR 20.3 million, with the
remaining transaction value representing five contract extensions from seven to
15 years, and a cancellation of a buy-back clause related to one of KMCP's
previously acquired properties.
"The key to our success is close collaboration with our tenants, creating
long-term relations at mutually beneficial terms. In addition, the WAULT
extension on the existing properties will have a positive effect on the ongoing
refinancing of our bond" says Liv Malvik, CEO of KMC Properties.
NOK 200.0 million of the transaction will be financed short term by KMCP's
currently undrawn revolving credit facility, and the remaining NOK 148.3 million
will be settled in new KMCP shares based on the highest of NOK 7.33 per share
and today's VWAP until announcement of the transaction, but not higher than NOK
8.00 per share. The company is currently in the process of getting commitments
on the long-term financing of the properties.
For further information, please contact:
Liv Malvik, CEO KMC Properties ASA, tel. +47 48003175
About KMC Properties ASA
KMC Properties is an Oslo Børs-listed real estate company focusing on
industrial- and logistic properties. The company has a diversified portfolio of
properties in the Nordics and the Netherlands. The properties are strategically
located and have long lease agreements with solid tenants.
KMC Properties has an ambitious strategy to grow the portfolio through further
development of existing properties, as well as M&A initiatives.
Information in this announcement is considered to be inside information pursuant
to the EU Market Abuse Regulation (MAR) and is subject to the disclosure
requirements pursuant to MAR article 17 and Section 5-12 the Norwegian
Securities Trading Act. This announcement was published by Kristoffer Holmen of
KMC Properties ASA on 31 March 2023 at 15:40 CEST.