Ratos's subsidiary HENT has signed an agreement to sell its residential development operations, HENT Eiendomsinvest, to Fredensborg Bolig. The sale will generate a capital gain of approximately NOK 85m.
HENT has signed an agreement to sell its subsidiary HENT Eiendomsinvest to Fredensborg Bolig. The agreement includes a potential additional purchase consideration if Fredensborg Bolig decides to utilise an option linked to the expansion of a project outside Oslo. The sale of the operations is expected to generate a capital gain of approximately NOK 85m, including the potential additional purchase consideration. The sale is expected to be completed in the second quarter of 2018.
HENT Eiendomsinvest makes up the majority of HENT's current residential development operations and comprises some 1,200 planned apartments in which HENT's average holding is nearly 50%. As of
31 December 2017, the operations had not yet made any significant contributions in terms of earnings.
"In a short period of time, HENT has established itself as a player in the Norwegian residential development market, with the intention of a long-term commitment. However, Fredensborg Bolig has made us a very attractive offer and is a buyer with significant competence to develop the operations going forward," says Mårten Bernow, Director at Ratos.
For further information, please contact:
Mårten Bernow, Director Ratos, +46 8 700 17 00
Helene Gustafsson, Head of IR and Press, +46 8 700 17 98