Bonava continues to optimise its building rights portfolio and sells land for SEK 134 million
Bonava divested non-strategic land in Sweden and Germany in the second quarter. At the same time, Bonava expanded its building rights portfolio in Finland and the Baltics with just over 400 building rights. The land sales for the quarter totalled approximately SEK 134 million with the majority of the liquidity being received in the third quarter, with a total earnings effect of SEK -30 million after impairment that will be recognised in the second quarter.
Bonava continues to review and optimise its building rights portfolio. These efforts around tied-up capital will continue, with Bonava choosing to divest non-strategic land in order to reduce tied-up capital and increase its cash flow.
Bonava Finland expanded its building rights portfolio during the quarter with 27 building rights in the attractive Kaleva microdistrict in Tampere. The building rights are located in an area where Bonava Finland has previously constructed and completed successful projects. Bonava Baltics signed contracts with options for the acquisition of approximately 400 building rights during the quarter. As Bonava previously announced, Bonava Sweden divested land in Uppsala and Bonava Germany has also sold land in the region Rhine-Main. The total earnings effect after impairment for sales in the quarter is approximately SEK -30 million and will be reported in the second quarter, with the negative earnings effect being largely attributable to the sale in Sweden.
For more information, please contact:
Anna Falck Fyhrlund, Head of Investor Relations
[email protected]
Tel: +46 707 604 914
Fredrik Hammarbäck, Group Head of Press and Public Affairs
Tel: +46 739 056 063
Bonava is a leading residential developer in Europe with the purpose to create happy neighbourhoods for the many. With its 1,300 employees, Bonava develops residential housing in Germany, Sweden, Finland, Estonia, Latvia and Lithuania. To date, the company has built about 40,000 homes and reported net sales of approximately SEK 13 billion in 2023. Bonava’s shares and green bond are listed on Nasdaq Stockholm.
For more information about us, visit: www.bonava.com
