SAGAX INVESTS SEK 1,110 MILLION
Sagax has entered into an agreement with Hedin Mobility Group regarding a sale- and leaseback transaction concerning 16 properties located in the Netherlands (7 properties), Belgium (8 properties) and Germany (1 property). In connection with the closing, Hedin Mobility Group will enter into long-term triple-net lease agreements for all properties.
Hedin Mobility Group is one of Europe’s largest vehicle distributers and retailers with over SEK 50 billion in turnover and 180,000 sold vehicles during 2022. Hedin Mobility Group has more than 8,000 employees and 270 facilities in 7 countries.
The acquisition concerns 16 properties comprising a total of 68,800 square metres of lettable area and 180,000 square metres of freehold land. The properties are used for sale of cars (69% of rental income), trucks and transport vehicles (25% of rental income) and for associated workshop purposes. 6% of rental income relates to a warehouse property. 87% of the lettable area consists of properties located in the Randstad, Bremerhaven, Antwerp, Ghent and the Brussels region.
Sagax's investment amounts to the equivalent of SEK 1,110 million including transaction costs. The rental income amounts to the equivalent of SEK 77 million per year and is indexed to the CPI or equivalent index. The occupancy rate is 100%. The lease terms are 8 to 12 years with an average initial lease term of 10 years. The tenant has an unilateral right to extend the leases by an additional 5 years. The lease agreements are triple-net, which means that the tenant is responsible for all operating and maintenance costs in addition to the rent.
Closing is expected to take place during the third and fourth quarter of 2023. The acquisition will be reported in Sagax’s segments Netherlands (SEK 537 million), Other Europe (SEK 506 million) and Germany (SEK 67 million).
For more information, please contact CEO David Mindus tel. +46 8 545 83 540.
About AB Sagax
AB Sagax is a property company whose business concept is to invest in commercial properties, primarily in the warehouse and light industry segment. Sagax’s property holdings per 31 March 2023 amounted to 3,894,000 square metres, distributed over 749 properties. AB Sagax (publ) is listed on Nasdaq Stockholm, Large Cap. More information is available at www.sagax.se.
Every care has been taken in the translation of this press release. In the event of discrepancies, however, the Swedish original will supersede the English translation.