Cirio legal advisor to Söderport in the divestment of properties in Torslanda for a consideration of MSEK 2,338
Cirio acted as legal advisor to Söderport Holding AB (“Söderport”), the joint venture between AB Sagax and Nyfosa AB, in the divestment of six properties in Torslanda, Gothenburg, to Torslanda Property Investment AB (“TPI”). The deal is made by way of share transfer and the underlying property value amounts to MSEK 2,338. The properties comprises 145,000 sqm lettable area.
Torslanda owns the adjacent property to the acquired properties and the transaction is made with the aim of developing TPI’s organization and to ensure an efficient management and customer service. Söderport has the intention to develop TPI to an independent real estate business and further anticipates to gradually transfer its shareholding in TPI to Söderport’s shareholders or their shareholders in turn.
TPI will partly pay the purchase price by issuing new shares in TPI to Söderport’s wholly owned entity Västerport Holding AB (“Västerport”). Västerport´s share ownership will, after the share issue, increase from 28,6 % to 78,4 %. In connection with the transaction, the Swedish Securities Council has issued a ruling exempting Västerport from the obligation to launch a mandatory tender offer. The transaction is conditional on approval from the EGM of TPI and closing is expected to occur on 1 October 2019.
Cirio´s team mainly consisted of a team lead by Johan Hessius (M&A), together with Maria Arnoldsson (Capital Markets and Public M&A), Jesper Johansson (Banking & Finance), Joel Sandin Persson, Joakim Blecher and Johanna Permatz (M&A).
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