Ratos AB: HENT divests residential development operations
Press release 23 April 2018
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
Financial calendar from Ratos:
Interim report January-March 2018 3 May 2018
Annual General Meeting 2018 3 May 2018
Interim report January-June 2018 17 August 2018
Interim report January-September 2018 25 October 2018
Ratos is an investment company that owns and develops unlisted medium-sized companies in the Nordic countries. Our goal as an active owner is to contribute to long-term and sustainable business development in the companies we invest in and to make value-generating transactions. Ratos's portfolio consists of 13 medium-sized Nordic companies, with the largest segments in terms of sales being Industrials, Construction and Consumer goods/Commerce. Ratos is listed on Nasdaq Stockholm and has a total of approximately 12,700 employees.