Property investor Nordika has invested SEK400 million (€35 million) in Vendus Sweden, making it the majority shareholder in the real estate company that focuses on grocery retail assets.
Vendus invests in assets with stable cash flows across Sweden and has created a platform of 51 properties, with around 77% of rental income derived from key players in the grocery sector, with an asset value of SEK2.3 billion.
Vendus said it is raising equity to capitalise on “attractive investment opportunities” and “to establish an efficient capital structure” enabling a continued growth journey with the ambition to grow the property value to at least SEK6 billion within a three-year period.
In addition to the new share issue to special situations property investor Nordika, Vendus intends to raise up to an additional SEK450 million from existing investors via a rights issue. The founders, management and current main shareholder MEL & ME will commit to invest at least SEK110 million out of the additional SEK450 million rights issue target providing Vendus with up to SEK850 million in new equity.
Source: realassets.ipe.com on the 29th of November