Serneke is selling its portfolio of rental apartments to Trenum
Serneke has signed an agreement with Trenum AB to sell a portfolio comprising approximately 875 rental apartments. The transaction is valued at a total of approximately SEK 1.8 billion.
Property company Trenum AB, jointly owned by Balder and Tredje AP-fonden, is acquiring a total of five areas of land with appurtenant housing projects in Borås, Gothenburg, Trollhättan and Vänersborg. The agreement includes project development and contracting assignments under which Serneke will construct a total of approximately 875 homes on the relevant properties.
The housing projects are based on building concepts developed in-house by Serneke, entailing, in short, a standardized and more efficient construction process, attractive floor plans and high-quality housing.
"It feels extremely good to embark on a strategic long-term collaboration with a company in the Balder Group. This is a transaction on which we have been working for a long time and which, besides forming a strong new alliance, also entails favorable order volumes for our contracting operations for some time to come. This is entirely in line with our strategy, based on our business concept of developing, selling and constructing properties," says Ola Serneke, President and CEO of Serneke Group.
"Trenum focuses on constructing and acquiring newly-produced rental properties. The transaction with Serneke fits well with the strategy whereby Serneke, has developed, with its concept buildings, a product meeting tenants' demands for efficient spaces without sacrificing architecture and quality," says Marcus Hansson, CEO at Trenum.
Production of the first projects is scheduled to commence in the first quarter of 2020 and all of the apartments are expected to be completed in 2023. The order volumes for the various contracting assignments will be included in order bookings in the relevant period on an ongoing basis, in pace with production starts.
The transaction has a total underlying property value of approximately SEK 1.8 billion, including investment grants. The transaction will have a positive effect on liquidity of approximately SEK 95 million in the fourth quarter and an initial positive impact on earnings of approximately SEK 60 million.
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