Nordika becomes major shareholder in Norwegian KMC Properties ASA
KMC Properties ASA (“KMC” and with OBX ticker: KMCP) has agreed with Nordika for an equity injection, enabling further growth and financing of the acquisition of seven new properties. Nordika will invest NOK 275 million at a price of NOK 5.5 per share, representing 12.7% of the shares outstanding in KMC. Nordika will, after the issuance, be the third largest owner of KMC.
KMC will use the proceeds to acquire seven light industrial, net lease properties from BEWI ASA with a WAULT of 17 years with 100% CPI adjustments for NOK 625 million, at an accretive yield of 8.75%.
In addition, Nordika has in this transaction subscribed to additional call options for NOK 130 million at a strike price of NOK 5.75 per share where proceeds will be used to repay debt or to acquire new properties.
“KMC has been on our radar for some time, and we are happy to finally get the opportunity to invest in the company. KMC is a well operated light industrial and logistics real estate company that provides us with attractive exposure in a defensive market segment with several global mega trends supporting the case. The company represents a unique platform for expansion,and we look forward to support KMC in its future growth. We have a long-term perspective when investing in KMC and look forward to the continued good collaboration.” says Jonas Grandér, CEO of Nordika.
“We are thrilled to continue our accretive growth, and to bring a new strategic investor on-board that is aligned with our strategyand targets. In addition, attractive new bank debt shows that we receive continued support from banks in times of increased macro uncertainty. This is a testament to our strong portfolio and the work laid down over the past years. The transaction further improves all our KPIs and brings us closer to ourvision of becoming the preferred real estate partner for logistic and industrial companies.” says Liv Malvik, CEO of KMC Properties.
Colliers, Wikborg Rein and PWC advised Nordika in the transaction.
About Nordika
Nordika is an award-winning investor within the Nordic real estate sector. Nordika focuses on special situations and impact investments backed by an excellent investor base of global institutional investors. Nordika invests mainly in commercial real estate in Sweden, Finland and Norway. Nordika sources investment opportunities across public and private markets and looks to serveas the long-term capital partner of choice. Nordika offers a wide and flexible range of solutions, whether providing control equity, hybrid capital, or bespoke lending solutions to corporates or property owners. Since its inception in 2011, Nordika has acquired and managed investments with a value exceeding SEK 10 billion.
About KMC Properties ASA
KMC Propertiesis an Oslo Børs-listed real estate company focusing on industrial- and logistic properties. The company has a diversified portfolio of properties in the Nordics and the Netherlands. The properties are strategically located and have long lease agreements with solid tenants. KMC Properties has an ambitious strategy to grow the portfolio through further development of existing properties, as well as M&A initiatives.
