Saab News: Saab real estate sold

Saab factory Trollhättan - Sold?
Saab factory Trollhättan - Sold?

Update: 09: 59

Saab has sold 50,1% of its properties in Trollhättan. The buyer is the Swedish real estate company Hemfosa. Saab will receive 255 million kroner for that, which is a little less than the 300 million initially planned. Crisis discount just. Hemfosa has the opportunity to acquire further shares of Saab Immobilien within 30 days.

Saab rents the properties for 15 years, but does not have to pay rent in the first year. The approval of the EIB and the Reich debt administration is pending.

Trollhattan, Sweden: Swedish Automobile NV (Saab Automobile) announces that Saab Automobile AB (Saab Automobile) has reached a conditional agreement with 50.1% of its shares in Saab Automobile Property AB (Saab Property) EUR 255 million).

A consortium of Swedish real estate investors, by Hemfosa Fastigheter AB (the Consortium), wants to purchase 50.1% of the shares in Saab Property for a total consideration of SEK 255 million period. The property 483,000 m2 building space. 300 million (EUR 33 million) on the same terms within 30 days after closing.

Saab Automobile wants to enter into a lease agreement with Saab Property for a duration of 15 years.

As joint owners, the Consortium and Saab Automobile seek to further develop the property, including the refinancing of the property at a later date. Saab Automobile is being advised by Catella Corporate Finance.

Saab Automobile to sell the property, the Swedish National Debt Office (NDO), is the guarantor of the EUR 400 million loan from the European Investment Bank (EIB), which seeks to release its share of the shares of Saab Property , If the NDO releases its pledge in the shares of Saab Property, the guarantee of the NDO in favor of the EIB will be reduced by EUR 120 million. As a result, Saab Automobile seeks to draw up a maximum of EUR 280 million under the existing EIB loan (of which EUR 216.9 has now been drawn). A further EUR 63.1 million will remain available to Saab Automobile under the EIB loan. Saab Automobile seeks final approval from the EIB, the NDO and the Swedish Government to complete the transaction which it expects shortly.

Swedish Automobile and Saab Automobile continue their discussions with several parties to secure additional short-term funding to restart production. There can, however, be no assurance that these discussions will be successful.

Jens Engwall, CEO Hemfosa Fastigheter AB, said: “We are very pleased with the agreement with Saab Automobile. We will continue to add value for Saab Automobile in developing the property. ”

Text: tom@saabblog.net

7 thoughts on "Saab News: Saab real estate sold"

  • Yes, at first glance, it is not clear. And thanks for the praise

  • We could go on playing this game forever. Because the 300 million are not specified as a total value in this PM ... but rather result from the previous effort to sell the entire property for 300. You could go around funny and say: 45 million not equal to 49,9% if 51,1 were paid for 255% 😉
    but let us do that.
    As with many other decisions or developments, I am sure that we would love to know sooner than if it was a contribution to getting back on track. By the way: thanks for the obviously always pretty up to date info!

  • Quite simply: total amount 300 million. Less already agreed for 255 million for the 50,1% = 45 million rest. 😉 No offense ...

  • ... but it doesn't have to be like that ... because the PM doesn't say that they will get the rest for 45 million, but instead there is talk of “additional shares to increase the amount to SEK 300 million”. This does not make a statement about how much the entire remaining amount is worth. So if you refer to the message, then only read what is in it. Or my knowledge of English is insufficient. May be.

  • Here no “typical German pessimism” is spread, but critically examined.
    Many corporate decisions that were judged to be positive by the international press (Hawtai, resumption of production without renegotiated supplier contracts, etc.) ended up as a bleak. You just get more skeptical ...

  • Marcus, Marcus, please read the Saab press release before you write on my blog. "The investors have the right to purchase additional shares to increase the amount to SEK 300 million (EUR 33 million) on the same terms within 30 days after closing" The silverware has been sold, the leftovers are only worth 45 million crowns, so some “wasteland” and some buildings around the plant. Ok

  • The 300 millions of SEKs that were previously in the room had as a basis the sale of the entire property, not just 51 percent.
    In this respect, it is certainly not a crisis discount, but a much better solution for Saab, especially as this may make the entry of a VA is still possible, which can bring additional money in the coffers.
    This means that the EIB rejection is also wasted, as Saab's security has improved significantly since yesterday.
    Let's wait and see - I think we'll get more information.
    It seems to be a typosch German trait to initially want to see everything negatively - other international sources see it much more positively

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