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. ”