case | 23 Jan 2024

Setterwalls has advised Doxa and Serneke in a SEK billion transaction

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Doxas wholly owned subsidiary Serneke divests together with Balder approximately 151 000 square meters of development rights in Karlastaden in Gothenburg to Förvaltnings AB Framtiden

Karlastaden consists of approximately 325 000 square meters of gross development area (BTA) allocated to eight blocks above ground together with Karlastadens garage och media facility. The transaction consists in part of the two blocks Lynx and Virgo of approximately 36 000 square meters BTA, of which 100 per cent is divested, and in part of the four blocks Callisto, Cassiopeja, Aries and Auriga of approximately 115 000 square meters BTA, of which 74 per cent is divested with Serneke and Balder remaining owners with a stake of 26 per cent. The seller of the Cassiopeja block is a wholly owned subsidiary of Serneke, and the seller of the remaining blocks is a joint venture company which is equally owned by Serneke and Balder. The agreed aggregate underlying property value amounts to SEK 1,235,477,600 with a fixed additional purchase price of SEK 20,000,000. The transaction also includes a one sided option right for the sellers to repurchase the development rights in the four partly owned blocks by latest September 2027. The transaction in relation to the different blocks is expected to close during Q1 2024. The transaction is subject to a number of conditions precedent which must be satisfied by September 2024 the latest, among these a comprehensive restructuring covering different property reformation measures.

Doxa is engaged in real property investments. The investment business is focused on Swedish public and private real property related shares and other real property assets without limitation as to category, region or ownership period. Doxa Aktiebolag (publ) is listed on Nasdaq First North Growth Market with Redeye AB as Certified Adviser.

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