Intea Fastigheter AB (publ) has entered into an agreement to acquire the police station and prison in Helsingborg from Castellum for an underlying property value of SEK 2,524 million. The total lettable area amounts to approximately 37,500 sqm, with a total annual rent of SEK 102.6 million.
The police station, located on the Helsingborg Högkvarteret 1 plot, was built in 2006 and has a lettable area of 19,100 sqm. The lease agreement with the Swedish Police Authority runs until 2026, with an annual rent of SEK 48.3 million. The prison is located on the neighbouring plot, Högkvarteret 2, was built in 2011 and has a lettable area of 18,400 sqm. The lease agreement with the Swedish Prison Service runs until 2036, with an annual rent of SEK 54.3 million. The lease agreements are subject to annual indexation equivalent to 85% of the CPI.
The buildings are environmentally certified pursuant to Breeam In-Use, Very Good level. They are strategically located about 2.5 km northeast of the centre of Helsingborg. The total area of the property plots is 24,800 sqm.
“This is exactly the kind of business we want to be doing. The buildings for which the Swedish Police Authority and the Swedish Prison Service are tenants are modern, co-located and are at the very core of Intea’s strategy,” says Charlotta Wallman Hörlin, Chief Operating Officer at Intea.
As part of the financing, Intea intends to carry out a rights issue of up to 6,024,097 Class B ordinary shares with the Company’s existing shareholders. The subscription price for the rights issue is expected to be SEK 41.50 per Class B ordinary share, which means that the Company will receive SEK 250 million in issue proceeds in the case of full subscription. The Board’s decision to make the rights issue will be conditional on the approval of the rights issue by the Extraordinary General Meeting of the Company to be held on 18 January 2022. Notice of the Extraordinary General Meeting will be published in a separate press release once the decision on the rights issue has been taken. The remainder of the acquisition sum will be financed by existing cash and unutilised credit facilities.
“We are very familiar with such special properties and the responsibilities that come from owning them. We are now looking forward to continuing to build and strengthen our local management organisation in Skåne region in order to be able to assist our tenants in the best possible way,” says Henrik Olsson, Head of Property at Intea.
Completion is scheduled for 28 December 2021. Following the acquisition, Intea will have a total property portfolio in Skåne of 120,000 sqm of lettable area, and it is also pursuing new construction projects that will add approximately 75,000 sqm of lettable area in the coming years.