Heimstaden to Receive Deferred Purchase Price from Fredensborg for the Sale of Icelandic Portfolio
Following Heimstaden's sale of Heimstaden ehf. to Fredensborg AS in October 2023, Heimstaden has today been notified by Fredensborg AS about its entry into a binding purchase agreement with SRE III slhf. ("Stefnir").
Upon transaction closure, Heimstaden will receive the net deferred purchase price of approx. SEK 750 million in cash inflow*, based on today's SEK/ISK FX rate.
Closing is contingent on Icelandic Competition Authority approval, expected by end March 2024.
Deputy CEO Christian Fladeland comments:
"We are pleased to receive notification of the binding purchase agreement with Stefnir. Proceeds from the sale of the Icelandic portfolio will be used for liability management and continued deleveraging."
*Of the net deferred purchase price, SEK 123 million is already received as a dividend from Heimstaden ehf.