On 19 Apr. 2022, Stenhus Fastigheter i Norden AB (publ) (Stenhus Fastigheter) announced an offer to acquire all outstanding shares in property manager Randviken Fastigheter AB (publ) (Randviken). The acquisition is to be funded with a mix of newly issued equity and cash. Shareholders in Randviken, representing 52% of the outstanding shares, have already accepted the offer. If Stenhus Fastigheter were to acquire all of the shares, its property portfolio would roughly double in size.
We expect Stenhus Fastigheter's credit metrics to remain within current policy levels if the transaction goes ahead as planned. We view the likely increase in scale as positive for Stenhus Fastigheter's credit profile, but note that our 'BB' long-term issuer rating on the company already reflects expectations of rapid portfolio growth. Accordingly, we anticipate that the rating will remain unchanged.
We will continue to monitor the transaction as details emerge.
This commentary does not constitute a rating action.
Contacts:
Marcus Gustavsson, analyst, +46700442775, marcus.gustavsson@nordiccreditrating.com
Mille Fjeldstad, analyst, +4799038916, mille.fjeldstad@nordiccreditrating.com