On 5 May and 19 July 2024 (Press release no. 7 and no. 14, 2024), Sagax announced that it had acquired shares in an SPV (“FWP”) owning a property portfolio in France comprising 43 properties with 285,000 square metres of lettable area and 902,000 square metres of freehold land.

Today, Sagax has increased its ownership stake from 77% to 95%. The investment amounts to the equivalent of SEK 690 million. FWP is debt-free and the shares are acquired from an insurance company.

The property portfolio is concentrated to the Paris, Lyon, Lille and Marseille regions and fully let to Metro AG which uses the premises for wholesale operations in the HORECA segment. The annual rental income (excluding charges) amounts to the equivalent of SEK 270 million. The average remaining lease term is 9 years. The tenant is responsible for all operating and maintenance costs with the exception of the long-term maintenance of the properties.

In addition, Sagax has acquired 3 properties in Paris in a separate transaction for the equivalent of SEK 360 million. The properties comprise a lettable area of 24,000 square metres and 37,500 square metres of freehold land. The annual rental income amounts to the equivalent of SEK 22 million. The occupancy rate is 82% and the average remaining lease term is 2.1 years.

Closing for the equivalent of SEK 690 million has taken place. Closing for the remaining SEK 360 million is expected to take place during the third quarter of 2025. The acquisitions will be reported in Sagax’s segment France.