Investis sells service business to Finland
The company wants to use the income to keep the LTV in the portfolio low. One major acquisition is already concrete.
Investis announced yesterday evening that it has signed an agreement to sell its entire Real Estate Services division to PHM Group Oy, a subsidiary of the Finnish PHM Group Holidng Oy. The enterprise value amounts to CHF 240 million. The completion of the transaction will be
expected in the coming weeks.
"The sale of all Real Estate Services companies of the Investis Group represents an excellent development for this business area," says Stéphane Bonvin, CEO of the Investis Group. The PHM Group is an "experienced pan-European real estate service provider". In addition to its home market in Finland, the company is also active in Sweden, Norway, Denmark and Germany and has 10,000 employees and an annual turnover of almost EUR 760 million. Investis will now concentrate on the further expansion of its real estate portfolio.
"The transaction makes us one of the market leaders in Switzerland and also provides us with an excellent basis for making further acquisitions in the local market," says Ville Rantala, Group CEO of the PHM Group.
Sale of the division to guarantee low LTV
With the sale, Investis is acquiring a minority stake in PHM Group TopCo Oy in the amount of CHF 50 million. In addition, Stéphane Bonvin will be proposed for election to the Board of Directors of the PHM Group. "As a profound expert on the Swiss real estate scene, he will continue to support the development of PHM's Swiss subsidiaries on the domestic market," according to a press release.
The expansion of the real estate portfolio announced by Bonvin is apparently already very concrete: the company has already signed purchase agreements worth CHF 201 million with a target rental income of CHF 12.5 million. Completion of the real estate purchases is scheduled for the coming weeks.
The sale of the Real Estate Service segment will significantly increase equity and even after the aforementioned acquisitions, the LTV is expected to be slightly below the value of 26%. (aw)
