Corem to divest €1b properties in Sweden and Copenhagen

Corem Property Group AB has signed four separate letters of intent to divest properties, at a total underlying property value of approximately SEK 12 billion (€1.03 billion/$1.06 billion).

The properties are in Sweden and Copenhagen, and consist mainly of office premises.

“This is in line with the established strategy, where we utilize property transactions to strengthen our balance sheet and free up capital for redemption of our future bond maturities,” said Rutger Arnhult, CEO Corem. “It is therefore gratifying that we have succeeded in signing several letters of intent. It acts as proof that there is a functioning transaction market but also that we have an attractive portfolio regardless of economic trends. Combining the entered letters of intent with previously signed divestments, we have so far signed in excess of 25 different transaction agreements during the year, with a wide range of buyers and property types.”

At agreed divestments, the first