Following the refinancing of the first two of its three senior debt facilities, announced in November 2018 and February 2019, Cibus Nordic Real Estate AB (publ) ("Cibus" or the "Company") has now refinanced the final remaining senior debt facility. The refinancing has a positive effect on the Company's future cash flows.
The new €190 million facility with Nordea Bank, LocalTapiola and Swedbank has a lower margin and a longer maturity than before. It also includes a facility for further acquisitions. The facility is large enough to enable the Company to carry out its acquisition strategy during this year and next year at the planned pace.
"At the time of the IPO, the Company set out a target to refinance all its existing senior loans within a two-year time frame. The target was to decrease the margin and increase the debt amount so that acquisitions for a total of €100 million could be acquired without increasing the total interest expense of the company. We have now concluded the refinancing quicker than anticipated and fulfilled the margin target. In addition to that, we have been able to secure even more financing than originally anticipated. This facility will now let us continue the pace of €50 million in new acquisitions per year all through 2020. After that, we will start focusing on a potential refinancing of the outstanding bond of the Company" says Sverker Källgården, CEO of Cibus.
24 June 2019
For further information, please contact:
Sverker Källgården, CEO, Cibus Nordic Real Estate (+46 761 444 888)
Cibus is a real estate company listed on Nasdaq First North in Stockholm. The company's business idea is to acquire, develop and manage high quality properties in the Nordics with daily goods store chains as anchor tenants. The company currently owns 138 properties in Finland. The main tenants are Kesko, Tokmanni and S-Group. FNCA Sweden AB, +46(0)8-528 00 399 firstname.lastname@example.org, is appointed Certified Adviser.
"Since the listing of Cibus, we have been working with a clear vision of growing the business through further acquisitions. In July, Cibus made its first add-ons by acquiring three properties in Finland. After the reporting period, six more assets were acquired. These acquisitions have increased the cash flow of the company and support our goal of providing our investors with a long-term, stable and high return. Cibus's first dividend payment was made after the end of the reporting period in October. Going forward, dividends will be paid quarterly." Comments from Patrick Gylling, chairman of the board.
Cibus Nordic Real Estate AB (publ) ("Cibus" or the "Company") has signed the acquisition of a portfolio of six daily-goods properties in Finland. In conjunction with the transaction, Cibus has refinanced one of its three senior-loan facilities. The new €142 million facility has a lower margin than the previous one and includes the financing of the portfolio acquired today. The acquisition and the refinancing will have a positive effect on the Company's future cash flow.
The CEO of Cibus Nordic Real Estate AB (publ) ("Cibus") Lisa Dominguez Flodin, has reached an agreement with the board of the company to leave the company and resign as CEO. The company will start a recruitment process with the aim of finding a new CEO. In the meantime, the board member Jonas Ahlblad will serve as interim CEO.
At the annual general meeting held on 18 October 2018 in Cibus Nordic Real Estate AB (publ) the main resolutions passed were the following:
The shareholders of Cibus Nordic Real Estate AB (publ), reg. no 559135-0599, are hereby invited to the annual general meeting, to be held on Thursday 18 October 2018 at 10:30 a.m. at the premises of Pareto Business Management AB, Berzelii Park 9, 9th floor in Stockholm, Sweden.
Cibus Nordic Real Estate AB (publ) Year-end Report 23 November 2017 - 30 June 2018 Cibus Nordic Real Estate AB (publ) ("Cibus" or the "Company") releases the first year-end report (Sw: Bokslutskommuniké) for the period of 23 November 2017 through 30 June 2018.
Cibus Nordic Real Estate AB (publ) ("Cibus" or the "Company") has previously stated that the year-end report (Sw: Bokslutskommuniké) will be released on September 20, 2018. Since the report will be finalized earlier, the board has decided to release the report two days earlier, thus September 18, 2018.
Chairman Rickard Backlund has today resigned from the board of directors of Cibus Nordic Real Estate AB (publ) ("Cibus"). New acting chairman is Patrick Gylling.
Cibus Nordic Real Estate AB (publ) ("Cibus") has prolonged seven leases with Tokmanni by approximately 5.5 years. The average lease length for all Tokmanni assets owned by Cibus is hereby approximately 7 years, and there are no leases shorter than 4 years.
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