Offer for Klövern
Corem’s public offer to the shareholders in Klövern
Corem Property Group AB (publ) (“Corem”) has announced a public offer to the shareholders in Klövern AB (publ) (“Klövern”) with intent to merge the two companies. Through the merger, the new group’s property portfolio will consist of 510 properties valued at approximately SEK 75 billion. The proposed merger of Corem and Klövern is expected to create significant value for all stakeholders, by way of operational and financial synergies.
“By combining Corem’s strong logistics property portfolio with Klövern’s concentration of office properties, we are creating one of the Nordic region’s largest real estate companies with a broadened product and customer offering. The merger enables Klövern’s shareholders the opportunity to be part of joint future value creation, with a combination of strong cash flows, a broad project portfolio and a strengthened customer base, while the transaction creates synergies that are estimated at approximately SEK 200 million annually. The market cap of the merged company is expected to increase the attention of both Swedish and foreign investors and create conditions for an improved credit profile with the aim of obtaining a rating equal to investment grade. In addition, a business-driven and experienced organization is created through the new company group.” – Patrik Essehorn, Chairman of the Board of Corem