Nasdaq Stockholm AB has today approved, subject to that customary conditions are met no later than the first day of trading, Neobo Fastigheter AB (publ)’s (”Neobo” or “the Company”) application for listing of the Company’s shares on Nasdaq First North Premier Growth Market (”Nasdaq First North Premier”). The first day of trading on Nasdaq First North Premier has been set to February 10, 2023. The company description that has been prepared for the listing is now available (in Swedish) on the Company’s website, www.neobo.se. The company description includes information about the valuation of the property portfolio as of December 31, 2022 and information about Neobo’s financing conditions.
An extraordinary general meeting of Samhällsbyggnadsbolaget i Norden AB (publ) (”SBB”) resolved on December 21, 2022 to distribute all of SBB’s shares in Neobo to SBB’s A and B shareholders in accordance with the board’s suggestion. The distribution was carried out on December 30, 2022.
Neobo is a Swedish property company that long-term manages and refines rental properties in Sweden. The Company’s business model is to manage and refine residential properties in municipalities with population growth, good employment rate and a stable rental market. Long-term value and cash flow growth will be achieved by being an active property owner in places where people want to live, work and stay. Neobo will also be a long-term and safe landlord and actively work with sustainability to contribute to good social development.
The Company’s property portfolio as of the day of the company description consists of 268 properties with a total property value of SEK 15.8 billion as of September 30, 2022. The property portfolio was as of 31 December, 2022 valued, by external valuers, to SEK 15.3 billion. Residential properties account for 95 percent of the real estate value and the rest of the value is mainly from community service properties. As stated in the company description, Neobo has per today’s date, entered into new credit agreements of SEK 7.4 billion of which c. 80 percent are interest hedged. The new credit agreements imply that Neobo, as of today’s date, has an average debt duration of 4.1 years, an average fixed interest term of 1.7 years and an average interest rate of 2.5 percent. Neobo will through the listing become one of the largest listed solely residential focused property companies in Sweden, based on the market value of the properties.
The company description that has been prepared for the listing is available (in Swedish) on the Company’s website, www.neobo.se.
Neobo’s share will be traded with the ticker symbol NEOBO and ISIN code SE0005034550 on Nasdaq First North Premier on February 10, 2023.
Danske Bank, SEB and Swedbank have acted as financial advisors and Advokatfirman Vinge has acted as legal advisor in the listing process.