Condo Nordic Holding AB (publ) Acquires Operations and Assets from HOMEstate AB
Condo Nordic Holding AB (publ) ("Condo" or the "Company") has entered into a binding asset transfer agreement with HOMEstate AB and its owners, Stefan Alvarsson, Erik Selin, and Jacob Karlsson, regarding the acquisition of certain operational assets. The acquisition includes furniture and inventory valued at approximately SEK 8 million and 17 lease agreements for corporate apartments in Gothenburg.
Condo Nordic Holding AB (publ) Acquires Operations and Assets from HOMEstate AB
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Condo Nordic Holding AB (publ) ("Condo" or the "Company") has entered into a binding asset transfer agreement with HOMEstate AB and its owners, Stefan Alvarsson, Erik Selin, and Jacob Karlsson, regarding the acquisition of certain operational assets. The acquisition includes furniture and inventory valued at approximately SEK 8 million and 17 lease agreements for corporate apartments in Gothenburg.
The acquired assets are expected to generate approximately SEK 2.5 million annual revenues. The purchase price will be paid through a directed share issue of 2.4 million new shares in Condo (corresponding to 6.3% of the Company's share capital and votes) at an agreed price per share, equating to a total transaction value of approximately SEK 1.4 million.
The transaction's completion is subject to the satisfactory outcome of a due diligence review and other customary closing conditions. It is expected to be completed no later than 1 June 2025.
As part of the agreement, HOMEstate AB and its shareholders have undertaken to actively support the transition, including securing landlord consents for the transfer of lease agreements and providing operational support to Condo for a transitional period of 60 days following completion.
Strategic Importance for Condo
The acquisition of assets from HOMEstate AB represents an essential step in Condo’s strategy to expand its Swedish corporate housing market presence. Through this transaction:
The Company strengthens its offering of turnkey, furnished apartments for corporate clients
Contracted revenue is added with low integration risk
An operational platform is established in Gothenburg with immediate revenue generation
A foundation is created for future collaboration with the owners of HOMEstate and their respective property portfolios
For more information, please contact
Markku Jussila, Chairman of the Board
Phone: +358 40 532 2212 E-mail: [email protected]
Website: www.condoholding.com
This information is information that Condo Nordic Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted, through the care of the above contact person, for publication at 7:30 CET on 30 April 2025.
Important information
The publication, release or distribution of this press release may, in certain jurisdictions, be subject to legal restrictions. Persons in jurisdictions where this press release has been published or distributed must inform themselves of and comply with such legal restrictions. The recipient of this press release is responsible for using the press release and the information contained herein, following applicable rules in each jurisdiction. This press release does not constitute an offer to sell or a solicitation of an offer to acquire or subscribe for any securities issued by the Company in any jurisdiction where such an offer or solicitation would be unlawful.
This press release is not a prospectus within the meaning of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) and has not been approved or reviewed by any regulatory authority in any jurisdiction. No prospectus will be prepared in connection with the Directed Share Issue.
This press release does not constitute an offer to acquire or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States unless registered or exempt from registration under the applicable U.S. Securities Act of 1933 (the “Securities Act”) and securities laws of any state or other jurisdiction of the United States. The securities mentioned herein will not be registered in the United States, and no public offering will be made there. The information in this press release may not be disclosed, published, copied, reproduced, or distributed, in whole or in part, directly or indirectly, in or into the United States, Canada, Australia, Hong Kong, New Zealand, South Africa, South Korea, Switzerland, Singapore, Japan, Russia, Belarus or any other jurisdiction where such publication or distribution would violate applicable laws or would require registration or other measures beyond those required under Swedish law. Actions contrary to these restrictions may constitute a breach of applicable securities laws.
In the United Kingdom, this document and any other materials related to the securities referred to herein are being distributed only to, and are directed only at, “Qualified Investors” within the meaning of section 86(7) of the UK Financial Services and Markets Act 2000 who are (i) investment professionals falling within Article 19(5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), or (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a)-(d) of the Order (all such persons together being referred to as “Relevant Persons”). Any investment activity to which this press release relates will only be available to, and will only be engaged with, Relevant Persons. Not Relevant Persons should not act or rely on this press release or its contents.
This press release does not identify or purport to identify risks (direct or indirect) associated with an investment in the new shares. This press release does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or transfer securities in any jurisdiction. This press release does not recommend investing in the Directed Share Issue. Each investor or potential investor should conduct their investigation, analysis, and evaluation of the business and the information contained in this press release and all publicly available information. The price and value of securities may decrease as well as increase. Past performance is not a guide to future performance. The contents of the Company’s website or any other website accessible through hyperlinks on the Company’s website do not form part of this press release.
Forward-Looking Statements
This press release contains forward-looking statements regarding the Company’s intentions, assessments or expectations concerning the Company’s future results, financial condition, liquidity, development, prospects, expected growth, strategies and opportunities, as well as the markets in which the Company operates. Forward-looking statements are statements that do not refer to historical facts and can be identified by expressions such as “believes”, “expects”, “anticipates”, “intends”, “estimates”, “will”, “may”, “assumes”, “should”, “could”, and the negatives of those terms and similar expressions. These statements are based on various assumptions, many of which are based on additional assumptions. Although the Company believes these assumptions are reasonable, they are inherently subject to uncertainties and contingencies, many outside the Company’s control. Due to various factors, actual outcomes or results may differ from those expressed or implied in these forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements are accurate, and readers of this press release should not unduly rely on any forward-looking statements. The information, views and forward-looking statements contained herein are provided only as of the date of this press release and may change. Neither the Company nor anyone else undertakes to review, update, confirm or publicly announce any revisions to any forward-looking statements to reflect events or circumstances that arise about the content of this press release, except as required by law or the rules of Spotlight Stock Market.
Information to Distributors
To meet the product governance requirements set out in (a) Directive 2014/65/EU on markets in financial instruments as amended (“MiFID II”); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) national implementing measures (together, the “MiFID II Product Governance Requirements”), and to disclaim all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (within the meaning of the MiFID II Product Governance Requirements) might otherwise have with respect thereto, the shares in Condo have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the “Target Market Assessment”). Notwithstanding the Target Market Assessment, distributors should note that the price of Condo shares may decline, and investors could lose all or part of their investment; the Condo shares offer no guaranteed income and no capital protection, and investment in Condo shares is only suitable for investors who do not require a guaranteed income or capital protection, who (either alone or with the help of appropriate financial or other advisers) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to bear any losses that may result from it. The Target Market Assessment does not affect any contractual, legal or regulatory sales restrictions concerning the Directed Share Issue.
For the avoidance of doubt, the Target Market Assessment should not be construed as (a) an assessment of suitability or appropriateness for MiFID II purposes or (b) a recommendation to any investor or group of investors to invest in, acquire, or take any other action concerning Condo shares.
Each distributor is responsible for conducting its target market assessment for the Company’s shares and determining appropriate distribution channels.
This disclosure contains information that Condo Nordic Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 30-04-2025 07:40 CET.