London, 23 September 2019 – Blackstone Real Estate Partners Europe IV and its affiliates (“Blackstone”) announce the sale of their 61% shareholding, which controls 69% of the voting rights, in Hembla AB to Vonovia SE, for SEK 215 per share.
Hembla AB is a property company that focuses on owning and developing rental residential properties in Greater Stockholm. It has a portfolio of 21,411 apartments and over 5,000 additional apartments in its development pipeline. Hembla AB has over 7,000 shareholders and is listed on Nasdaq Stockholm.
The sale price of SEK 215 per share represents a premium of 11.5% compared to the closing price for Hembla AB class B shares on Nasdaq Stockholm on 20 September 2019 and a premium of 15.6% compared to the volume-weighted average share price on Nasdaq Stockholm in the last three months.
Completion is expected to occur in the fourth quarter of 2019.
James Seppala, Head of Real Estate Europe, Blackstone and Chairman of Hembla AB, said:
“We invested in Hembla in 2016, and are honoured to have been able to contribute, alongside Hembla’s independent board members, other shareholders and its excellent management team, to the company’s significant development and growth. Hembla’s unwavering focus on its tenants, and on reinvesting 100% of its income back into its properties, is what has made the business so successful, and we are thrilled that the company will continue to thrive under Vonovia’s stewardship. Sweden remains a core region of focus for us and we look forward to continuing to invest meaningful capital here going forward.”
About Blackstone Real Estate:
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has $154 billion of investor capital under management. Blackstone is one of the largest property owners in the world, owning and operating assets across every major geography and sector, including logistics, rental housing, office, hospitality and retail.
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