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2014-06-02

D. Carnegie & Co: D. Carnegie & Co to become the largest listed residential property company in Sweden

D. Carnegie & Co AB (publ) ("D. Carnegie & Co" or the "Company") has
entered into an agreement with the owners of Hyresbostäder i Sverige
II AB ("HBS II"), managed by Obligo Investment Management, to merge
their respective property portfolios. D. Carnegie & Co will, after
completion of the transaction, hold a residential property portfolio
corresponding to approximately SEK 9,500 million and approximately
12,000 residential apartments, focused in and around Stockholm and
the Mälardalen area. Today, the Company will announce a notice to an
extraordinary general meeting in connection with the transaction.

The transaction will be effected by D. Carnegie & Co acquiring HBS II
including its properties and property management business. The
acquisition is based on an underlying value of SEK 6,560 million and
part of the payment will consist of 26 million B-shares in D.
Carnegie & Co. Further, the payment includes a vendor's note of SEK
200 million, cash and convertible bonds corresponding to SEK 1,020
million. The current owners in HBS II will become significant owners
in D. Carnegie & Co, holding around 35 per cent of the capital. After
completion of the transaction, D. Carnegie & Co's bank debt will
remain below 60 per cent of the Company's property values.

D. Carnegie & Co will today announce a notice to an extraordinary
general meeting for resolutions on the requisite amendments of the
articles of association and authorisations to the board to issue the
securities which constitute part of the purchase price in the
transaction.

HBS II is owned by Norwegian and Swedish investors through Boligutleie
Holding II AS (appr. 80 per cent) and Hyresfastigheter Holding II Blå
AB (appr. 20 per cent).

Both D. Carnegie & Co and HBS II maintain highly experienced
management team. D. Carnegie & Co through Stendörren and HBS II
through Obligo Investment Management and its own organisation for
property management, Graflunds AB. After the transaction, the
intention is to co-ordinate the management of all properties into
what will be one of Sweden's most experienced and professional
property management teams.

The closing of the transaction is subject to approval by shareholders'
meetings in both parties and approval from the Swedish Competition
Authority.

Ulf Nilsson, VD, comments:
- Through this transaction, we are implementing our stated growth
strategy and will be the largest listed residential property company
in Sweden. We have a clear ambition to grow further, and not least,
establish a property management structure that will create
substantial value for our shareholders in the coming years, says Ulf
Nilsson, CEO of D. Carnegie & Co.

Advisors

Savills and Nordier are commercial advisors and the law firms
Glimstedt and Vinge are legal advisors to D. Carnegie & Co, Agasti
Wunderlich Capital Markets is financial advisor and the law firms
Delphi and Selmer are legal advisers to HBS II in the transaction.

About D. Carnegie & Co
D. Carnegie & Co is a real estate company focusing on residential
properties within the Stockholm region and other growth areas. The
Company's business concept is to own and manage its real estate
portfolio and to gradually refurbish apartments in connection with
the natural turnover of tenants. This can take place quickly and
cost-efficiently due to the Company's established refurbishment
method, BosystemTM. The refurbishment model is popular with both
tenants and the Swedish Union of Tenants (Sw. Hyresgästföreningen) as
the apartments are attractively refurbished without any tenants being
forced to vacate the premises. The Company also develop new building
rights on its properties.

At the beginning of 2014, Stendörren transferred its residential
properties to D. Carnegie & Co and thereby became the owner of a real
estate portfolio consisting of residential properties in Stockholm's
growth areas. As of 31 December 2013, the market value amounted to
SEK 2,929 million and the total rental value was estimated to SEK 287
million per year. The financial leasing rate is high and none of the
properties are vacant. D. Carnegie & Co's real estate portfolio is
situated in the Stockholm region. D. Carnegie & Co is listed on
NASDAQ OMX First North as of April 9, 2014. G&W Fondkommission is the
company's Certified Adviser.

About Hyresbostäder i Sverige II AB
HBS II has since 2004 been a sizeable participant in the Swedish
residential property market with a portfolio of over 700,000 sqm of
residential area. The properties are located in Eskilstuna,
Strängnäs, Södertälje, Huddinge, Haninge, Bro, Märsta, Uppsala och
Göteborg. HBS II has an own property management organisation,
Graflunds AB, which manages all HBS II's properties and also external
properties. HBS II is owned by Norwegian and Swedish investors
through Boligutleie Holding II AB and Hyresfastigheter Holding II Blå
AB. According to the investment mandate, the property portfolio will
be disposed of between 2013 and 2016, depending on most optimal
market conditions.

Obligo Investment Management is an asset management company currently
managing appr. SEK 50 billion under mandate from institutions and
private investors. Obligo manages more than 25 different investment
structures. Obligo Investment Management AS is 100 % owned by Agasti
Holding ASA.

For further information, please contact:

Ulf Nilsson, CEO, D. Carnegie & Co AB
+46 (0)8 121 317 00

Further information is available on www.dcarnegie.se

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http://news.cision.com/d--carnegie---co/r/d--carnegie---co-to-become-the...
http://mb.cision.com/Main/8760/9594531/251484.pdf

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