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Bonava to divest 1.75B-kronor Germany, Sweden apartments, proposes new chairman

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Bonava to divest 1.75B-kronor Germany, Sweden apartments, proposes new chairman

Bonava AB is selling 679 rental apartments in Germany and Sweden, for about 1.75 billion Swedish kronor.

470 rental apartments in Berlin's Parkstadt Karlshorst neighborhood will be sold to Industria Wohnen GmbH for roughly 1.26 billion kronor, with the property set to change hands in the second quarter of 2021, according to a release. Out of the rental apartments, 252 will be set aside for low-income occupants.

The site will be redeveloped to yield about 1,000 new homes.

The Swedish property developer will also be selling 209 rental apartment units in the Tuve neighborhood of Gothenburg, Sweden, to Västerstaden for a price of 496 million kronor, according to a separate release. The apartments will be recognized in Bonava's profit in the first and third quarters of 2021.

Separately, Bonava's nomination committee is proposing to elect Mikael Norman, who first joined the board two years ago, as chairman. The nomination will be voted upon at an annual general meeting scheduled to be held April 10, 2019, in Stockholm, according to a third release.

As of Dec. 21, US$1 was equivalent to 9.00 Swedish kronor.