Vinge has advised Fortinova Fastigheter AB (publ) (“Fortinova”) in connection with its listing on Nasdaq First North Premier Growth Market (“Nasdaq First North Premier”). The prospectus was published on 6 November 2020 and the trading on Nasdaq First North Premier commenced on 19 August 2020.
The offering comprised of 18,200,000 newly issued shares and the final price in the offering was set to SEK 44 per share, corresponding to a market value of Fortinova of SEK 2,200 million after the completion of the offering.
Fortinova is a growing real estate company founded in 2010, with the business model based on acquiring, developing and managing primarily residential properties which, according to Fortinova’s assessment, have documented strong cash flows. The company has an objective to generate a positive return over time, independent of market development. Fortinova has a geographical focus on growth municipalities in western Sweden, which the company deems to have a good growth profile and are attractive areas to work and live in. As of 31 August 2020, Fortinova owned investment properties valued at SEK 2,261 million, of which residential properties make up approximately 86 per cent, with the remainder of the property value attributable to community service and commercial properties.