Subject: TNM
Moody's affirms Castellum's current Baa2 issuer rating with a stable outlook
GÖTEBORG, Sweden, Aug. 5, 2021 /PRNewswire/ -- Castellum Aktiebolag ("Castellum") announced, on 2 August 2021, a recommended public offer to the shareholders of Kungsleden Aktiebolag ("Kungsleden"), to acquire all shares in Kungsleden (the "Offer"), with the intent to combine the two companies.
As a result of the Offer, Moody's has evaluated Castellum's rating and announced on 4 August that they affirm the company's current rating of Baa2 with a stable outlook, given Castellum's ambition to keep its loan-to-value ratio below 45% by the end of the year.
One of the announced synergies relate to financial costs amounting to approximately SEK 100 million a year, as a result of Castellum having a higher rating than Kungsleden and is thus benefiting from better financing terms and a greater depth in the capital market. With Moody's affirmation of Castellum's rating, the conditions for the realisation of synergies are strengthened as Kungsleden's loans expire.
Moody's press release is available on Castellum's website.
For further information, please contact:
Ulrika Danielsson, CFO Castellum AB, +46 706-47 12 61
About Castellum
Castellum is one of the largest listed property companies in Sweden with a property value of approximately SEK 97 billion. We are located in 14 growth regions in Sweden, as well as Copenhagen and Helsinki. 250,000 people go to work every day in our properties. We develop flexible workplaces and smart logistics solutions with a lettable area of 3.8 million square metres. One of our sustainability goals is to become entirely climate neutral by 2030. Castellum is the only Nordic property and construction company elected to the Dow Jones Sustainability Index (DJSI). The Castellum share is listed on Nasdaq Stockholm Large Cap.
Beyond expectations.
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The following files are available for download:
Press release 210805 |
SOURCE Castellum
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