Solon Eiendom selling 49 % stake in Solon Realkapital to Vatne Property
OSLO: Solon Eiendom ASA has entered into an agreement for the sale of Solon’s 49 % stake in Solon Realkapital AS to Vatne Property AS.
Vatne Property AS is a 100 % owned subsidiary of Vatne Capital AS, which is fully owned by Runar Vatne who holds approximately 25 % of the shares in Solon through Vatne Capital and privately.
The sales price for Solon’s 49 % stake is Solon’s cost price, which is based on fair market value, and will be recorded in Q1 2021.
Solon’s share of interest-bearing debt in Solon Realkapital is approximately NOK 40 million. Closing is expected on 8 january and will provide cash proceeds to Solon of approximately NOK 7 million.
The Transaction is part of Solon’s review of strategic alternatives as announced in the stock exchange announcement on 7 September 2020. Solon’s review of strategic alternatives continues after the divestment of the stake in Solon Realkapital.
Solon Realkapital was a 49/51 joint venture between Solon and Vatne Property AS established to acquire residential apartments in Solon and other residential developers projects for the purpose of letting and/or resale. Solon Realkapital’s portfolio currently consists of 114 units across three different Solon projects, whereof 19 units were delivered in Q4 2020 and 95 units will be delivered when completed.
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