Lund, Sweden, 2013-05-21 08:00 CEST (GLOBE NEWSWIRE) --
Tribona, a pure play logistics and warehouse property company, is today, May 21 2013, listed on the NASDAQ OMX Stockholm Exchange. The shares of the company (ticker symbol TRI) will be traded on the Mid Cap list under the Properties sector. No new shares will be issued in connection with the listing. The company was listed on the Oslo Stock Exchange until May 13.
“The listing in Stockholm is a key milestone in our evolution from a Norwegian financial services company to a Swedish real estate company,” Tribona President and CEO Peter Strand says. “Now we will have the opportunity to improve our liquidity, achieve a valuation in line with other real estate companies and broaden our shareholder base.”
Tribona has an aggressive plan for growth and expansion. The company currently owns 20 logistics and warehouse properties, 19 of which in Sweden, worth more than SEK 6 billion altogether. Tribona is targeting an increase to SEK 10-12 billion within three years. Acquisitions and new construction in strategic locations will be vital to meeting the target.
“We are always pleased when we succeed in attracting companies from other exchanges,” says Adam Kostyal, Senior Vice President of the NASDAQ OMX Stockholm Exchange. “Tribona will be a welcome addition to our financial segment, which already features many large Nordic real estate companies.”
“We are looking forward to helping Tribona use our main list as a springboard to improving its liquidity and reaching out to international investors.”
Tribona has entered into an agreement for Pareto Öhman AB to serve as guarantor under the stock exchange’s liquidity guarantee system starting on May 21, 2013. The purpose of the liquidity guarantee is to promote the liquidity of the share. Pareto Öhman has pledged to set the share’s buying and selling rates, as well as trade at those prices on its own behalf.
Tribona
Tribona, which was established in 2006 under the name of Northern Logistic Property (NLP), was listed on the Oslo Stock Exchange in 2007. NLP changed its name to Tribona ASA in February 2013. The merger of Tribona ASA and its Tribona AB subsidiary this spring formed the company that is now being listed in Stockholm. The company was delisted from the Oslo Stockholm Exchange on May 13, 2013 in order to join the NASDAQ OMX Stockholm Exchange, Mid Cap on May 21. Tribona is the only listed pure play logistics and warehouse property company in the Nordic countries.
The company owns, manages and develops 19 properties in Sweden and one in Denmark with a total leasable area of more than 734,000 square meters. Among its biggest customers are ICA, DHL, DSV and Netto. The business generates stable cash flows.
Tribona has evolved from a Norwegian financial services company to a Swedish real estate company. A management team that boasts of long experience in the real estate industry has designed the company’s own rental and property development services. Tribona has refinanced and reduced its loan-to-value from 80% to 65%. With loans that average maturities of 3.3 years as of the first quarter of 2013, the company has a long-term financing program in place.
Tribona, which has obtained Swedish equity over the past few years, has a stable shareholder base that includes institutions such as Klövern, LF and the 2nd Swedish National Pension Fund.
The management team consists of Peter Strand, President and CEO, Tommy Åstrand, Chief Financial Officer, and Christian Berglund, Vice President Properties. Mats-Olof Ljungquist is Chairman of the Board.
Tribona earned rental income of SEK 487 million (466) in 2012, while earnings before value adjustments and tax (EBVAT) were SEK 232 million (170). Rental income for the first quarter of 2013 totaled SEK 125 million (122) and EBVAT was SEK 46 million (56).
This information is disclosed by Tribona AB (publ) pursuant to the Swedish Securities Market Act (lagen om värdepappersmarknaden) or the Financial Instruments Trading Act (lagen om handel med finansiella instrument). The information was released for public disclosure on 2013-05-21 at 08:00 CET.
For additional information, please contact:
Peter Strand, President and CEO, +46 705-88 16 61, peter.strand@tribona.se
Tommy Åstrand, Chief Financial Officer, +46 705-45 59 97, tommy.astrand@tribona.se
For more information, please visit www.tribona.se
