Swedish landlord Corem slides as two sales fall through

Corem Property AB

11/12/2023 08:27

** B-shares in Swedish property company Corem  COREb.ST 
drop over 7% after two planned property divestment deals worth
about SEK 7 bln ($668.8 mln) fall through
    ** Out of four letters of intent announced in October, two
deals were signed to divest properties worth about SEK 5.1 bln,
while two were terminated, the company says
    ** Carlsquare analyst Bertil Nilsson says it is a "major
setback for Corem" that the sales were cancelled
    ** Corem's average interest rate on loans has risen from
3.6% to 4.6% in one year, while bond loans amounting to SEK 5.6
bln will mature in 2024, Nilsson says
    ** "So Corem really needs to sell more properties," Nilsson
adds
    ** Up to Friday's close, the shares were up 7.6%​ YTD

($1 = 10.4666 Swedish crowns)

 (Reporting by Greta Rosen Fondahn)
 ((Greta.RosenFondahn@thomsonreuters.com))