Varmasti viisasta katsoa jos saa tässä markkinassa paremmilla luvuilla Euroopasta kiinteistöjä ja samalla hajautettua salkkua, kunhan luvut kestää investoinnit.
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Nordealta tullut analyysia: https://research.nordea.com/api/reportfileapi?id=944938
Tekstiä ei kauheasti ole (taulukoita piisaa), mutta tässä pääkohdat:
- Nordea laskelmissa bondien takaisinostot ja työntekijöiden optiot painavat Q2 tulosta
- Nordea uskoo pienten ostojen jatkuvan, mutta ei sulje pois isompiakaan kauppoja, koska osake alkaa olla taas järkevissä hinnoissa kaupankäynnin välineeksi.
- Tällä hetkellä preemio on n. 20% EPRA NRV:hen ja fair value range nousi 150-180 (130-160)
Q2 tulos julkaistaan 17.7.
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Q2 2024 Interim Report Cibus Nordic Real Estate AB (publ)
April - June 2024 (compared with April - June 2023)
- Rental income amounted to EUR 30,447 thousand 29,633).
- Net operating income totalled EUR 30,457 thousand (28,050).
- Profit from property management was EUR 10,324 thousand (11,543). Profit from property management, excluding non-recurring items and exchange rate effects, amounted to EUR 11,912 thousand.
- Earnings after tax amounted to EUR 2,226 thousand (3,990), corresponding to EUR 0.03 (0.06) per share.
- Unrealised changes in value affected by EUR -8,338 thousand (-8,258) on properties and by EUR -331 thousand (2,495) on interest rate derivatives.
January - June 2024 (compared with January - June 2023)
- Rental income amounted to EUR 60,966 thousand (59,300).
- Net operating income totalled EUR 58,571 thousand (55,650).
- Profit from property management was EUR 22,553 thousand (23,334). Profit from property management, excluding non-recurring items and exchange rate effects, amounted to EUR 25,665 thousand.
- Earnings after tax amounted to EUR -1,763 thousand (5,957), corresponding to EUR -0.05 (0.09) per share.
- Unrealised changes in value affected by EUR -30,677 thousand (-16,735) on properties and by EUR 3,620 thousand (0) on interest rate derivatives.
- EPRA NRV amounted to 675,887 TEUR (744,468) corresponding to EUR 11.8 (13.0) per share.
NAV laskenut siis arvonmuutosten myötä 13€ → 11,8€ eli n. 137SEK.
Operatiivinen kassavirta parempaan suuntaan vertailukauteen.
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Suunnattu anti tarjolla nopeutetulla menettelyllä kasvun rahoittamiseen, eli uutta kiinteistöä olisi hakusessa tuottamaan lisää kassavirtaa ajan kanssa.
… to explore the conditions for carrying out a directed share issue of approximately 5.7 million shares to Swedish and international institutional, and other qualified, investors through an accelerated bookbuilding procedure (the “Directed Share Issue”).
5,7M osaketta 
sillä saa jo ihan muutamankin lisämökin hankittua
NAV taitaa olla vähän preemiolla, joten hyvä aika ottaa markkinalta rahaa sisään. Ja kasvun tilanne näyttänyt menevän oikeaan suuntaan. Korot laskussa, joten monin tavoin hyvä aika tehdä liikkeitä.
In the first half of 2024, Cibus has grown its cash flow and its earnings capacity per share for the fourth consecutive quarter to EUR 0.97 per share as per 1 July 2024. Growth in 2024 has come from index-linked rental growth, lease renegotiations, refinancing of bonds at lower margins and the acquisition of six grocery anchored assets in Sweden for SEK 87.5 million at an accretive property yield.
"… The current market environment is providing further accretive potential growth opportunities and Cibus has already identified several promising opportunities to acquire attractive properties that match our existing property portfolio and corporate strategy. Cibus’ objective is to create long term shareholder value and these investment opportunities are expected to deliver accretive growth in cash earnings per share."
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Loppputulema:
- hinta 162SEK / lappu
- pääomat 927M SEK ennen kuluja
- alennus 4,3% eilisen sulkuhintaan ja 2,7% edellisen 10 päivän VWAP
Directed Share Issue which was directed to Swedish and international institutional, and other qualified, investors. The Directed Share Issue comprises 5,724,614 new shares at a subscription price of SEK 162 per share and the Company will hereby receive approximately SEK 927 million before transaction related costs
En tätä NAVin tilannetta eilen illasta tarkistellut sen enempää, mutta tiedotteessa tuli vastaus.
Eli oikeita liikkeitä tehdään, kun hyvällä preemiolla saadaan pääomia sisään.
The subscription price represents a premium of approximately 20.0[1] per cent to the EPRA NRV per share in Cibus, which amounted to EUR 11.8 on 30 June 2024. A number of Swedish and international institutional investors, including AP3, AP4, Clearance Capital Limited and Länsförsäkringar Fondförvaltning participated in the Directed Share Issue.
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Tämän uutisen arvo on varmasti enemmän sähköautoilijalle kuin Cibuksen omistajalle. 
Mutta kiva toimi ja yhteistyö, jos joskus alkaa todellista hyötyä saamaan vihreistä lainoista.
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Ilmoituksia kiinteistöostoista saattoi aiemman perusteella jo odotella.
Sale-leasebackia Tanskaan osalla kerätyistä pääomista
Cibus Nordic Real Estate AB (publ) has today signed an acquisition of five grocery stores in Denmark for an underlying property value DKK 107.7 million (equivalent to approximately EUR 14.5 million). The properties are acquired from the grocery chain Dagrofa ApS in a Sale and Leaseback transaction. The transaction is carried out as a share deal and closing is set for 1 October 2024.
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Ja lisää rukseja ostoslistaan. Porista pitkällä sopimuksella sekä kaksi kokonaan uutta, rakenteilla olevaa kiinteistöä, joista toinen Sompasaaresta (Nihti) Helsingin keskustan vierestä.
Cibus Nordic Real Estate AB (publ) acquires three grocery stores in Finland for an underlying property value of EUR 14.8 million
Cibus Nordic Real Estate AB (publ) has during October 2024 through three separate transactions acquired three grocery stores in Finland for an underlying property value EUR 14.8 million. The properties hold 100 per cent daily-goods and have a total lettable area of approx. 5,500 sqm with an average remaining lease term of approx. 12.9 years. The acquisitions increase Cibus’ cash earnings capacity and will be financed with a loan-to-value ratio of approx. 50 per cent through bank financing.
The first acquired property was built 2022 and is located in central Pori (Vanhakoivistontie 8, 28360 Pori) and is fully leased to S Group. The property was acquired 2 October from Special investment fund Mandatum AM Finland Properties II.
The second acquired property holds a grocery store under development and is planned to be completed under Q3 2025. The property is located in South Ostrobothnia and is fully leased to a large grocery chain. The property was acquired on 14 October and the parties have agreed not to disclose details until the opening of the store has been announced.
The third property was built 2024 and is located in central Helsinki on the island of Nihti (Nihdinranta 2, 00540 Helsinki) and is fully leased to Kesko, whose store is set to open during 2025. The area is undergoing urban redevelopment from a former harbour area to an attractive waterfront residential area with rail-bound traffic. The property was acquired 18 October from the property developer SSA Rakennus Oy.
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Isosti liikkeelle Keski-Eurooppaan - onneksi ei 
149 kiinteistöä Benelux -alueelta, eli kunnon portfolio. Maksetaan omilla uusilla osakkeilla, kaupan pitäisi toteutua Q1/25 aikana
Key highlights of the Transaction:
Creating leading Northwest-European listed platform for grocery and daily goods real estate
- The Benelux forms an attractive market for further investments. With Forum Estates’ proven track record in sourcing investment opportunities, the platform will serve as springboard for further expansion in continental Europe.
- The total property portfolio consists of 149 properties, with lettable floor area of approximately 276 thousand sqm and is valued at approximately EUR 508 million, generating EUR 33.1 million gross rental income annually.
- 74% of the portfolio’s gross rental income is generated in Belgium, 24% in the Netherlands and 2% in Luxembourg.
- 82% of gross rental income is generated by grocery and daily goods anchored real estate.
Cash earnings per share accretive transaction and LTV neutral
- The Transaction is expected to be accretive to earnings capacity per share by 3-5% from day one.
- Synergies are expected to be in the range of EUR 0.5 - 1.0 million.
- The net acquisition yield of the portfolio is 6.5%.
- Leverage ratios are expected to remain within Cibus’ financial policy. Post transaction, the Q3 2024 pro forma LTV will be 58.9%, net debt / EBITDA 10.2x and the interest coverage ratio 2.2x.[1]
- Using Cibus’ shares as financing for the Transaction is estimated to increase Cibus’ EPRA NTA per share by 7%.
Forum Estates’ investors have irrevocably committed to contribute their shares
- The envisaged Transaction structure involves the acquisition of 100% of the shares in Forum Estates and a minimum of 90% subordinated loan receivables by Forum Estates investors in return for newly issued shares in Cibus.
- As of 17 December 2024, 68% of the investors in Forum Estates had irrevocably committed to contribute their shares and subordinated loan receivables to Cibus in the envisaged Transaction.
- The holders of the remaining 32% of the shares in Forum Estates will be required to participate in the Transaction as a result of the exercise of a drag along provision in Forum Estates’ articles of association.
- Cibus targets to receive additional commitments from lenders of subordinated loan receivables by mid-January 2025.
- Cibus’ board of directors has not yet approved the Transaction and intends to resolve on the Transaction in January 2025.
Transaction structure
- Forum Estates’ equity and 100% of the subordinated loans are valued at EUR 219.9 million, of which EUR 115.6 million in relation to the shares and EUR 104.3 million corresponding to the notional of the subordinated loan. The subordinated loan receivables are to be contributed at notional value plus accrued interest[2] from 1 January 2025 until closing of the Transaction.
- The number of new Cibus shares, subject to necessary resolutions by the extraordinary general meeting, to be issued as consideration in the Transaction will be based on an agreed share price of EUR 15.60[3] per share. The agreed share price of EUR 15.60 per new Cibus share represents a 31% premium compared to Cibus’ EPRA NTA of EUR 11.90 as of 30 September 2024.
- The newly issued Cibus shares will be subject to a 180-day lock-up agreement under which shares can only be sold during four windows starting 7, 90, 120 and 150 days after closing. During each window, a maximum of 20% new Cibus shares may be sold. The CEO of Forum Estates has agreed to a 12-month lock-up period (as further described below).
- Change of control waivers have been obtained from financing banks of Forum Estates for all EUR 266 million outstanding debt, with an average cost of debt of 3.8% and 93% hedge ratio.
- The envisaged Transaction is subject to certain customary closing conditions to be fulfilled or waived by Cibus, including, but not limited to, obtaining necessary resolutions by an extraordinary general meeting of Cibus
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Lisää kiinteistöjä tälle päivälle:
Cibus enters into an agreement for the acquisition of 31 grocery stores in Denmark for a purchase price and an underlying property value of MDKK 879, corresponding to ca. MEUR 118
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Vuoden loppua kohden pitää näköjään puristaa kaupat valmiiksi.
- 3kpl lisää Ruotsista ja Norjasta.
- Lisäksi yksi myynti, kun Coop ei enää toimi kiinteistössä. Kauppahinta yli tasearvon.
Cibus acquires three grocery stores, two in Sweden and one in Norway, for a property value of approx. 9.2 MEUR, and divests a property in Sweden valued at approx. 1.7 MEUR
The first transaction involves the acquisition of a Bunnpris grocery store in Randaberg for an underlying property value of 33.6 MNOK, approx. 2.9 MEUR. The property has a lettable area of approx. 1,200 square meters. The acquisition is planned to be financed with a loan-to-value ratio of approx. 50% from the bank, with an expected transfer date of January 15, 2025. The property will be acquired through a company acquisition.
The second transaction pertains to the acquisition of a Willys grocery store in Bollnäs for an underlying property value of 46 MSEK, approx. 4.0 MEUR. The property has a lettable area of approx. 4,200 square meters. The acquisition is planned to be financed with a loan-to-value ratio of approx. 50% from the bank, with the transfer having occurred on December 17, 2024. The property is acquired through a company acquisition.
The third transaction involves the acquisition of an ICA grocery store in Habo for an underlying property value of 26.6 MSEK, approx. 2.3 MEUR. The property has a lettable area of approx. 1,500 square meters. The acquisition is planned to be financed with a loan-to-value ratio of about approx. 50% from the bank, with the transfer having occurred on December 18, 2024. The property is acquired through a company acquisition.
The divestment concerns a Coop grocery store in Ängelholm for an underlying property value of 20 MSEK approx. 1.7 MEUR. The property has a lettable area of approx. 800 square meters. Coop currently has no operations on the premises. The transfer occurred on December 16, 2024, and the sale is made in company form at an underlying property value above the book value. No deductions are made for deferred tax.
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Uutta lainaa aiempaa edullisemmin 
Cibus Nordic Real Estate AB (publ) issues green notes of EUR 50 million
Cibus has successfully issued senior unsecured green notes in the total amount of EUR 50 million under the issuer’s MTN programme (the “New Senior Unsecured Green Notes”). The New Senior Unsecured Green Notes have a tenor of 4.0 years and a floating interest rate of EURIBOR three months plus 250 bps and will mature on 17 January 2029. Cibus intends to apply for listing of the New Senior Unsecured Green Notes on the sustainable corporate bond list of Nasdaq Stockholm.
"The pricing of today’s bond issue shows that our bond credit margins have decreased by 150 basis points during the ten months since March 2024, when we last issued a EUR-denominated bond with the same four-year tenor.
We have today with a heavily oversubscribed book issued a four-year bond which represents a relatively long maturity. In our view, this shows the strong investor support for the stability of our underlying cash flow business, and we are pleased to welcome several new credit investors to Cibus and thank both our new and existing credit investors for their support." says Christian Fredrixon, CEO Cibus Nordic Real Estate AB.
Ja hallitukseen uusi jäsen ihan kattavalla taustalla alalta
Stina Lindh Hök proposed as new board member at Cibus
The Nomination Committee for Cibus Nordic Real Estate AB (publ) proposes re-election of Patrick Gylling, Elisabeth Norman, Viktoria Skoglund, and Nils Styf, as well as the election of Stina Lindh Hök as a new board member at the Annual General Meeting. As previously announced, board member Stefan Gattberg is proposed as Chairman.
Stina Lindh Hök, who holds a Master of Science in Engineering from KTH Royal Institute of Technology, served as CEO of the real estate company Nyfosa since August 2020, a position she recently left. Her prior roles include COO at Nyfosa, Head of Transactions at Hemfosa Fastigheter, and project manager for property transactions at Atrium Ljungberg and Leimdörfer. She also served as Property Manager at Fabege and has been a board member at Fabege and Söderport Property Investment.
“The Nomination Committee believes that Stina, with her extensive experience from roles within publicly listed real estate companies and real estate transactions, will be a valuable addition to Cibus,” says Johannes Wingborg, Chairman of the Nomination Committee.
The Nomination Committee’s other proposals will be published alongside the notice for the Annual General Meeting, which will be held on April 10, 2025, at 10:00 AM CET in Stockholm.
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Katselin tässä tätä busineksen kehitystä. Kauppa on nyt rahoittajien sitoutumista vaille valmis ja kiinteistömassan arvo kasvaa noin 1,8 TEUR 2,3 TEUR. Prosentuaalisesti kasvu on mielestäni merkittävä.
Muutama asiaan liittyvää kysymystä paremmin asiaan perehtyneiltä:
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Onko kiinteistöalalla suuruuden ekonomian hyödyt niin isot että tällä kaupalla saatavat hyödyt tulevat parantamaan tuottoja tulevaisuudessa?
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Voisin kuvitella että hankittavan kiinteistömassan tuotto on suhteessa vähintäänkin samassa tasossa kuin aikaisemman kiinteistömassan tuotto, vai onko Cibuksella jotakin osaamista, jolla tuottoa voidaan olemassa oleviin sopimuksiin perustuen parantaa
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Maantieteellisesti kasvetaan nyt vahvasti kohti Eurooppaa (toki pitkälle “samanlaista” arvot ja uskonnot kuin nykyinenkin markkina). Tarjoaako tämä kasvusuunta mahdollisesti uusien isojen potentiaalisten asiakkaiden saamista pidemmällä aikajänteellä vai onko enemmän kyse maantieteellisen riskin pienentämisestä laajentamalla toimialuetta samaan liiketoiminnan sektoriin mistä on aikaisempaa kokemusta.
Kyselen näitä lähinnä siksi että jokin peruste tällekin kaupalle pitää olla ja mielelläni näkisin taloudelliset tai riskin hallintaan liittyviä syitä. Strategiaanhan tämä mielestäni istuu hyvin.
@kettunen vielä sellainen utelu että miksi ei onneksi Saksaan. Voisin kuvitella että nyt tekeillä oleva kauppa johtaa kyllä jollakin aikajänteellä myös sinne.
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prosentuaalinen tuotto on toki samaa luokkaa, mutta absoluuttinen euromäärä kasvaa merkittävästi. Suurin hyöty kasvusta tulee lainavivun myötä, kun voidaan hyödyntää aiempaa massaa uusien hankintojen vakuutena.
Saksaan laajentumisista on ollut monessa kohtaa aika negatiivista kokemusta. Kun sinne on lähdetty, niin se on tullut kalliiksi tai ei ole saatu hommia liikkeelle. Isompia nyt erinäiset verkkotaajuus-ostot, Fortum & Uniper, Kamux jne. Lisäksi omista pienistä listaamattomista omistuksista löytyy suoraan vastaava, joka meinasi kaataa koko toiminnan. Ehkä tuolta jotain onnistumisiakin löytyy, mutta ei tule nyt mieleen 
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Kiitos pikaisesta vastauksesta.
Tässä tapauksessa absoluuttiselle euromäärälle tulee enemmän jakajia, joten siinä suhteessa tilanne ei mielestäni muutu.
Saksan osalta ymmärrän näkemyksesi hyvin, lähinnä mietin tuota laajenemista sinne niin että laajeneminen tapahtuisi nykyisten asiakkaiden (vuokralaiset) tilantarpeiden kautta.
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Hiljaista ketjussa, niin nostetaan Placeran artikkeli Cibuksesta. Selaimen kääntäjä toimii hyvin ainakin lontooksi, jos ruotsi ei taivu.
The real estate company has expanded significantly through the acquisition of grocery properties in the Benelux region for SEK 5.6 billion. Although the synergies are small and earnings per share are not increasing nearly as much as revenue, the stock is attractive.
lyhyesti:
- vakaa kk-osingon maksaja
- anteja ja velkaa otettu, mutta samalla maksetaan osinkoja
- tosin ainakin viimeaikaiset annit tehty preemiolla NAViin
- uudet kiinteistöhankinnat eivät varsinaisesti tuo lisäarvoa viivan alle, kun synergiahyöty marginaalinen
- kirjoittajan mielestä velkataso hieman korkea
- omistus hajautunut, suurimmaksi nousee Benelux ostojen myöt Forum Estates
- mahdollisesti myyntipainetta tulossa, kun lockup avautuu
New forces in the ownership list
As part of the acquisition, a significant amount of debt is being taken over, but the purchase price itself (EUR 220 million) has been paid in full with newly issued Cibus shares, resulting in approximately 21% dilution. However, the shares were issued at a premium of just over 30% to the last reported net asset value, which is a sign of strength.
A consequential effect, however, is that the sellers of Forum Estates are now the largest owners in the company with a total of 17.5% of the shares. However, this is in practice about 150 different owners where the largest individual only has about 2% of the shares. Within the ownership group there are of course different wills, where some have accepted the offer from Cibus while others have become co-sold as a result of a so-called drag-along clause in the shareholders’ agreement. Short lock-up (20% of the holding can be sold on five different occasions within 7-180 days) makes us believe that at least some are interested in selling their shares.
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Jutussa oli mielestäni havainnollistava graafi siitä, miten Cibuksen maajakauma sekä vuokralaiset ovat jakautuneet. Kesko, Tokmanni ja Coop Sverige huomattavan suuria Cibuksen vuokralaisia, mutta toisaalta kategoria “muut” (övrig handel/dagligvaruhandel) on merkittävä palanen piirakkaa. Pohjoismaiden rinnalle tosiaan tulleet Benelux-maat.
Pohjoismaissa pohjoinen on tyhjää täynnä ja omistukset kasvukeskuksissa ja niiden liepeillä. Cibuksen Suomen maajohtaja sanoikin jossain vanhassa haastattelussa, että omistusten laatu on keskiössä ja autioituvia syrjäkyliä pyritään välttämään.
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