KMC Properties acquires modern industrial property at Ågotnes for NOK 128 million

25.11.2021 16:00

KMC Properties ASA, a real estate company focusing on industrial and logistic properties, announced today that it has acquired a modern industrial property, strategically located at Ågotnes near Bergen for a consideration of approximately NOK 128 million. The Ågotnes property is composed of a 5,781 m2 BTA power and automation systems plant that was in large part constructed in 2019-2020, with further development potential. The property is strategically located close to the Coast Center Base, a leading service and supply base to the North Sea oil and gas fields, and the planned new eco-friendly, state-of-the-art goods cargo port at Ågotnes, scheduled to open by 2030. The property comes with a lease agreement of which there is 8.4 years left of the initial lease term with the tenant PSW Technology AS. PSW Power & Automation AS, a subsidiary of PSW Group AS, disposes of the property. The total consideration is approximately NOK 128 million, with a gross yield of 7 per cent on the total investment cost. "We're excited to be expanding our portfolio of industrial properties across the Nordic region with yet another attractive property. The Ågotnes property is a modern plant with a solid environmental profile, strategically located in a busy industrial cluster and near Bergen's planned new sustainable cargo port. PSW is a strong counterparty, whom we have gotten to know through the acquisition of their industrial property at Mongstad earlier this year," says Liv Malvik, CEO of KMC Properties. PSW Power & Automation provides complete power systems within the offshore, marine, and land-based industries, focusing on sustainable solutions and custom-made products and turnkey solutions. The property's two main buildings are close to 30 per cent energy self-sufficient, with 744 solar panels installed on their roofs that have an estimated potential of generating 165,000 kWh per year. The two buildings have a B energy rating. "To operate in a sustainable manner, focusing on energy-efficient and green real estate, is important to KMC Properties and therefore the environmental profile of PSW's plant at Ågotnes played an important role in our investment decision," says Malvik. The acquisition will be financed through a combination of bank loan and equity. The transaction is expected to be completed in December of 2021. For further information, please contact: Liv Malvik, CEO of KMC Properties ASA, tel. +4748003175 About KMC Properties ASA KMC Properties is an Oslo Børs listed real estate company focusing on industrial- and logistic properties. The company has a diversified portfolio of properties in the Nordics and the Netherlands, as well as an office building in Moscow, Russia. The properties are strategically located and have long lease agreements with solid tenants. KMC Properties has an ambitious strategy to grow the portfolio through further development of existing properties, as well as M&A initiatives. The information is such that KMC Properties ASA is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 17:00 CET on 25 November 2021.