Slättö and SIBS forms a SEK 9bn joint venture to build 4,000 sustainability certified apartments in the Nordics
Slättö Förvaltning AB (“Slättö”), a leading manager of alternative investment funds, and SIBS AB (publ), one of the fastest growing home builders in the Nordic region (“SIBS”), today announces a letter of intent to form a Joint Venture between Slättö’s new fund Slättö Value Add II (“SVAII”) and SIBS to develop more than 4,000 apartments from SIBS’ project portfolio.
The JV will, to begin with, acquire and develop SIBS’s existing portfolio of wholly owned building rights with a total property value upon completion of approx. SEK 9bn, distributed over 15 projects. Construction will commence continuously from autumn 2021, and the projects are expected to be completed within the next five years. Approx. 2,000 apartments will be ready before the end of 2023. The majority of the projects are located in Stockholm and the Mälardalen area. The parties’ ambition is to scale-up the collaboration in the Nordics. Initially, opportunities in Helsinki and in Copenhagen are being evaluated.
All the JV’s projects meet high standards within circular production and will be sustainability certified.
The two companies have a proven track record of successfully combining their expertise in residential property development. Slättö’s active funds today collaborate with SIBS’ subsidiary Sveaviken Bostad in several projects. This new and larger partnership will leverage both parties and push both market positions forward.
– Slättö was founded as a residential developer and the residential segment is still our main focus, even with our fast growth within logistics and industrial properties. We established our first cooperation with SIBS in 2018 and quickly realised we were a perfect match. For Slättö, this deal is a natural step to further strengthen our position within sustainable residentials and the partnership will enable us to grow our presence in the Nordic market. To partner with the best has always been a key success factor for us and SIBS is a fantastic partner, says Johan Karlsson, founder and CEO of Slättö Förvaltning AB.
– SIBS has proven that our concept and building system works according to plan, in the rapid completion of 1,000 apartments. Our focus has been to optimize every detail of our value chain, which spans from acquiring building rights, building design, industrial production, freight, and assembly, to property management. We are now ready to scale up our production and with the building of our second factory, our capacity will over time reach approx. 4,500 apartments per year. Together with Slättö, we are stronger and can accelerate growth within circular construction. The cooperation to date has been very fruitful for both parties and we are very optimistic to realize our full potential together, says Erik Thomaeus, founder and CEO of the SIBS Group.
About Slättö Förvaltning AB
Slättö is a partner-owned manager of alternative investment funds with a focus on Nordic real estate.
About Slättö Value Add II
Slättö VAII will be launched in 2021. The mandate covers the Nordic region across all segments, with an initial focus on residential, logistics and industrial properties.
SIBS was founded in 2016 with the ambition to revolutionise the construction industry and is today the fastest growing residential developers in the Nordics. The company comprises the full, integrated value chain – from planning in a proprietary building system and industrial production in our own factory to long-term ownership of residential buildings. SIBS ambition is to become the most sustainable house builder in the Nordics through our fully circular approach.
This information is compulsory for SIBS AB (publ) to officially publish according to the EU:s Market Abuse Regulation. The information was announced, through the above contact persons on 2021-08-23 at 10:00 CET.
For further information, please contact:
Johan Karlsson, CEO Slättö
Tel: +46 703 63 55 09
Erik Thomaeus, CEO SIBS
Tel: +46 70 755 78 98