Pandox agrees to sell 8 Swedish hotels

Pandox officials have agreed to sell eight Swedish properties to Midstar for 850 million Swedish krona ($100.2 million) after deferred taxes.
Pandox (STO:PNDXB) has signed an agreement with Midstar AB to divest eight hotel properties with a total of 965 rooms in Sweden. The acquisition price amounts to MSEK 850, after deduction of deferred tax, where the buyer acquires the shares in each respective property owning company. The transaction is expected to close 31 March 2016. The hotel properties are included in the reporting segment Property Management.

“We are pleased to have reached an agreement with Midstar AB to divest these eight hotel properties. The transaction is in line with Pandox’s strategy to continuously develop and optimise the hotel portfolio with focus on larger full-service hotels in strategic locations”, says Anders Nissen, CEO at Pandox.