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Alma Property Partners acquires portfolio from Rasta Sverige

Alma Property Partners and its partners P&E Fastighetspartner and CT Development have built up a property portfolio with tenants within the discount retail, grocery and fast food restaurant segments and are now adding nine additional properties through a sale and leaseback transaction with Rasta Sverige. The portfolio company, which is called Propulus Real Estate, now owns properties worth over SEK 1.1 billion and a project portfolio of SEK 900 million.

Through strong relationships with the leading retailers within the discount retail, grocery and fast food restaurant sectors in Sweden and Denmark, Alma and its partners have built up a large portfolio with long leases and stable tenants. Propulus Real Estate owns 40 properties comprising approximately 70,000 square meters located primarily in southern Sweden and Denmark. The majority of the properties have been developed by Alma and its partners.

The strategy for Propulus Real Estate is to work with market leading tenants in counter-cyclical segments and develop modern properties in strong locations with good access and communications. As part of this strategy, Propulus Real Estate has acquired a portfolio of nine properties through a sale and leaseback transaction with Rasta Sverige (which is a part of Rasta Group). The properties are strategically located along some of Sweden’s busiest roads including the E4, E6, E18 and E20 highways. As part of the transaction, Rasta has even invested in Propulus Real Estate and has therefore become an owner together with Alma, P&E Fastighetspartner and CT Development. The properties were acquired on 16 June 2020.

The total property value of the assets in Propulus Real Estate have increased to over SEK 1.1 billion after the transaction and the portfolio has an expected value of over SEK 2 billion after the completion of additional transactions and projects in the pipeline. The largest tenants in Propulus Real Estate are Dollarstore, Jysk, Willys, Rusta, Rasta and Burger King. The intention is to continue to grow Propulus Real Estate by acquiring additional properties and completing the various projects in the pipeline.

Today, the Rasta service facilities are found in 27 locations in Sweden and along most of the major highways around the country. The facilities include restaurants, shops, hotels and complementary offerings such as Burger King, Espresso House, OKQ8, Preem and Seven Eleven. Rasta Group is Sweden's largest family-owned restaurant and experiences company with service facilities, restaurants, hotels, real estate, pubs, live entertainment and nightclubs all over Sweden.

Simon de Château, Partner and CIO at Alma Property Partners: “We are thrilled to have acquired a portfolio of nine properties in excellent locations alongside major roadways that are leased to a market leading tenant under long lease agreements. We will work together with the dedicated entrepreneurial family at Rasta to further develop the properties and strengthen the customer offering at each location. The acquisition represents an important piece of the puzzle in building Propulus into the leading player in the attractive and fast-growing discount retail segment.”

Fredrik Tervaniemi, Rasta Group: “This is an exciting step in the development towards Rasta being the complete stop along the roads and we are very happy with the transaction as well as partnering with Alma. The team at Alma has broad expertise and together we will take further steps in our strategy with a more expansive restaurant offering, more hotels, gas stations, shops and new service opportunities. We also look forward to following the development as a partner in Propulus Real Estate.”