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    KMCP   NO0010360175


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KMC Properties : signs Letter of Intent with Slakteriet Holding AS to build NOK 620 million salmon slaughterhouse facility

08/23/2021 | 02:31am EDT
KMC Properties ASA, a real estate company focusing on industrial and logistic
properties, today announced the signing of a Letter of Intent (LOI) with
Slakteriet Holding AS to build a new salmon slaughterhouse facility at Florø, in
the Vestland county on the Norwegian western coast. The investment is estimated
at NOK 620 million.

"KMC Properties continues to deliver on its ambitious growth strategy, and we're
excited to have signed this letter of intent with a well-established company
such as Slakteriet, whose quality of salmon slaughter is widely-recognized,"
says Liv Malvik, CEO of KMC Properties. "Through this agreement, we further
diversify our customer portfolio within the seafood sector, adding another
modern facility with long-term lease agreement against a solid counterparty,"
Malvik adds.

Slakteriet AS has a 30-year history of slaughtering salmon at Florø and is now
seeking to develop a modern, new facility in the industrial coastal area. The
construction cost is estimated to be approximately NOK 620 million, and the
yield-on-cost is estimated between 6.75-7.1 per cent of the total investment

KMC Properties will be responsible for building of the facility, and the
construction work is expected to commence in 2022, with scheduled completion in
2023/2024. The parties have agreed on a triple-net bare house agreement, with an
initial lease term of 20 years, with the option of a 10-year extension. 

Established in 1989, Slakteriet is one of Norway's biggest fish slaughter
companies, with major facilities in Florø and Brekke. The company is growing
steadily and has a solid financial position, posting NOK 191 million in revenues
and NOK 34 million in EBITDA in 2020. Slaughter volumes have gained 28 per cent
in the past five years. 

Strategically located in the industrial cluster Fjord Base in Florø, the new
facility will be a state-of-the-art slaughterhouse, with robotic technology and
automation solutions. In addition, the facility will include production lines
for filleting and further processed products, as well as significantly increase
the cooling and deep-freezing capacity. Slakteriet will invest approximately NOK
390 million in fitting the facility with machines and equipment. The facility
will have a clear environmental profile and will be equipped with solar cells on
the roof.

"We look forward to collaborating with KMC Properties on the development of our
new facility, which will allow Slakteriet to increase harvesting capacity by up
to 250 per cent, increase our competitiveness through greatly reduced operating
costs per unit, and enable significant environmental improvements in the form of
reduced energy consumption, emissions and risk of infection," says Kristin
Bergstøl Hansen, CEO of Slakteriet.

The acquisition will be financed through a combination of bank loan and equity.
A final decision on the execution of the project will be taken after the
preliminary project work has been completed in end of 2021. 

This is KMC Properties' fourth greenfield development agreement announced the
last year, of which the last two are with new tenants. KMC Property's portfolio
currently consists of over 40 assets, primarily in the Nordics, constituting
approximately more than 340.000 sqm in total. 

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

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
08:30 CEST on 23 August 2021.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

10/18KMC PROPERTIES : Issue of shares to employees and primary insiders
10/12KMC PROPERTIES : Publication of prospectus and launch of subscription period for the Subse..
10/01KMC PROPERTIES : Mandatory notification
09/24KMC PROPERTIES : Share capital increase registered
09/17KMC PROPERTIES : Secures $35 Million Via Private Placement
09/17KMC PROPERTIES : Flagging announcement
09/16KMC PROPERTIES : Key information regarding potential subsequent offering
09/16KMC PROPERTIES : Private placement of new shares successfully completed
09/16KMC PROPERTIES : Contemplated private placement of new shares up to NOK 300 million
08/30KMC PROPERTIES : presentation
More news
Sales 2021 230 M 27,5 M 27,5 M
Net income 2021 136 M 16,3 M 16,3 M
Net Debt 2021 1 956 M 234 M 234 M
P/E ratio 2021 17,6x
Yield 2021 -
Capitalization 2 402 M 287 M 287 M
EV / Sales 2021 18,9x
EV / Sales 2022 16,6x
Nbr of Employees 7
Free-Float 20,9%
Duration : Period :
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Managers and Directors
Liv Malvik General Manager
Kristoffer Holmen Chief Financial Officer
Anders Dyrseth Chairman
Audun Aasen Chief Operating Officer
Nini Eugenie Høegh Nergaard Independent Director
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