Nordea Bank in 775 Million Euro Sale Leaseback of HQ Properties in Sweeden

Moodys.com - April 1, 2004

Nordea Bank is close to closing a 775 million Euro sale leaseback / securiization transaction involving four of Nordea Bank’s Scandinavian head office complexes. The four leases will be drafted as a "bondable" triple-net leases with a term of twenty-five years, with three extension options, two of ten years each, and a third of five years. Two of the complexes are in Stockholm and one each in Oslo and Helsinki.

The new lessees will be wholly-owned subsidiaries of Nordea Bank AB (Aa3, P-1), Nordea Bank Norge ASA (Aa3, P-1) and Nordea Bank Finland Abp (Aa3, P-1), respectively. The properties form the main corporate headquarters of the three Nordea Bank Entity parents. The majority of value of the underlying collateral is attributable to the two Stockholm properties. The properties are located in the most prime area of the City and Stockholm is considered the strongest of the Scandinavian Centres, both from a macro-economic and a creditor rights perspective.

Geographic Diversity: [68.4%] Sweden, [13.7%] Finland, [17.9%] Norway based on Moody’s Stabilised Vacant Possession Value. Opening LTV (VP): 190% Moody’s Stabilised Vacant Possession Value. Sphere: Related Content