Saltängen Property Invest AB (publ) is a Swedish real estate company indirectly owning, managing and letting the property Saltängen 1 in Västerås. The Property is fully leased to ICA Fastigheter Sverige AB until 30 September 2023. The Company is managed by the third party business manager Hestia on a fixed price contract.
The Company acquired, the Property in December 2014, through acquiring 100% of the shares in the property owning company Tribona Västerås 1 AB. Prior to the acquisition of the Property the Company has no earnings history. The most significant costs and revenues are fixed and the cash flow is positive.
The Property was purchased by ICA (the Hakon Group) from Västerås municipality in 1972 with the intention of constructing a logistics distribution centre. The initial building was completed in 1975 and has since been further developed through building extensions in 1990 (office, high rise storage and storage), 1998 and 2003 (freezer). ICA has been the sole tenant since the erection of the Property. Major renovations of the building have been carried out in 1998 and 2002. Today, the building consists of a lettable area of 104,726 sqm, divided as follows:
Total lettable area
|Refrigerated warehouse||5,015||5 %|
The Property encompasses a total land area of 232,686 sqm. The Property is located in the south western part of the municipality of Västerås, in the Hacksta area, with a straight-line distance from the city centre of approximately 4.5 km. The Property’s location has strategic importance to the Tenant, as it is one of ICA’s two central logistics distribution centres in Sweden.
There are 92 loading docks along several facades and there are two specialized units on the Property. One of the specialized units is the elevated automatic high rise storage in 8 levels with a ceiling height of 32 metres and a storage capacity of 20,000 pallets. All of the automated cranes are gradually being replaced by the Tenant. The second specialized unit is the 6,800 sqm freezer (-25 °C) with a ceiling height of 11 metres (which is the height for the majority of the Property).
Hestia Group (“Hestia”) acts as the asset manager for the Group. In practice, the asset manager assumes the role as CEO, CFO and COO of the Group and manages the daily operations of the Group. The asset manager reports to, and carries out the instructions by the board of directors of the Company.
Hestia was founded in 2008 with a strategy to provide property and asset management services with transparency and flexibility, in close cooperation with property investors. Hestia’s offering integrates services of property management, accounting, cash management and asset management.
Hestia is specialized in the management of commercial real estate such as shopping centres, hotels, large office buildings and logistics properties. The Asset Manager’s services can be divided into four segments, which are reflected in the four business lines of its organization:
- Technical on-site services.
- Property management.
- Accounting management.
- Asset management.
All services are delivered by employees of the Asset Manager to ensure the Asset Manager’s control of the quality of services provided.
The majority of the Asset Manager’s 140 employees work with properties located in 35 different towns and cities in Sweden. Local property management and technical service offices are located in Malmö, Löddeköpinge, Gothenburg, Mjölby, Linköping, Norrköping, Västerås, Stockholm, Uppsala, Gävle, Örnsköldsvik and Härnösand. The central accounting management office with 20 property accounting specialists is located in the city of Västerås.
Västerås, where the property is located, is the second largest Hestia Group office with 30 employees. Two thirds of the staff are accounting specialists. The employees in Västerås include technical staff as well as technical and commercial property managers.
Today, the Asset Manager delivers services to over 600 properties with a combined size of more than 3.5 million sqm.