Information about late interest payments in Koggbron
Koggbron Projekt AB
An interest payment due 2018-09-24 will be slightly delayed. This is due to a certain delay in road construction in Karlholm, managed by Tierp's municipality, which in turn has affected the sales process of, among other things, building rights. Several investors have chosen to postpone access to the building rights until the first roads are ready.
Karlholm Project therefore divests the property Sanden 4, 5, 12, 13 and 14, as well as Skälby Järfälla; Skälby 3: 533, to cover future interest payments, almost September 24th. Agreement with buyer is signed - settlement date is set to 2018-09-30. Access to the property Sanden takes place in early October and the Järfälla property in early 2019.
The sale of Järfälla and Sanden supplies liquid funds that, in accordance with the terms, will be used for inter alia payment of bond yields. The interest payment on 24/9 will therefore be delayed a few weeks.
The long-term plan for the Karlholm project is to build some properties on its own, as well as to sell a large number of building rights. This work is under way and will be intensified in the fall of 2018 and the first half of 2019.
Koggbron AB / Malmö / Katrinelund nr 27 AB
Koggbron AB has a bond loan of SEK 375 million. The interest rate for this bond has expired and could not be paid on the due date, which was communicated at a previous date.
Koggbron Malmö Katrinelund nr 27 AB has a bond loan of SEK 155 million whose interest matures 2018-09-19. This interest will not be payable on the due date.
The reason for this is the appeal concerning the extension of 646 apartments that were received at the beginning of the summer, from a subsidiary of the State Pharmacies Company (neighboring property to Katrinelund) and which severely delayed construction start - thus risking endangering the entire project with several years of delays. The original building plot of 401 apartments will expire in early 2019 and before then the building must have begun. That was the risk we had to deal with.
In order to safeguard and maintain the value of the property, we have thus chosen to use rental income to pay consultancy, architectural and lawyer fees, for reworking design drawings in order to lower noise levels, for example. A great deal of work has also been done to adapt the structure so that a new application for 646 apartments is now fully made according to the current detailed plan. In addition, documents are prepared for the start message of 401 apartments in accordance with the current building permit.
In cooperation with the agent Intertrust we are now applying for a so-called "Stand Still" to subsequently make a sale so that the bondholders are paid. Today, the agent has initiated this process regarding Koggbron AB bonds on 12 September and will initiate the corresponding process for Malmö Katrinelund 27 AB within the next few days.
For questions, please contact
+46 70 982 8273
+ 46 70 855 8099
Det sista formella hindret är nu avklarat sedan Mark- och Miljödomstolen avvisat motpartens talan. Därmed får Malmö närmare 650 nya studentbostäder inom ett par år.
The final formal obstacle has been eliminated when the Land and Environment Court rejected the opposing party's claim. Therefore Malmö is now gaining nearly 650 new student apartments within the next few years.
Koggbron Projekt AB
Koggbron Projekt AB
Ready with construction permit for Katrinelund in Malmö. A welcome addition for Malmö City and students in Skåne.
On 20 September, the Construction Council in Malmö granted a building permit for the construction of 646 student apartments in Katrinelund, on top of the mall where Willys and Mekonomen, among others, are tenants.
Klart med byggnadslov för Katrinelund i Malmö. Ett välkommet tillskott för Malmö Stad och Skånes studenter
Byggnadsnämnden i Malmö beviljade den 20 september bygglov för uppförandet av 646 studentlägenheter i kvarteret Katrinelund, ovanpå köpcentret där bl a Willys och Mekonomen är hyresgäster.
Mangold startar handel i Koggbrons aktie.