Tobin Properties has completed a rights offering with preferential rights for its existing shareholders. Through the rights offering, Tobin Properties received proceeds amounting to approximately SEK 52 million before offering costs.

In connection with the rights offering, Tobin Properties competed a private placement of a total of 7 500 000 ordinary shares to Klövern AB (publ) corresponding to SEK 150 million.

Following the private placement, Klövern, as the new majority owner of Tobin Properties, has announced a mandatory bid to the shareholders of Tobin Properties to tender all outstanding ordinary shares and Class A preference shares to Klövern.

Tobin Properties is a real estate development company. Tobin Properties’ mission is to create functional and well-designed housing that aims to satisfy the needs of the modern man or woman.

Baker McKenzie is legal advisor to Tobin Properties in relation to the transactions with a team mainly consisting of Joakim Falkner, Stefan Balazs, Ian Gulam and Per Blom.