Pandox has said it is looking to offload hotel assets worth up to €272 million (SEK 3 billion) in what will be a test of investor appetite for the Nordic market.
Speaking on the firm’s Q2 earnings call, CEO Liia Nou said move was down to asset rotation.
“We launched some divestment or looking at opportunistically looking at divesting a smaller portfolio or some hotels in the range of between SEK 2 billion, SEK 3 billion. It's a small portion, of course, with our portfolio of SEK 95 billion in the Nordics,” she said.
One interesting comment is that the sale was taking longer than the company wanted “mainly due to geopolitical worries”. Dealmaking remains tough with the conflict in Iran worsening the global macroeconomic outlook. There remains a significant bid ask spread in many markets, a situation that has existed since the aftermath of the pandemic.
A spokesperson for Pandox confirmed that the sale related to a portfolio as well as potentially a few single assets. The properties are leased and located in Sweden, Denmark and Norway. They described the process as "active and constructive".