Reasons for the acquisition
Strategically correct
The acquisition is fully in line with Pandox’s long-term strategy and will make an immediate positive contribu tion to earnings and net asset value. The integration of Dalata’s hotel properties will strengthen our position as Europe’s leading hotel property owner. The transaction also shows our ability to do complex and value-gener ating business in international markets in cooperation with strong partners.
High-quality portfolio
The acquired portfolio contains 32 high-quality, full-service hotels (including an ongoing conversion of an office building into a hotel in Edinburgh) in the upper price segment with a total of 6,626 rooms and very high guest ratings across the board. The hotels maintain a technical and sustainability standard that complements and raises the quality of our existing portfolio.
Strong position in important markets
The acquisition strengthens Pandox’s market pres ence in both Ireland and the UK, which make up one of the largest and most dynamic hotel markets in Europe. The hotels are strategically located close to important transport hubs, business centres and attractive leisure destinations. Demand is driven by both international and domestic travel, and the portfolio is a good fit with Pandox’s existing geographic and segment structure.
Good returns
On an annualised basis, rental income is expected to increase by MSEK 1,145, net operating income by MSEK 1,115 and cash earnings by MSEK 430. In 2025 the result of the acquisition we reported was a gain of MSEK 1,598, including expected transaction costs of around MSEK –340, from the sale of Dalata’s hotel operations to Scandic. This, combined with expected deferred tax of MSEK 1,847 means that the Dalata acquisition will contribute MSEK 3,445 to EPRA NRV, equivalent to SEK 17.70 per share.
Scandic as a partner
The acquisition of Dalata was carried out by a consortium consisting of Pandox AB (publ) and Eiendomsspar AS (91.2 and 8.8 percent respectively). It involved all of Dalata’s operations. After Dalata’s business has been split into a hotel ownership segment and a hotel operations segment, Pandox will retain 31 investment properties in Ireland and the UK while Scandic will acquire the operating platform with 56 hotel operations.
During this phase, which will take place in 2026, Scan dic will be responsible for operating all 56 Dalata hotels under management agreements. The 31 investment properties among these will be operated by Scandic under long-term revenue-based leases with guaran teed minimum rent levels and shared investments, which is the core of our business model. The ratio of minimum to total rent is initially around 70 percent.
