AB Sagax Acquires 48 French Bus Depot Properties for SEK 2.0 Billion

Swedish property company AB AB Sagax announced July 9 that it has agreed to acquire a portfolio of 48 properties in France for the equivalent of SEK 2.0 billion, continuing its expansion in the French commercial real estate market through a transaction centered on public transport infrastructure.

The portfolio comprises 88,000 square metres of lettable area and 782,000 square metres of freehold land. The properties are primarily used as depots for public transport buses and are geographically diversified across France, with a concentration in the Paris, Lyon and Marseille regions, according to the company's announcement.

Portfolio Metrics and Lease Structure

The portfolio generates annual rental income equivalent to SEK 166 million, with an occupancy rate of 99% and an average remaining lease term of 5.0 years. AB Sagax reported a net initial yield on total acquisition cost of 6.7%.

Ninety-four percent of the rental income is indexed to ILAT, a standard index used for commercial leases in France, providing inflation-linked income protection across the bulk of the portfolio. The tenants are described by AB Sagax as high-credit-quality, including state-controlled entities and leading public transport operators.

Closing is expected to take place during the fourth quarter of 2026. The acquisition will be reported within AB Sagax's France segment.

Transaction Details and Reporting

AB Sagax did not identify the seller in its announcement. The company stated that closing is expected in the fourth quarter of 2026 and that the portfolio will be reported in its France segment upon consolidation.

The French bus depot acquisition, at SEK 2.0 billion, will be reported within AB Sagax's France segment. No further details regarding financing or the identity of the seller were disclosed in the company's announcement.