The real estate billionaire owner of Servatur, Ivar Tollefsen, has declared that he is considering selling part of his stake in Heimstaden Bostad, affected by the crisis in the Nordic market. The Swedish real estate sector has been hit hard by rising interest rates. Tollefsen has admitted in an interview that he is thinking of selling shares in Heimstaden Bostad, and that in that case the sale will be in the form of shares owned by the Heimstaden investment company, which Tollefsen owns through Fredensborg. Last October there was a change in one of the company's business vehicles in Las Palmas. The Taurito Tropical Hotel company has removed Santiago Fernández Caballero as sole administrator and replaced the president of Servatur, which maintains its operations in Tenerife South and Morro Jable, and a partner in the remaining 50% of the company along with Tollefsen. Likewise, the company changes its name to be called Servatur Playa Bonita.
It is not known if the crisis in the group's Nordic parent company can affect the Canary Islands subsidiary. Heimstaden has a 38 percent stake in Heimstaden Bostad. The latter is one of the largest real estate owners in Europe. Potential buyers must be institutional investors with long-term perspectives in the real estate market.
High interest rates have led Heimstaden Bostad to start selling houses one by one. In early September the company announced that it had sold 70 apartments in the Netherlands and Denmark at prices 47 percent above book value. The company has committed to selling real estate worth SEK 20.000 billion until the end of 2025.
Tollefsen reportedly told Bloomberg that the company will generate the highest possible return for shareholders by selling individual units whose market value is greater than the book value. The plan is for the sales to generate "a positive ripple effect on credit metrics," he said, "and at the same time reduce reliance on refinancing future debt obligations."
Ivar Tollefsen 
