Stockholm-listed property firm Episurf Medical has agreed to buy a portfolio of vehicle inspection and logistics assets from Lilium for SEK 660 million. The transaction hands the buyer 45 commercial properties across Sweden, yielding an annual rental income of roughly SEK 49 million and a net operating income of around SEK 41 million.

The deal moves Episurf further into industrial infrastructure. Most of the newly acquired buildings sit along the Norrland coast and are heavily anchored by vehicle testing services, which generate 60 per cent of the total rental income. The portfolio boasts a 99.2 per cent occupancy rate and a weighted average unexpired lease term (WAULT) of 2.7 years, supported by secure tenants including the Swedish Police Authority, Byggmax, Däckia, Opus Bilprovning and Svensk Bilprovning.

Financing for the purchase relies on a mix of debt and equity. Episurf will issue Class B shares worth approximately SEK 264 million priced at SEK 0.08 each, alongside a SEK 198 million convertible loan with a two-year term, with the remaining balance covered by bank loans. Depending on the timing of conversion requests, the conversion price for the new shares will step up from SEK 0.085 in the first six months to SEK 0.095 in the final phase.

The share issuance and potential debt conversion mean existing investors face equity dilution of up to 56 per cent based on current registered shares, or 15.1 per cent on a fully diluted basis. Occupancy and formal completion of the transaction are scheduled for the third quarter of 2026.

This transaction marks the latest phase in a rapid expansion strategy that started in late 2025 when Episurf decided to buy property businesses to diversify its revenue. The company has recently signed deals for Frusipe Intressenter Target 1, KlaraBo Empire Holding, Mofast Invest II and a portfolio from Botrygg. Following this latest deal with Fastighetsaktiebolaget Lilium, Episurf’s projected annual rental income will rise from SEK 285 million to SEK 334 million on a pro-forma basis, pushing its total property assets to SEK 4,010 million.

Jens Andersson, CEO Episurf Medical, said: “The Lilium acquisition is another step in building our real estate platform. The Lilium acquisition expands our exposure to industrial properties and adds a portfolio with strong cash flow and stable tenants.”

Peter Gotthardsson, Chairman of the Board, Lilium AB, said: “It is with great pleasure that Lilium Fastigheter can now state through this structural transaction that we will become one of the larger shareholders in Episurf Medical. In this way, we can especially offer people from Norrland interested in shares, as the majority of the properties are located along the Norrland coast, the opportunity to acquire shares in the fine logistics portfolio that we have built up over just over 15 years. We are also convinced that Episurf Medical will develop the portfolio further and that the company, together with its current property holdings and future acquisitions, will be a stable and profitable share investment.”