The property company Kungsleden AB (publ) has acquired 45 properties in Malmö and Helsingborg in the south of Sweden for a total consideration of SEK 2,2 billion from Drott. Of the property value, SEK 1,6 billion refer to Malmö and 0,6 billion refer to Helsingborg. The portfolio encompasses 201 thousand square metres, of which 193 thousand are commercial. The operating surplus at the present vacancy ratio of approximately 7 percent amounts to SEK 175 m. Completion will take place on December 30, 2003, on which date full payment will be made, with the exception of SEK 350 m that will be paid during the course of 2004.
- This is a perfect match with our business vision of high and stable long term returns coupled with high liquidity. Differently put, these properties are attractive both to hold and manage as well as for generating new transactions. Over 3/4 of the property value refers to highly central properties in Malmö and Helsingborg. In total the acquisition on an isolated basis will add some SEK 70 m to our pre-tax earnings on an annual basis, comments Jens Engwall, CEO of Kungsleden.
For more information, please contact:
Jens Engwall, Kungsleden’s CEO, tel: +46 (0)8 503 05204, mobile +46 (0)70 690 6550
Johan Risberg, Kungsleden’s CFO, tel: +46 (0)8 503 05206, mobile +46 (0)70 690 6565