Press releaseMarch 31 2004

Kungsleden—selling and buying

Property company Kungsleden AB (publ) is divesting 50% of the shares in Hemsö Äldreboende AB to a company related to the Catella Holding group.

Hemsö Äldreboende has a SEK 595 m retirement homes property portfolio, which generates a property yield of approximately 8.1 per cent. Kungsleden holds an option to acquire the divested shares in the period 1 December 2004 - 1 December 2006 at a predetermined price.

This transaction is being performed to increase Kungsleden’s scope for further acquisitions in the sector, which it would miss out on otherwise.

The divestiture will have no profit effect.

Additionally, Hemsö Äldreboende AB has acquired Saltsjöbaden Hospital in the Municipality of Nacka, east of Stockholm, for SEK 124 m. This property comprises some 10,000 sq m of lettable floor-space, primarily intended as retirement homes. The property yield is 7 per cent. The tenant is Carema, on a contract that runs until on 30 September 2011.

The seller is a company jointly owned by housing corporation HSB and building and civil engineering corporation Veidekke.

Press contact

Anna Trane


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