Press releaseDecember 19 2006

SEK 250 m investment in retirement homes

Listed Swedish property company Kungsleden AB (publ) is investing approximately SEK 250 m in building and converting the property designated Marknaden 1 in the Northern Stockholm suburb of Täby.

New retirement homes with lettable floor-space of some 5,300 sq.m. will be built at the property, scheduled for completion in summer 2008. The conversion of the Tibble Retirement Home, to be completed in late-2009, will begin after this project concludes. This conversion has floor-space of about 7,200 sq.m.

The Municipality of Täby will be signing a new rental contract coincident with these investments, which runs until 31 August 2028. The total annual rental revenues are approximately SEK 24 m. After the investment, the property yield will be over 6%.

“It’s great that we’ve found a long-term solution for the Tibble Retirement Home together with the Municipality,” commented Göran Linder, Kungsleden’s Divisional Manager, “and that we’ve been entrusted to build a new, state-of-the-art retirement home near Täby’s municipal centre.”

For more information, please contact:
Göran Linder, Divisional Manager, Public Properties, tel +46 (0)8 503 05207, mobile +46 (0)70 690 6575
Thomas Erséus, Chief Executive, tel +46 (0)8 503 05204, mobile +46 (0)70 378 2024

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