Kungsleden negotiating divestment worth some SEK 5 bn
Press Release 27 September 2007
Kungsleden AB (publ), the listed Swedish property company, has signed a letter of intent with Norwegian asset manager Orkla Finans Kapitalförvaltning ASA regarding the divestment of commercial properties in Sweden with a value of approximately SEK 5 bn. If this divestment is completed, the estimated capital gain is about SEK 600 m, and the profit for calculating dividends around SEK 900 m. The letter of intent grants Orkla Finans Kapitalförvaltning ASA exclusivity to conduct due diligence on the property holding. A binding agreement would be scheduled for signing during November.
“Deals of this size involve a lot of people, which is why we also want to keep the market informed,” commented Kungsleden’s Chief Executive Thomas Erséus, “we’ve got good experience of previous transactions with Orkla Finans Kapitalförvaltning ASA, and we think this deal is very likely to go through.”