Kungsleden in property swap deal with Sagax
Listed Swedish property company Kungsleden AB (publ) is divesting one industrial property and two site leaseholds for a purchase price of SEK 204 m. It is simultaneously acquiring three warehouse and office properties for SEK 190 m. Both deals are with fellow listed Swedish property company AB Sagax (publ).
The divested properties are located in the Stockholm region, have gross leasable area of some 23,300 sq.m. and rental value of about some SEK 19 m. The acquired properties are located in Gothenburg and have gross leasable area of about 28,300 sq.m., 23% of which is offices and 77% is warehousing. The largest tenants are personal protection and workwear supplier Björnkläder, global logistics solution provider Swisslog and Sweden Post Logistics. Total rental value is approximately SEK 21 m.
The sale price exceeds book value by SEK 2.5 m and acquisition value by some SEK 60 m. This latter amount will be posted to Kungsleden’s profit for calculating dividends for 2008.
Transfer of possession is scheduled for 23 December 2008.
Commenting, Kungsleden’s Chief Executive Thomas Erséus said: “Swapping site leaseholds for properties with long rental contracts, while simultaneously being able to increase the property yield on our portfolio suits Kungsleden well.”
For more information, please contact:
Thomas Erséus, Chief Executive, tel +46 (0)8 503 05204, mobile +46 (0)70 378 2024
Johan Risberg, Deputy Chief Executive, tel +46 (0)8 503 05206, mobile +46 (0)70 690 6565
Kungsleden discloses the information in this press release according to the Swedish Securities Markets Act and/or the Swedish Financial Trading Act. The information was provided for public release on 17 December 2008 at 2:00 p.m.