Kungsleden: two properties divested for SEK 34 m
Press Release 19 November 2008
Listed Swedish property company Kungsleden AB (publ) is selling two properties in Lidingö, outside Stockholm, and in Sollentuna, also outside Stockholm, for a total purchase price of SEK 34 m.
These properties have gross leasable area of 3,501 sq.m., consisting of office, manufacturing and school accommodation. Total rental value is SEK 4,184 m and total property yield is 6.1%.
The sales prices of the commercial and public property exceed book value and acquisition value. The total sales price of the properties exceeds book value by approximately SEK 5.6 m and acquisition value by around SEK 8.2 m. This latter amount is included in Kungsleden’s profit for calculating dividends for 2008.
Kungsleden will transfer possession of the property at Lidingö on 19 November 2008, and is scheduled to transfer possession of the property in Sollentuna on 1 December 2008.
“It feels good that at a time when the market is discussing property values, Kungsleden has been able to complete property deals with sales at prices above the acquisition cost and book value of each property,” commented Kungsleden’s Chief Executive Thomas Erséus.
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 19 November 2008 at 09:00 a.m.