Kungsleden signs agreement to sell 22 properties for SEK 460 m
Press Release 22 December 2009
Listed Swedish property company Kungsleden AB (publ) has reached an agreement to sell 22 commercial properties for a total net purchase price of SEK 460 m after deducting for deferred tax and excluding transaction costs. The property yield amounts to approximately 7% and the estimated profit after tax is SEK 55 m. The buyer of the property portfolio is Swedish-based Corem Property Group. The transaction is conditional on arranging funding and is scheduled for completion in the first quarter of 2010. The total net purchase price including transaction costs corresponds to book value and exceeds acquisition cost by approximately SEK 7 m. This latter amount will affect Kungsleden’s profit for calculating dividends for 2010. This portfolio consists of 22 warehouse and office properties located in western and central Sweden with gross leasable area of about 81,300 sq.m. Completion will be on 1 April 2010. “I’m satisfied with the year and our ability to keep doing deals involving substantial amounts despite adverse market conditions. The divestment to Corem Property Group corroborates this, and I expect the deal to be completed,” commented Kungsleden’s Chief Executive Thomas Erséus.” Kungsleden AB (publ) 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 22 December 2009 at 2.30 p.m.