Kungsleden divests property
Press Release 16 September 2010
Listed Swedish property company Kungsleden AB (publ) is selling a commercial property to a joint venture held by the Municipality of Sigtuna and municipal housing corporation Sigtunahem. The purchase price amounts to SEK 52 m, with the acquirer taking over a project for SEK 4 m. The sales price is approximately SEK 5 m above book value, and about SEK 7 m below acquisition cost. This latter amount will be charged to Kungsleden’s profit for calculating dividends for 2010.
This property, Valsta Centrum, is about 40 km north of Stockholm. It consists of a single-story retail centre building, plus a car park, cellar storage and a former bowling alley. Gross leasable area is around 6,700 sq.m.
Completion on this property is scheduled for 1 November 2010.
“I view this as a good deal both for ourselves and the Municipality of Sigtuna, which has good prospects of developing the property,” 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 16 September 2010 at 10:00 a.m.
For more information, please contact:
Thomas Erséus, CEO Kungsleden | phone 46 8 503 052 04 | mobile 46 70 378 20 24
Johan Risberg, Deputy CEO Kungsleden | phone 46 8 503 052 06 | mobile 46 70 690 65 65
This press release is available in Swedish at www.kungsleden.se Kungsleden’s strategy is to ensure sustainable high and stable returns proceeding from its existing holding, and through acquisitions and divestments. As of 30 June 2010, the property portfolio comprised 559 properties with a book value of SEK 21.9 bn. The holding was located in a total of 129 municipalities, although concentrated on the Swedish provinces of Götaland and Svealand, and the Öresund region. Kungsleden has been listed on Nasdaq OMX Stockholm since 1999.