Kungsleden in SEK 120 m property divestment
Press Release 2 July 2010
Listed Swedish property company Kungsleden AB (publ) is selling three commercial properties in two separate transactions for a total purchase price of approximately SEK 120 m and a property yield of some 5.6%. The total sales price exceeds book value by about SEK 6 m, and is around SEK 28 m below acquisition cost. This latter amount will be posted to Kungsleden’s profit for calculating dividends for 2010.
Gross leasable area amounts to about 15,000 sq.m. The properties are located in northern and central Sweden, one being in Skövde, one in Vara and the third in Umeå. Mainly, the properties consist of retail, office and warehouse premises.
Completion on the property in Umeå was on 1 July, and the planned completion for the other properties is 1 September.
“We are continuing to work on portfolio enhancement, and are selling these properties at a good yield,” 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 2 July 2010 at 11.00 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 31 March 2010, the property portfolio comprised 556 properties with a book value of SEK 21.2 bn. The holding was located in a total of 130 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.