Kungsleden makes SEK 75 m property divestment
Press Release 20 January 2010
Listed Swedish property company Kungsleden AB (publ) is selling three commercial properties for a total purchase price of SEK 75m including transaction costs. The total sales price exceeds book value by approximately SEK 3m and acquisition cost by about SEK 14 m. This latter amount will be posted to Kungsleden’s profit for calculating dividends for 2010. Gross leasable area is about 12,000 sq.m. These properties, largely consisting of office and industrial premises, are located in Solna, north of Stockholm, Huddinge, south of Stockholm and Karlskoga, in central Sweden. The buyer of the Huddinge property is W-Invest Fastigheter AB and completion was on 16 December 2009. Completion on the Solna and Karlskoga properties is on 1 February 2010, with the buyers being Gelba Fastigheter AB and KPT Teknik AB respectively. “We’re continuing to see a cautious improvement on the property and credit markets. Our focus is on creating high and stable returns in our property holding for the long term. In the prevailing market conditions, we’re trying to find good deal opportunities like these, which enhance our portfolio composition,” 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 20 January 2010 at 9:00 a.m.