Kungsleden—SEK 80 m property acquisition
Press Release 1 October 2010
Listed Swedish property company Kungsleden AB (publ) is acquiring a retail property in Hudiksvall, on the east coast of Sweden, for a purchase price of approximately SEK 80,5 m including transaction costs. The property yield is 8.5% and total rental value is about SEK 10 m.
The property has a leasable area of approx. 6,000 sq.m. of which 95% is retail space. This property, called Fyren, is a landmark shopping mall in central Hudiksvall. Its largest tenants are hobby store Clas Ohlson, sports retailer Intersport and clothing chain Kappahl.
Completion is on 1 October.
“This is a good retail property with stable tenants representing strong brands. A property with good and stable cash flows that we are acquiring for a healthy 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 1 October 2010 at 1:00 p.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.