In a press release of 15 May 2009, listed Swedish property company Kungsleden AB (publ) reported the formation of a joint venture between Peab and Hemsö. The intention was to build a senior high school in Upplands Väsby, north of Stockholm, with Hemsö entitled to acquire Peab’s share of the joint venture on completion. Hemsö, which is 50:50 owned by Kungsleden and AP3 (the Swedish Third Pension Insurance Fund, is now exercising its option, acquiring the remaining shares and taking possession of the property.
The total investment amounts to approximately SEK 400 m with a property yield of about 7%.
The property houses two senior high schools, municipal library, work premises for the municipal executive, a cafe, music school and flexible multipurpose hall for sports and cultural activities.
“This transaction involves a 20-year lease with the Municipality of Upplands Väsby, ensuring long-term stable returns. The building is inherently innovative in terms of its architecture and content,” commented Kungsleden’s Chief Executive Thomas Erséus.
For more information, please contact:
Thomas Erséus, CEO Kungsleden | phone 46 (0)8 503 052 04 | mobile 46 (0)70 378 20 24
Johan Risberg, Deputy CEO Kungsleden | phone 46 (0)8 503 052 06 | mobile 46 (0)70 690 65 65
Detta pressmeddelande finns tillgängligt på svenska på www.kungsleden.se/pressmeddelanden
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 25 August 2011 at 8:00 a.m.
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 2011, the property portfolio comprised 635 properties with a book value of SEK 26.1 bn. The portfolio was located in a total of 143 municipalities, mainly in southern and central Sweden. Kungsleden has been quoted on the Nasdaq OMX Stockholm since 1999.