Listed Swedish property company Kungsleden AB (publ) is selling five properties for a total purchase price of SEK 151 m excluding transaction costs at a property yield of 7.1%. The sales price exceeds book value by approximately SEK 10 m and exceeds acquisition cost by about SEK 26 m. This latter amount will be included in Kungsleden’s profit for calculating dividends for 2012.
Four of the properties are located in Sollentuna, near Stockholm, and one property is in Visby, on the island of Gotland. Leasable area is around 18,200 sq.m.
Completion is scheduled for 2 April 2012
“In an increasingly harsh investor climate, it feels good to start the year with a transaction at a good profit. Kungsleden’s business model is designed to improve the property portfolio’s risk-adjusted returns. Through the sale in Visby, we are also selling our only holding on Gotland. Accordingly, this transaction is a good example of active portfolio enhancement,” 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 16 February 2012 at 12:00 noon.
Kungsleden’s strategy is to ensure sustainable high and stable returns proceeding from its existing holding, and through acquisitions and divestments. As of 31 December 2011, the property portfolio comprised 636 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.