Listed Swedish property company Kungsleden AB (publ) is selling seven properties and two site-leasehold rights for a total purchase price of approximately SEK 380 m after deducting for deferred tax but before transaction costs. The sales price after deducting for deferred tax is comparable to book value. The gain against acquisition cost after transaction costs and deductions for deferred tax is about SEK 45 m and will be included in Kungsleden’s profit for calculating dividends for 2012.
Six of these properties are located in Greater Stockholm and three are in Malmö. The property portfolio has gross leasable area of about 40,500 sq.m., divided 55% warehousing, 38% offices and 7% retail. The site-leasehold right in Malmö is undeveloped.
The sale of the properties means Kungsleden upgrading its estimate from the SEK 1, 800m previously reported. The new estimate for the full year 2012 is SEK 1, 850m.
The purchaser is Castellum through subsidiaries Brostaden and Briggen, and completion is scheduled for 21 December 2012.
“I’m very satisfied with this deal as we are selling at a good price and with a very good profit. This is part of our portfolio optimization and we see opportunities for better returns. These properties are well let, and the timing of their sale is optimal,” commented Kungsleden’s Chief Executive Thomas Erséus.
For more information, please contact:
Thomas Erséus, Chief Executive of Kungsleden | tel +46 (0)8 503 05204 | mobile +46 (0)70 378 2024
Anders Kvist, Deputy Chief Executive of Kungsleden | tel +46 (0)8 503 05211 | mobile +46 (0)70-690 65 63
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 17 December 2012 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 September 2012, the property portfolio comprised 281 properties with a book value of SEK 14.8 bn. The portfolio was located in a total of 101 municipalities, mainly in southern and central Sweden. Kungsleden has been quoted on the Nasdaq OMX Stockholm since 1999.