Kungsleden in SEK 5.5 billion property acquisition
Kungsleden has signed a memorandum of understanding with GE Capital Real Estate to acquire 84 commercial properties with an underlying property value of approximately SEK 5.5 billion. The properties are mostly office buildings and are largely situated in Stockholm and Gothenburg. The total leasable area is about 567,000 sq.m.
“This property portfolio has a profile which fits very well into Kungsleden´s new strategy which focuses on offices, industrial/warehouse and retail properties in big city areas and other growth regions in Sweden. We will now enter a customary due diligence phase”, comments Biljana Pehrsson, member of the Board and incoming CEO of Kungsleden.
The memorandum of understanding gives Kungsleden the exclusive right to conduct a technical, legal and financial due diligence of the property portfolio. The acquisition is conditional upon no major findings arising during the due diligence process. Signing of the purchase agreement is scheduled for October with the transaction expected to close before year-end. The acquisition does not require Kungsleden to raise any additional equity.
For more information, please contact:
Anders Kvist, Interim CEO and CFO of Kungsleden | phone +46 8-503 052 11 | mobile +46 70-690 65 63
Biljana Pehrsson, Board Member and incoming CEO of Kungsleden | phone +46 8-503 052 04 | mobile +46 70-690 65 60
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 15 August 2013 at 9:00 a.m.
Kungsleden’s business concept is to own, manage and enhance properties in Sweden’s growth regions, and to generate sustainable high and stable returns. The focus on value creation is by satisfying customers’ needs for premises, managing and enhancing properties, and optimising the company’s property portfolio. Kungsleden has been quoted on Nasdaq OMX Stockholm since 1999.