Kungsleden divests residential building rights in Västerås
Kungsleden has signed an agreement with JM AB to divest the Västerås Isolatorn 12 property with future residential building rights at a price, before deductions, of SEK 4,100/sq.m. GTA.
The property currently comprises approximately 12,000 sq.m. of vacant industrial buildings. Kungsleden has successfully pursued a zoning plan process to transform the property into an attractive residential area. The new zoning plan, which is under review, would allow residential housing of about 36,000 sq.m. GTA and a preschool of 1,000 sq.m. GTA. The purchaser assumes responsibility for soil remediation and the demolition of the existing industrial buildings. The price after all deductions amounts to SEK 102 million. The property will be transferred when the zoning plan has gained legal force, which is expected to take place in the second quarter of 2021. The positive earnings impact on the transfer date is estimated at SEK 7 million.
“We continue to realise the attractive development rights potential in our property portfolio and are pleased that JM can now take over work developing this exciting area. Kungsleden is currently preparing more than 280,000 sq.m of residential building rights that we intend to divest as these approach completion,” says Ylva Sarby Westman, Deputy CEO and CFO of Kungsleden.
About Kungsleden. We are people that create places and experiences for people. By developing and managing attractive and sustainable places, we offer people a better and more inspiring work experience. We are a long-term property owner focused on commercial properties in Sweden’s growth regions. As of 30 September 2020, we owned 211 properties with total value of SEK 39,872 million. Kungsleden (KLED) is listed on the Nasdaq Stockholm Large Cap. Read more at www.kungsleden.se