Moody's places the rating of Kungsleden under review for upgrade
Moody's places the rating of Kungsleden under review for upgrade. The review follows Castellum's takeover offer announced on August 2nd regarding all shares in Kungsleden AB.
Moody's believes that the companies' asset portfolios with a clear focus on offices in attractive locations will complement each other well and are likely to contribute to operational and financial synergies. Moody's considers the transaction to be credit positive for Kungsleden as the combined company will have an asset portfolio corresponding to SEK 157 billion and a strong financial position.
Moody's also believes that the combined company will have a solid financial profile and an ambition to maintain a Baa2 rating. The new Group's access to various sources of financing is also considered to improve after the merger, which may contribute positively to the possibility of expanding the share of unencumbered assets in the merged company.
“Kungsleden is, as we found in our half-yearly reporting, a well-managed and creditworthy real estate company with good earnings capacity and very bright prospects. The fact that Moody's now chooses to review Kungsleden's credit rating for a potential upgrade in connection with Castellum's takeover offer reinforces the view that a merger would create a financially even stronger company," says Charlotte Axelsson, Chairman of the Board of Directors at Kungsleden.
For more information, please contact:
Charlotte Axelsson, Chairman of the Board, Kungsleden, +46 70 222 64 88, firstname.lastname@example.org
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 June 2021, we owned 207 properties with a total value of SEK 42,539 million. Kungsleden (KLED) is listed on the Nasdaq Stockholm Large Cap. Read more at www.kungsleden.se