Kungsleden in property swap deal with Peab
Listed Swedish property company Kungsleden AB (publ) and construction and civil engineering company Peab are joint 50% owners of Kokpunkten Fastighets AB. This company holds a development property in Västerås, west of Stockholm. Kungsleden is now selling its participation to Peab, and is purchasing three public properties from Peab which there after will be offered to Hemsö, which is 50:50 owned by Kungsleden and AP3 (the Swedish Third Pension Insurance Fund).
These public properties, which are under construction, have gross leasable area of approximately 4,800 sq.m. and rental value of around SEK 10.5 m.
These properties consist of a police station in Köping, west of Stockholm, which will be let to the Police on a 12-year agreement, a pre-school building in Sigtuna, north of Stockholm, which will be let to independent preschool operator Pysslingen on a 15-year agreement and one retirement home in the Municipality of Uppsala, north of Stockholm, which will be let on a 20-year agreement. This transaction has no effect on profit for calculating dividends.
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
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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 12 April 2011 at 8:30 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 31 December 2010, the property portfolio comprised 592 properties with a book value of SEK 21.5 bn. The holding was located in a total of 133 municipalities, although concentrated on the Swedish provinces of Götaland and Svealand, and the Öresund region. Kungsleden has been quoted on the Nasdaq OMX Stockholm since 1999.