Kungsleden—SEK 520 m property acquisition
Press Release 26 November 2010
Listed Swedish property company Kungsleden AB (publ) is acquiring six retail properties for a total purchase price of approx. SEK 520 m. The property yield is about 8% and total rental value is just over SEK 69 m.
Gross leasable area is around 48,500 sq.m. divided between five shopping centres in Eskilstuna, Katrineholm, Uddevalla, Stockholm and Köping, and one outdoor retail property with an adjacent undeveloped plot in Nyköping.
The vacancy rate in the portfolio is low, corresponding to about 3%. The ten largest tenants are Coop Fastigheter AB, Lindex, Kappahl, Klädhuset M, Jysk, Bernhardssons Möbler, Rusta, Åhléns, H&M and Medstop Apotek. These tenants represent around 60% of this portfolio’s total rental value.
Nordic Real Estate Partners is the vendor of these properties, and completion is scheduled before year-end 2010.
“I’m very satisfied that we have acquired an attractive retail portfolio of centrally located shopping centres and one attractively located outdoor retail property. This property portfolio has a good mix of strong tenants. It will give us good and stable returns and future potential in the form of development rights,” commented Kungsleden’s Chief Executive Thomas Erséus.
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 26 November 2010 at 11:30 a.m.
For more information, please contact:
Thomas Erséus, CEO Kungsleden | phone 46 8 503 052 04 | mobile 46 70 378 20 24
Johan Risberg, Deputy CEO Kungsleden | phone 46 8 503 052 06 | mobile 46 70 690 65 65
Detta pressmeddelande finns tillgängligt på svenska på www.kungsleden.se
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 2010, the property portfolio comprised 559 properties with a book value of SEK 21.8 bn. The holding was located in a total of 130 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.