Corem divests two properties in Copenhagen for SEK 3,900 million

Corem has today signed an agreement for the sale of two properties in Copenhagen at an underlying property value of approximately SEK 3,900 million, which is in line with book value. The buyer is a foreign actor.

The one property, known as the Codan House, is located at Gammel Kongevej 60 and has a lettable area of approximately 30,300 sq.m. The other property is located at Kalvebod Brygge 32 and has a lettable area of approximately 31,000 sq.m. The rental value amounts to SEK 171 million, which constitutes 59 per cent of the Copenhagen portfolio's total rental value. Both properties are fully let.

"It is gratifying to see that in these times there is a good demand for high-quality office properties. This is one of the largest real estate transactions in Denmark during the year", said Peeter Kinnunen, Head of Transactions at Corem.

After deduction for deferred tax, transaction costs and reversal of previously reported deferred tax, the assessment is that no profit effect will occur in the fourth quarter of 2023.

Transfer is planned for 29 November 2023.

This sale constitutes the second of the four letters of intent communicated on 20 October 2023.
 

Corem’s advisors have been CBRE, Kromann Reumert and Breinholt Consulting.

Corem Property Group AB (publ)


FOR FURTHER INFORMATION, PLEASE CONTACT

Rutger Arnhult, CEO, +46 70 458 24 70, rutger.arnhult@corem.se 

Peeter Kinnunen, Head of Transactions, +46 76 855 67 03, peeter.kinnunen@corem.se

Corem Property Group AB (publ)

Address: P.O. Box 56085, SE-102 17 Stockholm

Visitors: Riddargatan 13 C

Reg.no: 556463-9440

www.corem.se

This information is information that Corem Property Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact persons above on 10 November 2023 at 22:00 CET.

This press release is in all respects a translation of the Swedish original press release. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail.

Corem Property Group is a real estate company that in a sustainable way owns, manages and develops commercial properties in urban and growth areas. Corem Property Group is listed on Nasdaq Stockholm, Large Cap.