D. Carnegie & Co purchases property portfolio in Katrineholm
The residential property company D. Carnegie & Co AB (publ) - listed on Nasdaq Stockholm – has entered into an agreement to acquire a property portfolio in Katrineholm. The sellers are Fastighets AB L E Lundberg and Byggnads AB Karlsson & Wingesjö. The portfolio consists of 19 properties and comprises 717 apartments with a total rental value of approximately SEK 60 million. The agreed underlying property value is SEK 617.5 million. Following deductions for deferred taxes, the corresponding figure is SEK 586.7 million. The transaction is being carried out as a company deal with closing on May 2, 2016.
The 19 properties and have a total lettable area of approximately 60,000 m² and are very centrally located. Significant investments have been made in the portfolio and, other than investments related to apartment refurbishments which will result in increased rental income, the portfolio is believed to require only limited investments in the near future. D. Carnegie & Co is taking over the existing property management organization consisting of five employees.
"We are purchasing very attractive apartments. The properties in Katrineholm are in very good condition and it only takes 50 minutes by fast train to reach downtown Stockholm", says Ulf Nilsson, CEO of D. Carnegie & Co.
For more information, please contact:
Ulf Nilsson, CEO, D. Carnegie & Co, tel +46 (0)8 – 121 317 25
About D. Carnegie & Co
D. Carnegie & Co is a real estate company focusing on residential properties in the Stockholm region. The Company’s business concept is to own and manage its real estate portfolio and to gradually refurbish apartments in connection with the natural turnover of tenants. This can take place quickly and cost-efficiently due to our Bosystem refurbishment method which, among other things, does not require tenants to vacate the premises. The Company also creates significant value through the development of building rights in the existing portfolios. As of 31 December 2015, the market value of the company's properties amounted to MSEK 13.826. As per 31 December 2015, the total rental value amounted to MSEK 1.306 annually. The financial leasing rate is high with no vacancies. D. Carnegie & Co is listed on Nasdaq Stockholm.