K-Fastigheter acquires development property in Barkarbystaden
K-Fast Holding AB has entered an agreement with Kungsleden relating to the acquisition of the property Järfälla Veddesta 2:65. The transaction is in the form of a company transfer and is conditional on the detailed zoning plan gaining legal force by no later than 31 December 2025. K-Fastigheter plans to build up to 400 rental apartments on the property.
K-Fast Holding AB (“K-Fastigheter”) has entered into an agreement relating to the acquisition of the property Järfälla Veddesta 2:65 in the Municipality of Järfälla, north of Stockholm. The seller is Kungsleden Sillberget AB. The underlying total property value is some SEK 259 million and the expected gross total area (GTA) amounts to just over 32,000 square meters.
“This will be a significant project for K-Fastigheter in the Stockholm region. We estimate the investment at some SEK 975 million and the market value upon completion amounts to SEK 1,350 million,” commented Jacob Karlsson, CEO of K-Fast Holding AB.
“We look forward to working with our project in Barkarbystaden, a large neighborhood where up to 50,000 new inhabitants will create their homes. The apartments in our proprietary Lamellhus will be built in an attractive area close to public transport and nature, shops and other services”, commented Åsa Fredin, Business Area Manager for K-Fastigheter Project Development. “The seller will pursue the work associated with the detailed development plan and our aim is to build 400 apartments in two phases, the first starting in 2022 and the second in the following year.”
The acquisition takes place through a company transaction and the underlying property value amounts to some SEK 259 million, based on SEK 8,001 per square meter GTA above ground. The transaction is financed with existing cash balances. K-Fastigheter takes possession of all the shares in Kommstart 3161 AB, the owner of Järfälla Veddesta 2:65, on the date of approved zoning plan, expected to take place in the fourth quarter of 2021. Christian Karlsson, Advokatfirman VICI, has acted as the buyer’s legal representative and Brick Advokat acted for the seller.
For further information, please contact:
Åsa Fredin, Business Area Manager for K-Fastigheter Project Development, email: email@example.com, tel: +46 (0)10 167 60 84
Anders Antonsson, IR Manager, email: firstname.lastname@example.org, tel: +46 (0)708 730 900
This information is such that K-Fast Holding AB is obliged to disclose in accordance with the EU’s Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above at 5.55 p.m. CEST on 21 April 2021.
As a property company, K-Fastigheter’s objective is to create attractive homes with superior comfort. The Group’s operations encompass active property management, project development and proprietary construction operations. To enhance cost efficiency and cut construction times, K-Fastigheter has chosen to work with three concept buildings, developed in-house and constructed for proprietary management. K-Fastigheter provides some 2,240 homes in several locations in the Öresund region, in the province of Småland and in western Sweden, and is assessing new markets as production capacity increases. The Group’s property portfolio has a book value of approximately SEK 6.9 billion, with an annual rental value of about SEK 265 million. Since November 2019, the company’s class B shares have been traded on Nasdaq Stockholm (ticker: KFAST B). Read more at www.k-fastigheter.com