K-Fastigheter acquires site for Apartment Blocks in Växjö
K-Fastigheter has today signed an agreement to acquire two plots of land in Växjö, suitable for construction of the company’s Apartment Block concept, with up to 90 rental apartments.
K-Fast Holding AB (“K-Fastigheter”), an active and committed landlord offering attractive homes in southwestern Sweden, has acquired 100 percent of the shares in Växjö Folkets Park AB, a company that owns the Växjö Örnen 28 and Växjö Örnen 32 properties, for which a detailed development plan has gained legal force, allowing construction up to eight stories and a maximum gross floor area (GFA) of 7,620 square metres. Commencing in the second half of 2020, K-Fastigheter plans to construct buildings on the plot in accordance with its Apartment Block concept.
The acquisition is being conducted as a corporate transaction, with the underlying property value amounting to approximately SEK 20 million. The transaction is being financed through existing cash balances, with K-Fastigheter now having assumed ownership of the shares. The vendor is Borohus, part of the Västkuststugan Group.
“Today’s acquisition will allow us to construct additional high-quality rental apartments in the attractive Folkparken neighbourhood. On 20 June 2019, we announced that we are completing 171 rental apartments in direct proximity to the properties now acquired, to which tenants will gain access in stages. We have today decided to bring forward access to the first stage to January 2020 and to the final stage in September next year,” says Jacob Karlsson, CEO of K-Fast Holding AB. “Our strategy is to be present in growth regions and Växjö is one of the locations in which we perceive favourable opportunities for growth, and I look forward to offering more people the opportunity to make their home in a safe and pleasant area.”
For further information, please contact:
Jacob Karlsson, CEO and Founder, K-Fast Holding AB, e-mail: jacob.karlsson@k-fastigheter.se, telephone: +46 10 167 60 71
Anders Antonsson, IR Manager, e-mail: anders.antonsson@k-fastigheter.se, telephone: +46 709 994 970
As a property company, K-Fastigheter’s objective is to add value for tenants by creating 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 1,600 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 SEK 3.9 billion, with an annual rental value of about SEK 177 million. Since November 2019, the company’s class B shares have been traded on Nasdaq Stockholm (ticker: KFAST B). Read more at k-fastigheter.se.
