K-Fastigheter buys additional land in Arlöv

K-Fast Holding acquires the remaining part of the development property in Arlöv, Burlöv municipality northeast of Malmö, which the company has previously announced that it intends to take over after the zoning plan is finalized. Following today’s agreement, K-Fastigheter will be able to build all versions of K-Fastigheter’s concept buildings, comprising up to 600 rental apartments.

K-Fast Holding (“K-Fastigheter”) has signed an agreement with the seller, a company in the Bargi Group, for the acquisition of all shares in Wennerthkfast AB, owner of the property Burlöv Arlöv 17:10. The acquisition will be completed after the zoning plan for the property is finalized.

“With today’s agreement, K-Fastigheter will have the opportunity to build all of the Group’s three concept buildings with a gross total area (GTA) of a total of approximately 55,000 square meters. We estimate that the houses will contain 550-600 rental apartments and plan to build a coherent residential area with an excellent location, good commuting alternatives by car or train and proximity to nature areas at southern Lommabukten,” says Åsa Fredin, Business Area Manager for K-Fastigheter Project Development.

The total purchase price is based on SEK 2,500 per square meter GTA above ground (i.e. basement/garage is not included) and is estimated to amount to SEK 137.5 million. The transaction is financed through existing cash balances and the property will be transferred to K-Fastigheter after the zoning plan is finalized. More information about the property in Arlöv can be found in press releases from 11 September 2019.

For further information, please contact:

Åsa Fredin, Business Area Manager, Project Development,
e-mail: asa.fredin@k-fastigheter.se, telephone: +46 10 167 60 84

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 1,900 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 5.8 billion, with an annual rental value of about SEK 220 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.se

Tags: