K-Fastigheter buys building right for additional rental apartments in Västerås

K-Fast Holding AB has signed an agreement with Alhem Fastigheter AB for the acquisition of the property Västerås Sågklingan 14, the transaction takes place through a company transfer. The zoning plan has gained legal force and K-Fastigheter plans to build up to 125 rental apartments on the property.

K-Fast Holding AB (“K-Fastigheter”) has entered into an agreement to acquire the property Västerås Sågklingan 14 in the district Ängsgärdet, just east of Västerås city center. The zoning plan gives K-Fastigheter the opportunity to build approximately 9,000 square meters gross total area (GTA) in the Group’s proprietary concept building. K-Fastigheter will acquire the shares from the seller Alhem Fastigheter AB on 15 December 2020.

“I am pleased that we have been able to acquire another good building right in Västerås. On the site, we now plan to build around 125 apartments in our Lateral Low-Rise building concept, starting in the fourth quarter of 2021,” says Jacob Karlsson, CEO of K-Fast Holding AB. “Our assessment is that the investment amounts to approximately SEK 252 million and that the market value upon completion amounts to approximately SEK 341 million.”

“We are pleased with the deal, which is completely in line with our long-term strategy and it frees up resources for our continued development of our project portfolio with community and residential properties,” says Jacob Hallberg, CEO of Alhem Fastigheter AB. “It is very rewarding to once again complete a successful deal with K-Fastigheter.”

Annual rental value is estimated to amount to approximately SEK 15.2 million after completion. The acquisition takes place through a company transaction and the underlying property value amounts to SEK 40 million, which corresponds to approximately SEK 4,444 per square meter GTA. Financing takes place through existing cash. Advisor on the sales side was the law firm Glimstedt, whose team is led by Anders Wennergren, Partner.

For further information, please contact:

Jacob Karlsson, CEO, e-mail: jacob.karlsson@k-fastigheter.se, telephone: +46 738 219 626
Anders Antonsson, IR Manager, e-mail: anders.antonsson@k-fastigheter.se, telephone: +46 708 730 900

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 2,040 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 6.1 billion, with an annual rental value of about SEK 240 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