K-Fastigheter buys building right for over 700 rental apartments in Gävle
K-Fast Holding AB has entered into an agreement with Palisander Gruppen Skandinavien for the acquisition of the property Gävle Sätra 108:20 in Gävle municipality. K-Fastigheter plans to build approximately 700 apartments in the Group’s proprietary Lateral Low-Rise concept building.
K-Fast Holding AB (“K-Fastigheter”) has entered into an agreement to acquire the property Gävle Sätra 108:20 at Gävletravet in northwestern Gävle. The underlying property value amounts to approximately SEK 122 million and the expected gross total area (GTA) amounts to approximately 51,000 square meters based on a legally binding zoning plan.
“Today’s agreement is a good addition to our plan for Gävle. We plan to start construction of around 700 rental units in three different blocks in stages over a number of years. The apartments will maintain high quality at rental levels that fit regular wallets. K-Fastigheter is already established in this area in Gävle, right now we are building in collaboration with BoKlok 60 apartments that will be ready for occupancy by the turn of the year 2021/2022. In addition, we today started construction on our own project of 92 apartments in our proprietary Apartment Block concept building in Fredrikskans in the Strömsbro district,” says Jacob Karlsson, CEO of K-Fast Holding AB.
Thomas Henriksen, chairman of Palisander Gruppen Scandinavia: “As the seller, we are very proud and happy to be able to transfer this property to a serious, financially strong and stable player such as K-Fastigheter, after 6-7 years of challenging development of a detailed plan for a total of over 130,000 square meters of GTA building rights in the district. With its attractive sustainable construction concept and affordable housing, Gävle municipality’s residents will provide something that is really in demand.”
The acquisition takes place through a company transaction and the underlying property value amounts to approximately SEK 122 million, based on SEK 2,350 per square meter of GTA above ground. The transaction is financed through existing cash balances. The anticipated takeover date of all shares in Palisander Förvaltning AB, civil law owner of Gävle Sätra 108:20, is 30 October 2021. Christian Karlsson, Advokatfirman VICI, acted as the buyer’s legal representative and Next Advokater, whose team was led by Joacim Öhlund, partner, acted as the seller’s legal representative.
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 2,240 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
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