K-Fastigheter divests a property portfolio in Denmark
K-Fast Holding AB (”K-Fastigheter”) has signed an agreement with an institutional investor regarding the divestment of a property portfolio comprising 311 apartments in Denmark.
On March 7th, 2024, it was announced in a press release that K-Fastigheter had signed a letter of intent with an institutional investor regarding the divestment of a property portfolio comprising 311 apartments in Denmark. The parties have now signed an agreement, subject to conditions being fulfilled, under which K-Fastigheter will transfer the properties during the month of June 2024.
The transaction is based on an underlying property value of about SEK 1,099 million. The book value of the properties was SEK 1,145 million at the end of the fourth quarter 2023. The divestment strengthens K-Fastigheter’s balance sheet and enables continued acquisitions of building rights and construction starts of new projects.
“The divestment of these properties is an important part in the continued development of K-Fastigheter. We can create greater value for the company and our shareholders by using capital to acquire new building rights and to construction start new projects with our own developed concept houses than by owning these proprieties not constructed in accordance with our concepts” says Jacob Karlsson, CEO of K-Fastigheter.
The portfolio comprises four properties in the Copenhagen area. K-Fastigheter will, after the divestment, still have a presence in the Copenhagen area through project Ballerup comprising 153 apartments currently under construction.
For more information, please contact:
Jacob Karlsson, CEO,
e-mail: jacob.karlsson@k-fastigheter.se, telephone: +46 (0)10-167 60 71
Johan Hammarqvist, Head of Investor Relations and Communications
e-mail: johan.hammarqvist@k-fastigheter.se, telephone: +46 (0)10-167 60 99
This disclosure contains information that K-Fast Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on April 25th, 2024, 6.45 AM CET.
K-Fastigheter is much more than a property company. Through an integrated process, we build our business in the four business areas project development, prefab, construction and property management. To enhance cost efficiency and cut construction times, K-Fastigheter has chosen to work with three concept houses, developed in-house and constructed for own management. K-Fastigheter offers close to 4,900 homes from Copenhagen in the south to Gävle in the north and is continuously assessing new markets. K-Fastigheter strive to create attractive homes with a high comfort factor. The Group's property portfolio has a book value SEK 14,9 billion. Annual rental value in invest properties under management amounts to SEK 661 million. Since November 2019, the company's Class B shares have been traded on Nasdaq Stockholm under the (ticker: KFAST B). Read more at k-fastigheter.com