K-Fastigheter has engaged Colliers to assist with divesting four properties in the Copenhagen area
K-Fast Holding AB (”K-Fastigheter”) is exploring the possibility of divesting a property portfolio in Denmark comprising four properties with a total of 311 apartments.
As part of creating conditions for continued expansion through the acquisition of building rights and the construction start of new projects, K-Fastigheter has engaged Colliers to assist in divesting a portfolio of residential properties on the Danish market. Altogether, it concerns four properties with a total of 311 apartments, of which 163 are under management and 148 are under construction with planned completion during Q4 2023. The portfolio consists of houses that are not build in accordance with K-Fastigheter’s own developed concept and together with favorable currency exchange rate development there is a possibility to complete an attractive transaction.
K-Fastigheter will, even after a potential divestment of the properties, have a presence in the Copenhagen area through a project that is under construction with a total of 153 apartments in Ballerup. The company continues to see good opportunities for acquiring building rights in the Copenhagen area.
Based on the book value of the properties as of June 30, 2023, a possible divestment will be able to bring in net cash of approximately SEK 550 million after amortization of the underlying debt.
”We know that there is big interest in acquisitions in the Danish market. Given that we see good opportunities for divesting a part of our portfolio that does not consist of our concept houses and by this free up capital for continued value creation for our shareholders” says Jacob Karlsson, CEO of K-Fastigheter.
Since a potential divestment of these four properties is a departure from K-Fastigheter’s strategic direction of long-term ownership of the residential properties the company constructs or acquires, it is hereby announced that a process has begun for the four properties.
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 September 11th, 2023, 8.30 AM CET
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 4,000 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 SEK 14,3 billion, with an annual rental value of about SEK 528 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
