K-Fastigheter intends to start a cooperation with Titania
K-Fast Holding AB (“K-Fastigheter”) has signed a Letter of Intent with Titania for a Joint Venture regarding a building right in Vallentuna comprising 74 apartments. K-Fastigheter intends to acquire 50 percent of the shares in the company that owns the property Vallentuna Vallentuna-Rickeby 1:48 from a company within the Titania Group. A legally binding zoning plan is in place.
On the acquired property K-Fastigheter and Titania plans to construct approximately 74 rental apartments in the joint company. Estimated Yield on Cost for the project is 6.3 percent. Closing is expected during 2023 and preliminary construction start is at the turn of the year 2023/2024. The transaction is a share deal.
The cooperation regarding the property in Vallentuna is the first between K-Fastigheter and Titania. The agreement is expected to be signed during the third quarter 2023.
“I am happy that we together with Titania get the opportunity to grow in the Stockholm area. From K-Fastigheter´s side, we look forward to cooperating long-term with Titania and contribute to the market getting more attractive rental apartments“ says Magnus Persson, Business Development Manager at K-Fastigheter.
“We are happy to have found a suitable project to start what we hope will be a long-term cooperation with K-Fastigheter. There is a consensus in our organizations regarding rent setting as well as management, but above all how to efficiently run housing construction and achieve profitability by controlling the value chain“ says Wojciech Wondell, COO at Titania.
For more information, please contact:
Magnus Persson, Business Development Manager
e-post: magnus.persson@k-fastigheter.se, telephone: +46 (0)10-209 61 39
Johan Hammarqvist, Head of Investor Relations and Communications
e-mail: johan.hammarqvist@k-fastigheter.se, telephone: +46 (0)10-167 60 99
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 3,830 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 13.6 billion, with an annual rental value of about SEK 504 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
