K-Fastigheter's first acquisition of building rights in Västerås
K-Fast Holding AB has entered into an agreement to acquire the shares in Neprat Västerås AB, which owns the property Östra Vildrosen 1 in the district Önsta Gryta in northern Västerås. The zoning plan has gained legal force and K-Fastigheter plans to build up to 120 rental apartments on the property.
K-Fast Holding AB (“K-Fastigheter”) has entered into an agreement to acquire the property Västerås Östra Vildrosen 1. The vendors have pursued the zoning plan process to create building rights of just over 10,000 square meters gross total area (GTA) for mainly homes. The zoning plan for the property thus gives K-Fastigheter the opportunity to build up to 120 apartments in its proprietary concept buildings. K-Fastigheter will acquire the shares on 30 October 2020.
“With today’s agreement, K-Fastigheter will have a clear presence in Västerås and Mälardalen, a region that is an important part of our continued growth. This is K-Fastigheter’s first transaction of several in Västerås and we see good opportunities to increase our activity in several of the strong growth municipalities in the Mälardalen region,” says Jacob Karlsson, CEO of K-Fastigheter.
“On the property, we plan to build four Lateral Low-Rise buildings and an Apartment Block, in total 120 apartments with associated parking spaces on the ground floor and a commercial premises on the ground floor containing, among other things, a pharmacy. We expect to start construction in 2021”, says Jacob Karlsson.
“It feels good to be able to hand over the project after our planning work to an active operator such as K-Fastigheter, whose focus is to develop attractive and affordable rental apartments,” says Mark Butler, CEO for Tarpen Nordic AB, an affiliate of Neprat.
Annual rental value is estimated to amount to approximately SEK 15.5 million after completion. The acquisition takes place through a company transaction and the underlying property value amounts to SEK 34 million, which corresponds to approximately SEK 3,330/square meter GTA. Financing takes place through existing cash balances. Angermann has acted as advisor to the sellers.
For further information, please contact:
Jacob Karlsson, CEO and founder, K-Fast Holding AB, e-mail: jacob.karlsson@k-fastigheter.se, phone: +46 10 167 60 71
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 1,900 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 5.8 billion, with an annual rental value of about SEK 220 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
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