K2A sells four properties with an underlying property value of SEK 650 million
K2A Knaust & Andersson Fastigheter has completed a sale comprising four properties in Växjö with an underlying property value of SEK 650 million. K2A is transferring the properties with vacant possession on 30 June 2023. The buyer is Resinova Bostad AB. Taken together, the sale means that K2A’s liquidity is strengthened by SEK 235 million. The sale is K2A’s second in April 2023.
At the properties in Växjö, K2A has developed 261 rental apartments with a combined lettable area of 17,960 sqm and a rental value of SEK 32.8 million. The sale of these four properties means that, as of 30 June 2023, K2A will receive approximately SEK 235 million in cash and cash equivalents after deduction of property loans, transaction costs and deduction of deferred tax of 5.15 per cent. The sale of the properties is based on a combined underlying property value of SEK 650 million, which represents an average yield of 4.1 per cent. The valuation represents 100 per cent on the book value of these properties as of 31 December 2022.
“This is K2A’s second major sale in a short time at attractive levels, which strengthens the image of K2A owning attractive, high-quality assets,” says Johan Knaust, CEO of K2A.
The buyer of the properties is Resinova Bostad AB. Resinova is a platform with focus on acquiring and owning newly built or recently built sustainable rental housing in Sweden. The company is managed by Möller & Partners.
“We are delighted to have acquired high quality housing in an excellent location in the centre of Växjö. Location, quality and environmental certification have been key factors for us in this transaction,” says Henrik Jussi‑Pekka, CEO of Möller & Partners and co-founder of Resinova.
Colliers has acted as financial advisor to K2A in the transaction. The law firm Advokatfirma Lindahl KB has acted as legal advisor to K2A, and the law firm Kilpatrick Townsend & Stockton Advokat KB has acted as legal advisor to Resinova.
On 19 April 2023, K2A announced the sale of six properties in Västerås, Gävle and Uppsala. Along with the sale now being announced, the two sales represent an underlying property value of SEK 1,745 million and strengthen K2A’s liquidity by SEK 635 million.
This disclosure contains information that K2A Knaust & Andersson Fastigheter 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 26-04-2023 17:10 CET.
For further information:
Johan Knaust, CEO, +46 (0)70-740 04 50, johan.knaust@k2a.se
Karl Vahlund, Head of Transactions, +46 (0)72-241 10 70, karl.vahlund@k2a.se
K2A Knaust & Andersson Fastigheter AB – the green real estate company – provides long-term management of rental apartments for all types of housing and community services properties. The company's markets are in Stockholm, the Mälardalen region and a number of university towns elsewhere in Sweden. See also www.k2a.se. K2A's B shares (K2A B) and preference shares (K2A PREF) are listed on Nasdaq Stockholm.