Kungsleden acquires 10 and sells one

Report this content

Kungsleden acquires 10 and sells one The property company Kungsleden AB (publ) has through Hemsö Äldreboende AB, a joint venture with Catella, acquired 10 properties in Malmö. The properties are used for elderly living and contains 13 tsqm with a rental income of SEK 17,5 million. The average length of rental contracts is 8 years and 88 % of rental income comes from the municipality of Malmö. The purchase price is SEK 192 million with an initial yield of 8 %. Kungsleden has also sold the property Stockholm Stenskärven 8 located in Vinsta. The property, which contains 9.700 sqm of offices, was sold for SEK 35 million which generated a loss of SEK 5 million. - The presented deals is another step in our ambition to strengthen the yield while lowering the risk in the property portfolio, says Jens Engwall, CEO of Kungsleden, commenting on the transactions. For more information, please contact: Jens Engwall, Kungsleden's Chief Executive, tel: +46 (0)8 503 05204, mobile +46 (0)70 690 6550 Johan Risberg, Kungsleden's COO, tel: +46 (0)8 503 05206, mobile +46 (0)70 690 6565 Kungsleden's strategy is to assure sustainable high and stable returns proceeding from its existing holding, and through acquisitions and disposals. Kungsleden's property holding comprises 415 properties with a book value of approximately SEK 9.5 bn. The holding is located in a total of 122 municipalities, although concentrated on the Swedish provinces of Götaland and Svealand. Kungsleden has been quoted on the OM Stockholm Exchange O-list since 14 April 1999. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/10/31/20021031BIT00370/wkr0001.doc http://www.waymaker.net/bitonline/2002/10/31/20021031BIT00370/wkr0002.pdf http://www.waymaker.net/bitonline/2002/10/31/20021031BIT00370/wkr0003.xls Appendix