Kungsleden sells properties and upgrades forecast
Kungsleden sells properties and upgrades forecast During the third quarter, Swedish property company Kungsleden AB (publ) divested 25 properties for a combined total of SEK 298 million through several different transactions. Properties located in Halmstad and Ljungby accounted for a large proportion of the sales. In total, the property sales yielded capital gains of SEK 31 million, after sales- administration expenses. On a pro forma basis, the sold properties provided a yield on the selling price of 6.8 per cent. As a result of these sales, Kungsleden is increasing its forecast regarding full-year profit after paid taxes from SEK 330 million to SEK 360 million, corresponding to SEK 19 per share. "This is a good start to the autumn that encourages us to continue to engage in both the purchase and sale of properties", says Jens Engwall, Managing Director of Kungsleden, commenting on the transactions. For more information, please contact: Jens Engwall, Chief Executive, tel: +46 (0)8 503 05204, mobile +46 (0)70 690 6550 Johan Risberg, Deputy Chief Executive, tel: +46 (0)8 503 05206, mobile: +46 (0)70 690 6565 Kungsleden's business concept is to own and manage properties with a high and stable long-term property yield. Kungsleden is an active participant in the prevailing change processes on the Swedish property market, by utilizing and enhancing its competencies in structuring heterogeneous property holdings. This implies Kungsleden's property holding frequently changing through acquisitions and disposals. Kungsleden's property portfolio comprises 455 properties with a book value of over SEK 8.0 bn. The holding is located in a total of 138 municipalities, and is concentrated on the Swedish provinces of Götaland and Svealand. Kungsleden has been quoted on the Stockholm Stock 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/2001/08/22/20010822BIT01290/bit0001.doc http://www.waymaker.net/bitonline/2001/08/22/20010822BIT01290/bit0001.pdf