New investments in housing for the elderly - Kungsleden to acquire more properties in partly owned company
New investments in housing for the elderly - Kungsleden to acquire more properties in partly owned company The company that Kungsleden owns jointly with Pilen AB has acquired seven properties for use as housing for the elderly in Malmö. The acquired properties are: Storskarven 9, 12, 13, Bardisanen 14, Nicktisteln 2, as well as Tväråkern 16 and 17. The total floor space is 8,900 m2 and the purchase price is SEK 108 M. The acquisitions are being effected at an estimated direct yield of 8.1 per cent. Malmö municipality rents 80 per cent of the floor space. "Housing for the elderly is a growth market offering major opportunities. In 2001, we acquired a portfolio of housing for the elderly for approximately SEK 1.2 billion. Within the company that we own jointly with Pilen, we acquired two properties earlier this week. We have now increased our holding with a further seven attractive properties that have stable tenants and long-term rental contracts," says Jens Engwall, CEO of Kungsleden. For further information, contact: Jens Engwall, CEO, Kungsleden, tel +46 (0)8-503 052 04, mobile +46 (0)70-690 65 50 Göran Linder, Business Area Manager, Housing for the Elderly, tel +46 (0)8-503 052 07, mobile +46 (0)70-690 65 75 Johan Risberg, Deputy CEO, Kungsleden, tel +46 (0)8-503 052 06, mobile +46 (0)70-690 65 65 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 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 441 properties with a book value of nearly SEK 9,3 bn. The holding is located in a total of 126 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/2002/04/26/20020426BIT01170/wkr0001.doc http://www.waymaker.net/bitonline/2002/04/26/20020426BIT01170/wkr0002.pdf