Kungsleden selling public properties in Germany for SEK 1.3 bn
Press Release 29 December 2010Listed Swedish property company Kungsleden AB (publ) is divesting 17 properties in Germany for a total purchase price of approx. SEK 1.3 bn at a property yield of just over 7%. The buyer is Hemsö Fastighets AB, in which Kungsleden is a joint venture partner. The sales price is about SEK 20 m below book value and some SEK 35 m less than acquisition cost. This latter amount will be posted to Kungsleden’s profit for calculating dividends for 2010. “Kungsleden acquired this property portfolio in Germany in 2006 and 2007. Through the formation of Hemsö, the