D. Carnegie & Co divests Gothenburg portfolio

D. Carnegie & Co AB (publ) - listed on Nasdaq Stockholm - has entered an agreement to divest its properties in the Hammarkullen residential area in Gothenburg through a company sale. The Gothenburg portfolio comprises 890 apartments and a lettable area of 65,000 square meters. The agreed underlying property value is SEK 493 million, resulting in a capital gain of SEK 14 million compared to the latest valuation. The buyer is Göteborgs stads bostadsaktiebolag, better known as Bostadsbolaget.

"The sale is part of our focus on owning residential properties in the greater Stockholm area, or in cities within commuting distance from the capital. We are also pleased to have found a buyer who has the ambition to continue the development of Hammarkullen" says Ulf Nilsson, CEO, D. Carnegie & Co.

The transaction is conditional on the approval by the Board of Förvaltnings AB Framtiden (Bostadsbolaget’s owner) as well as the approval of the Gothenburg Municipal Council. The closing of the deal is planned for 1 February 2016.

For more information, please contact:

Ulf Nilsson, CEO, D. Carnegie & Co, tel. +46 (0)8 – 121 317 25

About D. Carnegie & Co
D. Carnegie & Co is a real estate company focusing on residential properties within the Stockholm region and other growth areas. The Company’s business concept is to own and manage its real estate portfolio and to gradually refurbish apartments in connection with the natural turnover of tenants. This can take place quickly and cost-efficiently due to the Company’s established refurbishment method, Bosystem which, among other things, does not require tenants to vacate the premises. The Company also creates significant value through the development of building rights in the existing portfolios. As of 30 June 2015, the market value of the company's properties amounted to SEK 11,548 million. As per 1 July 2015, the total rental value amounted to SEK 1,240 million annually. The financial leasing rate is high with no vacancies. D. Carnegie & Co is listed on Nasdaq Stockholm.

Tags: