Kuwait Finance House (KFH) has sold its Swedish real estate portfolio for EUR 429 mln, realising a net profit of EUR 77 mln, KFH's manager at the International Real Estate Department Ali Othman Al-Ghannam said during a press conference. The portfolio has been sold to a fund of Acta, an Oslo-listed company mainly active in Scandinavia, at an annual internal rate of return of 21%, Al-Ghannam stated.
Kuwait Finance House (KFH) has sold its Swedish real estate portfolio for EUR 429 mln, realising a net profit of EUR 77 mln, KFH's manager at the International Real Estate Department Ali Othman Al-Ghannam said during a press conference. The portfolio has been sold to a fund of Acta, an Oslo-listed company mainly active in Scandinavia, at an annual internal rate of return of 21%, Al-Ghannam stated.
KFH purchased the portfolio in August 2002 for EUR 342 mln, Al-Ghannam said. The Swedish portfolio consists of 12 assets, mainly logistics and distribution centres, covering an area of 360,000 m2 in three main Swedish cities of Stockholm, Malmo, and Gothenburg. The properties are 88% leased to the state-owned Swedish Post, newspaper Immo-news reported.
