Danish developer Keops has extended the time for Essex Invest Sverige to finalise financing for the purchase of 68 properties in Sweden for SEK 2.85 bn (about EUR 313 mln). Under the original agreement Essex Invest Sverige had until December 10 to secure financing but this has now been pushed back to December 21, according to media reports.
Danish developer Keops has extended the time for Essex Invest Sverige to finalise financing for the purchase of 68 properties in Sweden for SEK 2.85 bn (about EUR 313 mln). Under the original agreement Essex Invest Sverige had until December 10 to secure financing but this has now been pushed back to December 21, according to media reports.
The agreement relates to three Swedish portfolios: the Borgs portfolio, the PBA portfolio and parts of the Malmstaden portfolio. The assets include a total of 68 properties with 4,489 flats and around 346,000 m2 primarily for residential use. Conditional on financing, the properties are due to be transferred on 1 February 2007.
After the transaction, Keops investment property assets will overwhelmingly consist of buildings for commercial use with a total value of DKK 18.2 bn (EUR 2.4 bn). As part of the sale of the 68 properties, Keops will acquire 14 Danish commercial properties from Essex Invest for DKK 400 mln (almost EUR 54 mln), corresponding to an average net return of 5.2%.
