Listed Swedish property company Kungsleden is completing its divestment of 50% of the shares of Hemsö to the Third AP (Pension Insurance) Fund. Hemsö owns and manages Kungsleden's Public Properties in Sweden, mainly retirement home, care and school properties. The transaction amount comes to SEK 14.6 bn (EUR 1.3 bn), corresponding to book value and reflecting a yield of 6.3%.
Listed Swedish property company Kungsleden is completing its divestment of 50% of the shares of Hemsö to the Third AP (Pension Insurance) Fund. Hemsö owns and manages Kungsleden's Public Properties in Sweden, mainly retirement home, care and school properties. The transaction amount comes to SEK 14.6 bn (EUR 1.3 bn), corresponding to book value and reflecting a yield of 6.3%.
The transaction, which was first announced in December 2008, will affect Kungsleden's profit for calculating dividends for 2009 by SEK 800 mln, the company said.
The transaction involves 239 properties with a surface area of 1,191,000 m2 which are located in the major city regions. The assets generate total rents of about SEK 1.3 bn.
Thomas Erséus, Kungsleden's Chief Executive, said: 'With this deal, we can continue to develop and strengthen Hemsö’s already secure position as a partner and landlord on the public property market alongside the Third AP Fund. Simultaneously, Kungsleden will also be more able to exploit business opportunities that arise on the commercial and public property markets.'
