Swedish property company Kungsleden has divested 172 properties to Keops of Denmark for SEK 6.3 bn (EUR 685 mln) in accordance with an earlier agreement. Considered Sweden's most extensive property deal ever, this was SEK 1,170 mln above the book value at the contract date and SEK 1,470 mln about the acquisition value, Kungsleden said. The final net trade will be disclosed later in Kungsleden’s 4th quarter results, but it is expected to come to about SEK 550 mln.
Swedish property company Kungsleden has divested 172 properties to Keops of Denmark for SEK 6.3 bn (EUR 685 mln) in accordance with an earlier agreement. Considered Sweden's most extensive property deal ever, this was SEK 1,170 mln above the book value at the contract date and SEK 1,470 mln about the acquisition value, Kungsleden said. The final net trade will be disclosed later in Kungsleden’s 4th quarter results, but it is expected to come to about SEK 550 mln.
Barclays Capital announced on Wednesday that it is providing Keops with a loan for a total of DKK 4.2 bn (EUR 563 mln) to fund the acquisition. The properties are located in most parts of Sweden, but primarily in the southern and western parts of the country and in the Gothenburg area. The portfolio of 900,000 m2 mainly comprises offices, storage facilities and industrial units. Among the best known tenants are Volvo, Ericsson and SKF which combined contribute about15% of the rental income in the portfolio. Keops announced that property bonds issued as part of the financing were to be listed on 31 October 2006 with ISIN code DK0030039300.
By the end of September 2006, Kungsleden had 652 properties with a book value of SEK 24.3 billion.
