Listed Swedish property company Kungsleden is to sell a SEK 5 bn (EUR 541 mln) portfolio of commercial property to Norwegian asset manager Orkla Finans Kapitalforvaltning. Kungsleden said on Thursday that a letter of intent had been signed to give the Norwegian company the exclusive right to conduct due diligence on the Swedish property holdings. A binding agreement is expected next month.
Listed Swedish property company Kungsleden is to sell a SEK 5 bn (EUR 541 mln) portfolio of commercial property to Norwegian asset manager Orkla Finans Kapitalforvaltning. Kungsleden said on Thursday that a letter of intent had been signed to give the Norwegian company the exclusive right to conduct due diligence on the Swedish property holdings. A binding agreement is expected next month.
The capital gain will be about SEK 600 mln, and the profit for calculating dividends around SEK 900 mln - if the deal is completed. 'Deals of this size involve a lot of people, which is why we also want to keep the market informed,' Kungsleden's CEO Thomas Erseus said. 'We've got good experience of previous transactions with Orkla Finans Kapitalforvaltning, and we think this deal is very likely to go through.'