Kungsleden has sold 39 properties in the northern Swedish region of Norrland for SEK 760 mln (€82 mln) to local investor NP3.
Kungsleden has sold 39 properties in the northern Swedish region of Norrland for SEK 760 mln (€82 mln) to local investor NP3.
The latest deal brings its total disposals so far in 2014 to €237 mln and prepares the way for a new round of acquisitions.
The transaction sees Kungsleden exit 10 markets in Norrland region. The properties are mainly industrial and warehousing facilities comprising 144,100 m2 of leasable area in Norrland.
The move is part of the re-focusing of Kungsleden's portfolio to increase the proportion of office space to 50% and reduce the share of industrial/warehousing to 35%, and also to increase the share of properties located in Stockholm, Gothenburg and Malmö to at least 50%.
From January to 9 July Kungsleden sold 58 properties for just over SEK 2.2 bn (€237 mln) in a total of 11 different transactions. Average prices exceeded book value by more than 10%, the company said.
´We’ve managed to capitalise on the favorable market conditions and have completed the streamlining process faster than planned, and at attractive prices. The recent sales in the Norrland region mean that we’re now set to take the next strategic step and become active buyers again,' said Kungsleden CEO Biljana Pehrsson.
Kungsleden's property portfolio, excluding modular buildings, consisted of 366 properties valued at SEK 20 bn on 31 March 2014.
