Listed Swedish property company Kungsleden is selling its 50% stake in community services property company Hemsö Fastighets to Swedish pension fund AP3.
Listed Swedish property company Kungsleden is selling its 50% stake in community services property company Hemsö Fastighets to Swedish pension fund AP3.
Kungsleden will receive SEK 3.3 bn (EUR 380 mln) for its shareholding in Hemsö, exceeding the book value by about SEK 650 mln, including transaction costs, the company said.
At the same time, Kungsleden will purchase 15 properties from Hemsö for a total price of SEK 1.6 bn at a yield of 7%.
The transaction is part of Kungsleden’s new strategy of focusing on wholly owned properties in Sweden’s growth regions.
‘I’m very satisfied that we’ve now sold our holdings in Hemsö and have done a good deal. The build-up and development of properties for community services has been positive for Kungsleden and I’m pleased about the shareholder value created. AP3 is a solid and strong owner of this holding,’ said Kungsleden’s CEO Thomas Erséus. He added: ‘Kungsleden will continue to progress in line with our new strategy and I see good potential in today’s market.’
The deal is scheduled to complete on 15 February 2013.
Pangea Property Partners and Mannheimer Swartling Advokatbyrå acted as advisers.
