Swedish listed property company Kungsleden said it has sold five logistics and warehouse properties to Oslo-quoted Northern Logistic Property for a total SEK 600mln (EUR 63mln). Kungsleden said the sales price exceeds book value by SEK 7mln and its acquisition value by SEK 51mln. Kungsleden noted the latter amount would be posted to its profit for calculating dividends for 2008.
Swedish listed property company Kungsleden said it has sold five logistics and warehouse properties to Oslo-quoted Northern Logistic Property for a total SEK 600mln (EUR 63mln). Kungsleden said the sales price exceeds book value by SEK 7mln and its acquisition value by SEK 51mln. Kungsleden noted the latter amount would be posted to its profit for calculating dividends for 2008.
Kungsleden noted that the largest tenant in the properties sold is discount retailing group Runsven and womenswear retailer Lindex. The total lettable floor space of the properties sold, which are mainly located in central and southern Sweden, is about 109,000 m2 while total rental value is nearly SEK 47mln.
‘I’m satisfied with this deal and Northern Logistic Property is an obvious buyer for these properties,’ Kungsleden chief executive Thomas Erséus said in a statement. ‘Over 50% of the rest of Kungsleden’s property portfolio are public properties like retirement homes, schools and care properties. Our commercial property portfolio has long-term contracts and stable counterparties, and only 10% of it consists of offices at present. This provides us with good cash flow and stability.’
