Listed Swedish property company Kungsleden is to sell a 11,600 m[sup]2[/sup] office property in Malmo to privately owned Ikano Fastigheter for EUR 28 mln. The Davida 15 property in downtown Malmo was sold for EUR 3.5 mln above book value and EUR 7 mln over the acquisition value.
Listed Swedish property company Kungsleden is to sell a 11,600 m2 office property in Malmo to privately owned Ikano Fastigheter for EUR 28 mln. The Davida 15 property in downtown Malmo was sold for EUR 3.5 mln above book value and EUR 7 mln over the acquisition value.
Kungsleden is also acquiring six properties for EUR 7 mln and selling two, for a similar price. It trading partner in both these transactions is property company Akelius Fastigheter. The acquired properties are largely retail and industrial sites, while the divested properties are residential. Kungsleden currently owns some 598 properties with a book value of EUR 2.6 bn. CEO Thomas Erseus commented: 'Based on our strategy of increasing risk-adjusted returns, we have divested properties in the first half of this year with a property yield of 4.1 %, while acquired properties have an estimated property yield of 7.6 %.'
