Listed Swedish property company Kungsleden has reached an agreement to sell 22 commercial properties for a total net price of SEK 460 mln (EUR 44 mln) after deducting taxes and transaction costs. The property yield amounts to approximately 7% and the estimated profit after tax is SEK 55 mln.
Listed Swedish property company Kungsleden has reached an agreement to sell 22 commercial properties for a total net price of SEK 460 mln (EUR 44 mln) after deducting taxes and transaction costs. The property yield amounts to approximately 7% and the estimated profit after tax is SEK 55 mln.
The buyer of the property portfolio is Swedish-based Corem Property Group. The transaction is conditional on arranging funding and is scheduled for completion in the first quarter of 2010. The total net purchase price including transaction costs corresponds to book value and exceeds acquisition costs by approximately SEK 7 mln. This latter amount will affect Kungsleden's profit for calculating dividends for 2010.
The portfolio consists of 22 warehouse and office properties located in western and central Sweden with a gross leasable area of about 81,300 m2. Completion will be on 1 April, 2010.
