Listed Swedish property company Kungsleden has said it is divesting one industrial property and two site leaseholds in Sweden for SEK 204 mln (EUR 18.4 mln) to fellow listed Swedish property company AB Sagax. At the same time Kungsleden is acquiring three warehouse and office properties from Sagax for SEK 190 mln (EUR 17.1 mln).
Listed Swedish property company Kungsleden has said it is divesting one industrial property and two site leaseholds in Sweden for SEK 204 mln (EUR 18.4 mln) to fellow listed Swedish property company AB Sagax. At the same time Kungsleden is acquiring three warehouse and office properties from Sagax for SEK 190 mln (EUR 17.1 mln).
The assets Kungsleden is selling are located in the Stockholm area and have a gross leaseable area of 23,300 m2 and a rental value of SEK 19 mln (EUR 1.7 mln). Kungsleden said the properties it is acquiring at in Gothenburg and have gross leasable area of about 28,300 m2., 23% of which is offices and 77% is warehousing. The largest tenants are personal protection and workwear supplier Björnkläder, global logistics solution provider Swisslog and Sweden Post Logistics. Total rental value is about SEK 21 mln (EUR 1.9 mln).
The sale price exceeds book value by SEK 2.5 mln and acquisition value by some SEK 60 mln. Transfer of possession is scheduled for 23 December 2008.
Kungsleden CEO Thomas Erseus said: 'Swapping site leaseholds for properties with long rental contracts, while simultaneously being able to increase the property yield on our portfolio suits Kungsleden well.'
Separately, Kungsleden said it was selling five commercial properties in Landskrona, southern Sweden for SEK 20 mln (EUR 1.8 mln) to privately owned southern Swedish property company Svenska Hus i Skåne. The properties generate an annual rent of SEK 4 mln (EUR 360,000). Kungsleden will relinquish possession on 31 January 2009.
