K-Fast Holding AB (K-Fastigheter), an active and committed landlord offering attractive homes in southwestern Sweden, has acquired the shares in Panghus platsoptimera Strömsbro 1 AB, including a property in Gävle, and the remaining shares in an existing 50 percent holding in Pk Property AB, including a property in Nyköping.

Panghus platsoptimera Strömsbro 1 AB owns the Fredriksskans 2:17 property in Gävle, a land holding in the attractive neighborhood Strömsbro, north of Gävle city center. K-Fastigheter intends to build four six-story Apartment Blocks on the site, with a total of 88 rental apartments and a gross floor area (GFA) of some 8,000 square meters. K-Fastigheter will apply for planning approval once the property has been subdivided into residential lots. The acquisition takes the form of a corporate transaction with an underlying property value of SEK 18.7 million, corresponding to approximately SEK 2,350 per square metre. Panghus intends to construct tenant-owned terraced town houses on adjacent plots.

K-Fastigheter has also signed an agreement regarding the acquisition of Panghus AB’s shares in formerly jointly held company Pk Property, whose operations comprise the development of some 95 tenant-owned apartments in Nyköping in the Oppebygård 1:7 property. The company is applying for planning permission for K-Fastigheter’s proprietary concepts Low-Rise and Apartment Block, with a total lettable area of 7,191 square metres.

The total rental income is estimated at some SEK 21.7 million following completion of the projects.