Kungsleden acquires the property Hornafjord 1 in Kista Science City, with a total leaseable area of 23,000 sqm, from Genesta for MSEK 514 (€55M).
Genesta acquired the property in December 2007 with a vacancy rate exceeding 80 percent. Today the vacancy rate is approximately ten percent. The property has around twenty tenants, the largest being Huawei and Infor.
“Through the divestment of Hornafjord, Genesta delivers a strong yield to the funds investors. Selling the property shows that Genesta’s professional management and active work with their possessions has created the right conditions for the fund to deliver a good return”, says David Neil, CEO at Genesta.
In Southern Högsbo, Gothenburg, Kungsleden acquires four properties adding 17,000 sqm to Kungsleden’s existing portfolio. The total leasable area in Kungsleden’s Högsbo cluster thereby increases to approximately 107,000 sqm.
The properties are acquired from Platzer to a price of MSEK 162 (€17M) with closing taking place at the end of April.
“Our efforts to grow our strategic portfolio continue to move forward. We know exactly which properties we are looking for and when we find them we act swiftly”, says Ylva Sarby Westman, Head of Transactions at Kungsleden.
“With the planning of Dag Hammarskjölds Boulevard and the urban development that is currently going on, I see great possibilities together with other property owners to be a part of the development in Högsbo. Through the divestments we in Platzer can focus on the northern part of Högsbo where our portfolio comprises approximately 70,000 sqm and where there is great potential to achieve an attractive mixed city in immediate proximity to Änggårdsberget’s Nature Reserve”, says P-G Persson, CEO at Platzer, also listed on Nasdaq Stockholm.
Kungsleden also divests 29 non-strategic properties at a price amounting to MSEK 536 (€60M) to Sagax and Söderport, which is owned by Sagax och Hemfosa. The divestment means that Kungsleden will leave 18 municipalities, among them Eksjö, Gislaved, Hallstahammar, Karlsborg, Nässjö, Olofström, Sölvesborg, Tranemo, Tranås and Ulricehamn. The sales price is in line with the book value.
“Kungsleden’s new strategy is about focusing. Along with large acquisitions in the major city regions, we continue to trim our property portfolio by selling non-strategic properties and thereby leaving 18 municipalities. The end result is a stronger market presence and increased customer attention in our chosen markets”, says Ylva Sarby Westman.
Kungsleden In Multiple Large Deals
Sweden — Kungsleden, listed on Nasdaq Stockholm, purchases in Stockholm and Gothenburg and divests in smaller cities in Mid and Southern Sweden.
Nicklas Tollesson[email protected]