As part of creating conditions for continued expansion through the acquisition of building rights and the construction start of new projects, K-Fastigheter has engaged Colliers to assist in divesting a portfolio of residential properties on the Danish market. Altogether, it concerns four properties with a total of 311 apartments, of which 163 are under management and 148 are under construction with planned completion during Q4 2023. The portfolio consists of houses that are not build in accordance with K-Fastigheter’s own developed concept and together with favorable currency exchange rate development there is a possibility to complete an attractive transaction.
K-Fastigheter will, even after a potential divestment of the properties, have a presence in the Copenhagen area through a project that is under construction with a total of 153 apartments in Ballerup. The company continues to see good opportunities for acquiring building rights in the Copenhagen area.
Based on the book value of the properties as of June 30, 2023, a possible divestment will be able to bring in net cash of approximately SEK 550 million after amortization of the underlying debt.
”We know that there is big interest in acquisitions in the Danish market. Given that we see good opportunities for divesting a part of our portfolio that does not consist of our concept houses and by this free up capital for continued value creation for our shareholders,” says Jacob Karlsson, CEO of K-Fastigheter.
Since a potential divestment of these four properties is a departure from K-Fastigheter’s strategic direction of long-term ownership of the residential properties the company constructs or acquires, it is hereby announced that a process has begun for the four properties.