On April 25th, 2024, it was announced in a press release that K-Fastigheter had signed an agreement, subject to conditions being fulfilled, regarding the divestment of a property portfolio in Denmark. The conditions have been fulfilled and the buyer, a fund managed by Viga Real Estate, will take over the properties on July 10th, 2024. K-Fastigheter will initially remain with a stake of 20 percent with the intention of selling the stake in the future.
The transaction is in corporate form and is based on an underlying property value of about SEK 1,087 million at today’s exchange rate corresponding to the book value of the properties at the end of the first quarter 2024. The divestment strengthens K-Fastigheter’s balance sheet and enables continued acquisitions of building rights and construction starts of new projects.
“Divesting this portfolio is in line with the new business plan adopted by the Board. Under the new business plan 30-50 percent of what K-Fastigheter construction start each year will be divested. I am happy that we have found a strong player as Viga as buyer” says Jacob Karlsson, CEO of K-Fastigheter.
The portfolio that is divested comprises four housing properties in the Copenhagen area of 24,989 square meters distributed on 311 apartments with a yearly rental value of SEK 63.7 million with a vacancy rate of under 5 percent. In the Copenhagen area K-Fastigheter has ongoing construction of 153 apartments in project Ballerup which is not part of this transaction.