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14 February 2012
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22 February 2012
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03-04 May 2012
Vienna, Austria
Sweden's Kungsleden sells 50% of its public properties for e1.4bn, reports 2008 loss
Swedish listed commercial property group Kungsleden has agreed to sell 50% of its 282 public properties to pension insurance fund Third AP for SEK15.4bn (e1.4bn). The deal, scheduled for completion in 1Q09, is expected to affect profit for calculating dividends by e72m. Group 2008 earnings swung to a pre-tax loss of e106m, driven by a decline in portfolio valuation of e161m, against a 2007 profit of e235m. At year-end, the portfolio of Stockholm-based property owner and manager consisted of 603 assets with a book value of e2.6bn.