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13 September 2010
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Sweden's Kungsleden completes e1.3bn divestment to AP Fund
Listed Swedish property company Kungsleden will in early May complete a e1.3bn divestment of 50% of Hemsö, which owns and manages its public properties, to the Third AP Pension Insurance Fund. The sale price for the retirement home, care and school properties portfolio, which contains fewer assets than previously planned, is based on a present book value of SEK14.6bn (e1.3bn) and exceeds historical cost by SEK2.1bn (e190m). It involves 239 assets concentrated in major cities with an area of 1.2m sq.m., against the previously reported 277 properties with 1.3m sq.m. The price gives a yield of 6.3% based on the operating net 2008, pro forma, and the deal will boost Kungsleden's 2009 profit by some SEK800m.