STOCKHOLM, SWEDEN-Swedish property firm Kungsleden AB has signed a deal with GE Capital Real Estate to acquire a portfolio of 84 commercial properties in Sweden. The price is around $860 million (SEK 5.5B).
The properties are mostly office buildings and are largely situated in Stockholm and Gothenburg.
“This acquisition fulfills our investment target of SEK 5-6 billion within 18-24 months that was set and communicated in the beginning of this year. The property portfolio fits very well into Kungsleden's new strategy with a focus on quality commercial properties in attractive locations in growth regions,” says Biljana Pehrsson, CEO of Kungsleden.
The total leasable area is about 6 million square feet (567,000 sq.m.) The portfolio was described when GE announced the offering in August. The transaction is expected to close before year-end.
About 70% of the portfolio properties are located in Stockholm and Gothenburg and it will increase Kungsleden's share of properties in those markets to 50% from 30% today. The share of offices will increase to 50% from 39% today. The acquisition does not require Kungsleden to raise any additional equity. Debt financing has been obtained from four leading Nordic banks.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
