Keops sells 37 Swedish commercial properties (SE/DK)

Keops has concluded agreement about the sale of 37 Swedish commercial properties at a total price of SEK 1,472 million (approx. €147 mln). With this transaction, all properties designated as ready-for-sale in the six-point plan have been sold at estimated selling prices.

The sale comprises the remaining 37 commercial properties in the so-called Malmstaden portfolio which Keops acquired in November 2004. The agreement about the sale is unconditional and has been concluded with Teesland IOG in Denmark which is a subsidiary of the British listed property investment company by the same name.

After transaction costs, the sale of the properties is expected to generate approx. DKK 400 million of liquidity and a profit before tax of approx. DKK 120 million in relation to the carrying amount at 30 September 2006.

Consolidation in accordance with the determined six-point plan
Earlier in 2007, Keops carried out the sale of a number of Swedish residential properties and of Fatburen. By the sale of the remaining Malmstaden properties, the consolidation by divestment of certain properties designated as ready-for-sale has been carried out in accordance with the sixpoint plan announced in December. The divestments have been made at the estimated selling prices. Thereby, the expectations of the six-point plan of profit and cash proceeds from the divestments are expected met.

Keops' expectations of the future
Accordingly, Management maintains the most recently reported expectations of Keops Group's total consolidated profit before tax for this financial year. The expectations of profit before tax for 2006/07 accordingly constitute DKK 450-650 million including value adjustments of properties and debt.

Source: Keops

Related News