Swedish property company Kungsleden AB (publ) acquires four school properties from Vittra and Bure. The purchase price amounts to SEK 407 million (approx. 45m) and the yield based on the purchase price is calculated at 7%.
The properties, which are located in Stockholm, Solna, Södertälje and Linköping, consist of 17 000 m² of lettable area. Kungsleden will take possession of the properties in Solna, Södertälje and Linköping on October 20, 2005. These properties share of the purchase price is 48%. The property in Stockholm will be transferred on September 30 2006.
In connection with the transaction Vittra signs 15 year long lease contracts on all four properties and the parties enters a letter of intent concerning four additional schools in the next coming two years.
"I am very pleased with signing this deal with Vittra and Bure. The properties are newly constructed or newly refurbished to modern school properties and in Vittra we get a tenant who is one of the leading players within the private school market in Sweden which hopefully leads to new business opportunities in the future" says Kungsledens CEO Jens Engwall commenting on the transaction.