Launch of next step in the largest ever Swedish public property divestment (SE)

The bankruptcy estate of Kefren Properties IX AB has launched a website containing information on the 146 properties owned by the company's subsidiary companies, with a total value of SEK 4.3 billion (approx. €476.5 million).

The website includes a description of the sales process, investment memorandums and a valuation for each individual property along with other relevant property details.

"This is a unique marketing process," says Anders Palmgren at Catella, acting as financial adviser in the process.

"A website for a sale of this magnitude has never been created before. We have customized our marketing approach to the portfolio itself. And in view of the fact that we believe many of the smaller properties may be acquired by local investors or tenants, this is by far the most effective way of communicating this information.'

Information on the properties can also be searched on via the largest Swedish online service for commercial real estate and

The property portfolio in brief:

No. of properties: 146
No. of municipalities: 58
Latest valuation of the properties: SEK ~4,300 million
Rental income: SEK ~577,000 million
Area: ~830,000 m²
Property areas by types of premises: Offices (45%), warehouse/storage (18%), industrial (15%), retail (10%), other (12%)

The rights of the tenants of the property owning subsidiaries will be unaffected by the implementation of the divestment plan. The properties are being maintained and investments will continue to be made to ensure property standards and values are maintained.

On April 15, 2011, a bankruptcy petition was filed against Kefren Properties IX AB by the senior lenders, represented by Capita Asset Services (London) Limited in its capacity as Security Trustee.

The petition was part of a plan to divest the properties in an orderly fashion, mainly through public auctions, in October 2011. Roland Sundqvist of Grönberg Advokatbyrå was appointed bankruptcy trustee for Kefren Properties IX AB and liquidator of the 17 property owning subsidiaries in the group. Catella Corporate Finance is acting as financial advisor to Capita.

Source: Catella

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