K-Fast Holding AB
(K-Fastigheter) has divested the property portfolio that the company previously had signed an agreement regarding. The buyer is a fund managed by
Viga Real Estate
. The buyer will take over the properties on July 10th, 2024. K-Fastigheter will initially remain with a stake of 20% with the intention of selling the stake in the future.
The portfolio that is divested comprises four housing properties in the Copenhagen area of 24,989m2 distributed on 311 apartments with a yearly rental value of c. €5.7m with a vacancy rate of under 5%. In the Copenhagen area K-Fastigheter has ongoing construction of 153 apartments in project Ballerup which is not part of this transaction.
The transaction is in corporate form and is based on an underlying property value of c. €96.7m at today’s exchange rate, corresponding to the book value of the properties at the end of the first quarter 2024.
“
Divesting this portfolio is in line with the new business plan adopted by the Board. Under the new business plan, 30-50% of what K-Fastigheter construction start each year will be divested. I am happy that we have found a strong player as Viga as buye
r” said
Jacob Karlsson, CEO of K-Fastigheter.
Image source - Cision.
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