K-Fast Holding AB (K-Fastigheter) has signed an agreement with an institutional investor regarding the divestment of a property portfolio comprising 311 apartments in Denmark.
On March 7th, 2024, it was announced in a press release that K-Fastigheter had signed a letter of intent with an institutional investor regarding the divestment of a property portfolio comprising 311 apartments in Denmark. The parties have now signed an agreement, subject to conditions being fulfilled, under which K-Fastigheter will transfer the properties during the month of June 2024.
The transaction is based on an underlying property value of about c. €97.8m. The book value of the properties was c. €101.9m at the end of the fourth quarter of 2023. The divestment strengthens K-Fastigheter’s balance sheet and enables continued acquisitions of building rights and construction starts of new projects.
“The divestment of these properties is an important part in the continued development of K-Fastigheter. We can create greater value for the company and our shareholders by using capital to acquire new building rights and to construction start new projects with our own developed concept houses than by owning these proprieties not constructed in accordance with our concepts” says Jacob Karlsson, CEO of K-Fastigheter.
The portfolio comprises four properties in the Copenhagen area. K-Fastigheter will, after the divestment, still have a presence in the Copenhagen area through project Ballerup comprising 153 apartments currently under construction.
Image source - Cision.
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