STOCKHOLM, Sweden, March 13, 2002 (PRIMEZONE) -- The property company Kungsleden AB (publ) has so far this year sold 10 properties for a total price of SEK 230 million.
The largest sale amounting to SEK 198 million is the property Lyckebacken 1 in Lund, an industrial property with land and building rights.
The other properties have been sold piecemeal as part of Kungsleden's ordinary business. The sale of the 10 poperties generated a profit of SEK 35 million before sales administration.
"The market for buying and selling properties has been good for the first months of this year," says Jens Engwall, Kungsleden's Chief Executive Officer.
Kungsleden's business concept is to own and manage properties with a high and stable long-term property yield. Kungsleden is an active participant in the change processes on the Swedish property market, by utilizing and enhancing its competencies in structuring heterogeneous property holdings. This implies Kungsleden's property holding frequently changing through acquisitions and disposals. Kungsleden's property portfolio comprises 455 properties with a book value of nearly SEK 9,5 bn. The holding is located in a total of 129 municipalities, and is concentrated on the Swedish provinces of Gotaland and Svealand. Kungsleden has been quoted on the Stockholm Stock Exchange O-list since 14 April 1999.
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