Sveafastigheter divests SEK 420 million Kalmar portfolio
Sveafastigheter sells part of the newly developed retail park Hansa City in Kalmar, with a lettable
area of 27,000 square metres, based on a property value of SEK 420 million.
The buyer is a German property fund managed by AXA Investment Managers Deutschland GmbH.
Sveafastigheter acquired the properties as part of the acquisition of Kalmar Tech Park from Volvo and has since
then in co-operation with local asset management partner P&E Förvaltning in Kalmar worked on the development
of the new retail park, which is located next to the IKEA store in Kalmar that was opened in 2006.
Tenants in the divested part of the retail park are Bauhaus, El-Giganten, Rusta, Hemtex, Sova, Mairo, and
Plantagen, of which all but Plantagen have moved in to their premises. Plantagen is expected to open their store
in March 2009.
The detail plan for the area allows for further construction of some 13,000 square metres of lettable area within
the parts still owned by Sveafastigheter. Sveafastigheter is currently preparing the construction of a galleria with
fashion tenants (clothes and shoes) with approximately 25 tenants.
With this sale Sveafastigheter has during 2008 carried out four separate portfolio divestments, of which two –
the current divestment and the sale of part of the Mölnvik retail park in Värmdö municipality in Stockholm county
– account for more than 95 per cent of the divestment volume. The total value of portfolios divested by
Sveafastigheter in 2008 now amounts to SEK 800 million and the average yield in the transactions has been
below 6 per cent.
– It is very satisfying to be able to carry out a divestment on attractive terms in the current market environment. It
shows that we through our business model of co-operations with a broad network of partners in order to take
advantage of opportunities that arise in local markets, create value in more challenging times as well. Our
remaining holdings are performing according to plan and we look forward to exciting years ahead as we are
convinced that excellent opportunities for value creating acquisitions will materialize within all our markets, says
Simon de Château, CEO of Sveafastigheter.
Jones Lang Lasalle has acted as advisor to Sveafastigheter in the transaction.