Northern Logistic Property (NLPR) sells a property portfolio back to
Kungsleden
(Thomson Reuters ONE) - (Oslo, 13 October 2009 - Northern Logistic Property ASA)Northern Logistic Property ASA (NLP) has signed an agreement withKungsleden to sell five properties with lettable area ofapproximately 109,000 sqm. The properties are sold based on a marketvalue of SEK 525 mill, which is in line with the external valuationsand the accounted value of the properties. The transaction will becarried through as a sale of shares in subsidiaries, whereas thepurchase price for the shares will be adjusted for various balancesheet items, including interest bearing liabilities and deferred tax.Closing date for the transaction is 2 November 2009.The properties sold are the same purchased from Kungsleden in July2008 with combined industrial- retail- office and logistics lettablearea. The investment was financed by a seller note from Kungsleden inthe amount of SEK 420 mill. The outstanding loan amount as of todayis SEK 386 mill and the loan matures in 2011.The sale strengthens NLP's financial position and facilitates thecompany's strategy. After the sale NLP will focus on development ofthe existing properties in Sweden.CEO Per Gunnar Rymer says in a commentary: "The sale releasesconsiderable cash amount, strengthens our focus and position topursue the target on further development of own properties. Itremoves the need for refinancing of the loan in 2011. Further thesale removes the uncertainty with respect to investment liabilitiesin some of the sold properties. As a whole we consider the sale asvalue generative for NLP in the present situation and the companywill after the sale have no intention to sell additional propertiesin Sweden".For further information:Per Gunnar Rymer, CEO + 47 907 77 627 email:per.gunnar.rymer(at)nlpasa.comAbout Northern Logistic Property ASANorthern Logistic Property ASA is a leading pure-play logisticproperty company based in the Nordic region. The portfolio consistsof 24 advanced logistic properties located in larger and regionalcities in Sweden and Denmark, with a total lettable area ofapproximately 814,000 sq.m. See also www.nlpasa.com.http://hugin.info/137677/R/1347068/323766.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 13.10.2009 - 09:00 Uhr
Sprache: Deutsch
News-ID 6842
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