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Klövern buying Danish property from Genesta for 1.42B kroner

Klövern AB (publ) signed a contract to buy a property in Copenhagen, Denmark, from Genesta on behalf of Genesta Nordic Real Estate Fund II vehicle, for 1.42 billion Danish kroner.

The Kalvebod Brygge 32 building in central Copenhagen has a lettable area of about 31,700 square meters and is fully let to Kammeradvokaten, Rigsarkivet and DSB. The average remaining contract period from the date the tenants moved in is 8.7 years.

The property will be transferred to Klövern after full refurbishment is completed by April 2021.

Separately, Klövern agreed to acquire two properties in Linköping, Sweden, for an underlying property value of 345 million Swedish kronor. The buildings on Morellen 1 are virtually fully pre-leased and will offer around 18,800 square meters of lettable space for offices, education and engineering after completion. The second property, Mekanikern 18, is a vacant site.

As of Dec. 18, US$1 was equivalent to 6.72 Danish kroner and 9.42 Swedish kronor.