Stones Invest buys Keops Development

Lagt online 21.05.08

Landic Property is now finalizing the planned sale of Keops Development. The buyer is the Danish investment company, Stones Invest. The Lighthouse Project in Århus is not part of the transaction.  The agreement on the sale has been signed by the parties.  

Landic Property CEO, Skarphéðinn Berg Steinarsson, says: "We acquired Keops in September 2007 knowing that Keops Development did not fit our business model, which focus on becoming the biggest property holding company in the Nordic. We stated from the start that we would sell Keops Development and I am pleased that Keops Development now has found a new platform with Stones Invest, which has a great track record in adding value to its portfolio companies".

Steen Gude, Group Managing Director of Stones Invest, says:

"Keops Development fits perfectly into our division, Stones Industry. KD is innovative and strong at real estate development, and has several interesting projects at present. Their competences and projects is an excellent supplement to our core business".

The housing project Lighthouse in Århus is not part of the transaction, but will stay with Landic Property, where current Keops Development MD, Preben Thomsen, will continue to lead the international consortium behind the project.

The parties have agreed not to disclose the terms of the deal, which will be finalized on June 10th upon completion of a due diligence process.

Læs mere på www.landicproperty.com

Picture: The Lighthouse project in Århus is excluded from the sale of Keops Development. Illustration: 3XN, UNStudio and Gehl Architects.

 

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