Fabege acquires Islandet 3 and sells Läraren 5 property in exchange transaction
Fabege has completed an exchange transaction with Gamla Livförsäkringsbolaget SEB Trygg Liv (publ), under which Fabege has acquired Livbolaget’s 50-per-cent interest and thus becomes the sole owner of the Islandet 3 site leasehold right, while simultaneously selling the Läraren 5 property to Livbolaget.
The site leasehold right encompasses approximately 8,400 sqm of lettable floor space in the Islandet 3 which, in addition to the prestigious Centralbadet spa and restaurant, includes 5,000 sqm of office space. The acquisition takes the form of a company with an underlying property value of SEK 150m.
The Läraren 5 property encompasses approximately 4,300 sqm distributed among office, residential and retail space. The sale, which takes the form of a company with an underlying property value of SEK 211m, will generate a gain after tax of SEK 48m that will be recognised in the second quarter of 2012.
“I am really pleased with this transaction. Overall, we have achieved a healthy gain and unchanged cash flow, while reducing our indebtedness and gaining a controlling influence over Islandet 3,” says Klaus Hansen Vikström, Director of Business Development at Fabege.
Fabege AB (publ)
For further information, please contact:
Christian Hermelin, CEO, phone 46 (0)8 555 148 25, 46 (0)73 387 18 25
Åsa Bergström, Deputy CEO and CFO, phone 46 (0)8 555 148 29, 46 (0)70 666 13 80
Klaus Hansen Vikström, Director of Business Development, phone 46 (0)8-555 148 74, 46 (0)70-239 34 81
This constitutes information that Fabege AB (publ) may be legally obliged to publish under the Securities Market Act and/or the Financial Instruments Trading Act. The information was released for publication at 15.00 p.m. CET on 25 April 2012.
Fabege AB (publ) is one of Sweden’s leading property companies focusing on commercial premises. The carrying amount of the company’s property portfolio is approximately SEK 29.2bn. The portfolio is concentrated to the Stockholm region and has an annualised rental value of SEK 2.1bn and a lettable area of 1.1m sqm. Fabege’s shares are listed on Nasdaq OMX Stockholm, Large Cap segment.