Fabege reports additional consideration of SEK 200m regarding property sale
In 2010, Fabege sold a property portfolio to Profi Fastigheter. The parties then jointly conducted a detailed work plan to enable the development of housing on two of the properties. Profi Fastigheter has now agreed on the implementation of the housing project with a third party which leads to an additional consideration will be paid to Fabege.
Provided the new zoning plan gains legal approval, the additional consideration is estimated to be at least SEK 200m and will be reported as a realised change in value in the fourth quarter of 2016. A condition for the additional consideration to be paid is that the new zoning plan for the properties in question must gain legal approval, which is expected to happen in the first quarter of 2017.
- We’re delighted about the creation of residential development rights on the properties, allowing the additional consideration to be realised, commented Klaus Hansen Vikström, Vice President and Director of Business Development at Fabege.
Fabege AB (publ)
This information is information that Fabege AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 14:30 CET on October 7 2016.
For further information, please contact:
Klaus Hansen Vikström, Vice President and Director of Business Development, +46 (0)8-555 148 74,
+46 (0)70-239 34 81
Åsa Bergström, Vice President and CFO, phone +46 (0)8-555 148 29, +46 (0)706-66 13 80
Fabege AB (publ) is one of Sweden’s leading property companies focusing on letting and managing office premises as well as city district development. Fabege owns properties with a total carrying amount of SEK 42.4bn. The property portfolio, which is concentrated in the Stockholm region, has a rental value on an annualised basis amounting to SEK 2.3bn and a lettable area of 1.1 million sqm. Fabege’s shares are listed on Nasdaq Stockholm, in the Large Cap segment. For further information, visit www.fabege.com