Fabege transfers a property in Östermalm to joint-owned housing development company
As announced earlier, Fabege and Oscar Properties Invest AB have formed a joint venture for the development of tenant-owner flats in Stockholm. The company will acquire properties for new builds or conversion of existing buildings into residential units, which will then be transferred to tenant-owner associations.
Fabege has transferred the Guldfisken 18 property to the development company with takeover on 1 November 2010. The purchase consideration is SEK 215m. Since this amount corresponds to the most recent market valuation, the sale will not generate any realised profit.
“We are delighted to continue this joint project, whereby the potential of our existing buildings will be supplemented with Oscar Properties’ specific expertise in developing and selling tenant-owner flats,” says Fabege’s CEO Christian Hermelin.
Fabege AB (publ)
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 8:00 am CET on 2 November 2010.
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 28.1bn. The portfolio is concentrated to the Stockholm region and has an annualised rental value of SEK 2.2bn and a lettable area of 1.2m sqm. Fabege’s shares are listed on Nasdaq OMX Stockholm, Large Cap segment.