Fabege completes transaction at Hammarby Sjöstad
Fabege has completed the sale to Oscar Properties of two properties (Linjefarten 1 and Båtturen 1) that had been partitioned off from Hammarby Gård 7, Hammarby Sjöstad, in accordance with a previously published decision (from the 2011 Annual General Meeting). The sale pertains to land for housing development. The transaction had been subject to the condition that Fabege obtained a building permit for constructing commercial buildings facing the thermal power station and that work on constructing the building be initiated. These conditions have now been met and the transaction can thus be completed.
The sale will take the form of a company divestment at an underlying property value of SEK 265m and will generate a gain of SEK 112m before tax and SEK 146m after tax, which will be recognised during the second quarter of 2012.
“I am pleased that the conditions for completing the transaction have now been fulfilled. We have demonstrated through our planning and development work that we can generate and realise value. The transaction contributes to both earnings and liquidity,” 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 1:00 pm CET on 29 June 2012.
Fabege AB (publ) is one of Sweden’s leading property companies focusing mainly on letting and managing office premises and property development. The carrying amount of the company’s property portfolio is approximately SEK 30.0bn. The portfolio is concentrated in 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.
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