Fabege sells housing project in Hammarby sjöstad

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Fabege has divested the Påsen 10 property in Hammarby sjöstad, Stockholm. The purchaser is Skanska. The property is being sold in the form of a company with an underlying property value of SEK 188m. Påsen 10 currently comprises nearly 10,000 sqm of floor space, primarily industrial/warehouse and office premises. Skanska intends to build residential premises on the property. The purchaser will take possession on 30 September 2010. 

The sale will generate an after-tax gain of SEK 75m, which will be recognised in profit during the third quarter of 2010. 

“We are pleased to have realised considerable value through the sale of this property. The best way to capitalise on the property’s potential is through its conversion to residential premises,” says Christian
Hermelin, CEO of Fabege, commenting on the transaction. 

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 08:00 am CET on 7 September 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 27.8bn. The portfolio is concentrated to the Stockholm region and has an annualised rental value of SEK 2.2bn and a lettable area of 1.3m sqm. Fabege’s shares are listed on Nasdaq OMX Stockholm, Large Cap segment.

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