Fabege sells property in Östermalm to Stadsrum
Fabege has signed an agreement with Stadsrum Fastigheter for the sale of the Ynglingen 10 property in Östermalm, Stockholm. The sale is being made via companies for an underlying property value of SEK 960m before deductions for deferred tax.
After making deductions for sales costs and deferred tax, the transaction results in a recognised gain of SEK -36.8m before tax and SEK 91.5m after reversal of deferred tax. This will be recognised on the completion date. Payment will be made in cash on the completion date. The property will be taken over by the buyer in early March.
The property consists of an art nouveau building containing offices, a midwife clinic, shops and a restaurant facing Karlavägen, and a mixed-use property from the 1960s containing rental apartments, offices, a dance school and a car park facing Jungfrugatan and Sibyllegatan.
Ynglingen 10, which is a freehold ownership property, has a lettable area of 11,000 sqm, of which 2,400 sqm is residential. The property is almost fully let and is sold as is. It is certified to BREEAM-SE standard, Very Good.
The sale is part of Fabege's continuing strategy of focusing on selected expansive market areas such as City, Arenastaden, Solna Business Park, Hammarby Sjöstad and Flemingsberg.
Cushman & Wakefield and the Born law firm have been advisors to Fabege.
“The sale is a natural part of our business model. The property is located outside our strategic urban development areas and the transaction also further strengthens our balance sheet and provides financial scope for further investments and acquisitions,” says Stefan Dahlbo, CEO of Fabege.
Fabege AB (publ)
For further information, please contact:
Stefan Dahlbo, President and CEO, tel. +46 (0)70-353 18 88, stefan.dahlbo@fabege.se
With a focus on mainly commercial properties, Fabege develops attractive locations in the Stockholm area. We are a present partner that puts people front and centre. Our innovative, responsible and flexible ethos enables companies, locations and our city to develop and thrive. We take a long-term approach in our perspective and ownership. We know that when we create sustainably, we also create value. The Fabege share is listed on Nasdaq Stockholm, in the Large Cap segment. For further information, please visit us at fabege.com.
