Fabege and Peab sell fully developed property in west Kungsholmen
Fabege and Peab are selling their jointly owned (50/50) property Paradiset 29 on Lindhagensgatan in Stockholm to cross-border investment manager, Invesco Real Estate for one of their pan-European fund mandate. The property is being sold as a company with an underlying property value of SEK 842m (100%) and will result in an after-tax profit of SEK 20m for Fabege, which will be recognised in the first quarter of 2010. Fabege and Peab acquired what was at the time a bakery, Skogaholmsbageriet, in 2004. The bakery was demolished and developed into a new office and retail complex with food