Last Friday Fabege AB has signed a contract for the sale of eleven properties to Keops EjendomsHolding, a Danish company, for SEK 2.9 billion. The sale price corresponds to a yield of about 7 per cent. In relation to the book value as at 30 June 2005, the sale results in a profit of SEK 500 million. The buyer will access the properties on 1 December 2005.
The properties are located in Haninge (4), Huddinge, Sollentuna, Bromma, Nacka, Årsta, Rågsved and Södermalm. The total rentable area is 155,000 m², of which 121,000 m² is in Haninge/Huddinge. As a result of the sale, Fabege has now left Haninge.
Fabege is offering a three-year rental guarantee for 21,000 m² and a five-year rental guarantee for 17,000 m² as of October 2007. The reported result takes account of the rental guarantee.
The buyer intends to part-finance the deal through the issue of property bonds. The sale is contingent upon the buyer being able to arrange this funding.
See also Keops' press release at www.keops.dk.
"Through the sale we further concentrate our holdings to the Stockholm region, and our focus on markets such as central Stockholm, Solna, Kista, Täby and Södra Hammarbyhamnen/Nacka becomes even clearer", Erik Paulsson, Fabege's CEO, comments.