Fabege has sold the Induktorn 33 property in Ulvsunda, Stockholm, for SEK 100 million (approx. 11 million). The purchaser is the Stockholm city.
The property comprises approximately 17,000 m² of lettable area, primarily industrial/warehouse premises. The City intends to construct a new road through the property.
Preliminarily, the purchaser will gain access to the property on June 30, 2011. A precondition for access is that the City Council's decision concerning the acquisition has become legally effective. The sale will generate an after-tax gain of SEK 17 million, which will be recognized in earnings during the second quarter of 2011.
"The Stockholm city presented a traffic solution that included construction of a road through our property and the demolition of parts of the buildings. To facilitate this, a discussion concerning the sale of the property to the Stockholm city was initiated. The sale is also in line with our ambition of focusing on our selected markets," says Klaus Hansen Vikström, Director of Business Development at Fabege.