Fabege sells residential development rights in Hammarby Sjöstad (SE)

Fabege has sold the undeveloped property Luma 3 in Hammarby Sjöstad to Besqab. The property is located close to the Luma plant and has been earmarked for housing in the detailed development plan.

The sale will occur in the form of a company with an underlying property value of SEK 148 million (approx. €16.56 million). The sale will generate a gain of SEK 70 million (approx. €7.8 million) before tax and SEK 85 million (approx. €9.5 million) after tax, which will be recognized during the first quarter of 2014.

“We have developed the property using development rights for housing, which is in line with our business concept of selling to a housing producer before completion,” comments Klaus Hansen Vikström, Director of Business Development at Fabege.

Source: Fabege

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