Skanska sells property portfolio to Oppenheim for €50 mln (SE/DE)

Skanska is selling five properties in Sweden in Gothenburg, Mölndal, Malmö and Lund for approx. €50 million (SEK 500 mln). The capital gain amounts to approx. €18 million (SEK 184 mln) and is being reported in the second quarter. The buyer is the German property investment company Oppenheim Immobilien KAG, belonging to the IVG Group.

The agreement is for retail properties that comprise a total of about 24,300 m² and all are fully leased. Two of the properties are still under construction, with completion scheduled for summer 2007.

The new property owner, Oppenheim, will take over the properties during the third and fourth quarters of 2007.

The transaction includes a subsequent sale of a property sold previously to RBS Nordisk Renting in accordance with a profit-sharing agreement between Skanska and RBS Nordisk Renting. This property, Jellinge 1 in Malmö, was completed in 2005.

The four other properties included in the transaction are Medlingen 3 in Lund, Generatorn 11 and Eklanda 1:107 in Mölndal and Backa 23:2 in Hisings Backa.

"Long-term leases are signed for all the properties. We are seeing high demand from tenants as well as from investors today and, accordingly, we are continuing to focus on developing new projects," says Cecilia Fasth, President of Skanska Fastigheter Göteborg.

Source: Skanska

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