Marking the largest property transaction in Sweden since 2008, Vasakronan announced the sale of Dombron in its entirety to The Fourth Swedish National Pension Fund. Closing will take place July 1, 2010. The purchase price is based on an underlying property value of SEK 5.4 billion (approx. 560 million). The sale of Dombron is one of the largest residential property related transactions ever in Sweden.
Commenting on the divestment, Fredrik Wirdenius, CEO at Vasakronan said, "After a comprehensive process involving an extensive range of interested parties, it is with great pleasure that I can now announce that the buyer is The Fourth Swedish National Pension Fund.
"The Fourth Swedish National Pension Fund is a solid buyer with a long term commitment which means we've had no reason to compromise between price or credibility. The Fourth Swedish National Pension Fund makes a very suitable owner of a residential property company comprising both student apartments as well as regular apartments."
The residential portfolio being sold constitutes a smaller part of Vasakronan's total property portfolio. Following the sale of Dombron, Vasakronan will have a property portfolio focused on attractive office and retail premises in five locations in Sweden - Stockholm, Uppsala, Göteborg, Malmö and Lund.
Leimdörfer has acted as Vasakronan's advisor throughout the process.