Fabege becomes the largest owner of Tornet

Fabege is acquiring 82.4 per cent of the shares in Tornet AB. An agreement has been reached with Ratos and Lehman Brothers Real Estate Partners for the acquisition of all shares in LRT Acquisition AB with an ownership of 21,307,711 shares in Tornet.

The transaction price is SEK 146 per share, or SEK 3.1 billion in total. Fabege has agreed to make the same offer to Tornet’s other shareholders. Furthermore Fabege intends to offer an exchange of shares meaning that one Fabege share will be received for each share in Tornet. The acquisition is subject to approval by the Competition Authority. “In the last few years, Tornet has successfully pursued a strategy of concentrating its holdings in key areas, and now owns attractive properties with development potential in Stockholm, Gothenburg and Malmö. As the main owner, Fabege will seek to further increase the concentration of the company’s property portfolio”, Erik Paulsson, Fabege’s CEO, comments. Fabege AB (publ)

23 Dec 2005 8:45 AM

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