Fabege acquires property for SEK 0.5bn

Fabege has acquired the property Getingen 15 (leasehold) at Norrtull (Sveavägen) in central Stockholm. The seller is Linco Fastighets AB. The acquisition is being made in the form of a company, based on a property value of SEK 520m. Fabege will take possession of the property on 11 January 2008.

Getingen 15 comprises a total of around 23,000 sq.m of lettable space, of which around 13,000 sq.m consists of offices. The building contains eight floors above ground and three levels of car-parking below. The cost of refurbishment of the three top floors, which is currently in progress, will be borne by the seller.

Following the acquisition Fabege owns five properties totalling around 79,000 sq.m at Norrtull: Getingen 13,14,15, Ormträsket 10 (Wenner-Gren Center) and Mimer 5.

"The property offers interesting potential in the form of around 7,000 sq.m of vacant space, which we regard as a great opportunity. We have been very successful with lettings in this area in the past year," comments Christian Hermelin, CEO of Fabege.

"The acquisition enables us to create an even stronger, administratively efficient cluster in the Norrtull/Norra Station development area. The area is about to undergo major remodelling and modernisation, and we are delighted to be able to strengthen our market position there."

Fabege AB (publ)

31 Oct 2007 2:51 PM

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