Fabege transfers a property in Östermalm to joint-owned housing development company

As announced earlier, Fabege and Oscar Properties Invest AB have formed a joint venture for the development of tenant-owner flats in Stockholm. The company will acquire properties for new builds or conversion of existing buildings into residential units, which will then be transferred to tenant-owner associations.

Fabege has transferred the Guldfisken 18 property to the development company with takeover on 1 November 2010. The purchase consideration is SEK 215m. Since this amount corresponds to the most recent market valuation, the sale will not generate any realised profit.

“We are delighted to continue this joint project, whereby the potential of our existing buildings will be supplemented with Oscar Properties’ specific expertise in developing and selling tenant-owner flats,” says Fabege’s CEO Christian Hermelin.

Fabege AB (publ)

2 Nov 2010 8:00 AM

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