Fabege has completed an exchange transaction with Gamla Livförsäkringsbolaget SEB Trygg Liv (publ), under which Fabege has acquired Livbolaget’s 50-per-cent interest and thus becomes the sole owner of the Islandet 3 site leasehold right, while simultaneously selling the Läraren 5 property to Livbolaget.

The site leasehold right encompasses approximately 8,400 sqm of lettable floor space in the Islandet 3 which, in addition to the prestigious Centralbadet spa and restaurant, includes 5,000 sqm of office space. The acquisition takes the form of a company with an underlying property value of SEK 150m.

The Läraren 5 property encompasses approximately 4,300 sqm distributed among office, residential and retail space. The sale, which takes the form of a company with an underlying property value of SEK 211m, will generate a gain after tax of SEK 48m that will be recognised in the second quarter of 2012.

“I am really pleased with this transaction. Overall, we have achieved a healthy gain and unchanged cash flow, while reducing our indebtedness and gaining a controlling influence over Islandet 3,” says Klaus Hansen Vikström, Director of Business Development at Fabege.

Fabege AB (publ)