The owners of Swedish Arena Management AB have signed a letter of intent with LUSS, Lagardère Unlimited Stadium Solutions, regarding the takeover of the long-term operation of Friends Arena. The due diligence process will now commence and is scheduled to be completed after the summer of 2014. Formal takeover of the operating company is expected to occur no later than 1 January 2015.
LUSS is one of the largest European players in the development and operation of multi-functional arenas. It has a network of arrangers and potential partners and operates arenas in such countries as Germany, Brazil, Hungary, France, Russia, Italy, Singapore and Poland. LUSS is a wholly owned subsidiary of Lagardère Unlimited, which has its registered office in Paris.
“Friends Arena is an important piece of the puzzle in the development of Arenastaden and it is highly gratifying that we have managed to reach an agreement with a professional partner such as LUSS. With its competencies and network, LUSS will be able to excellently build upon the foundation that has been laid during the arena’s first 15 months of operations,” says Christian Hermelin, President and CEO of Fabege.
With LUSS taking over operating responsibility for the business, a positive earnings trend for the operation of Friends Arena is expected.
Fabege AB (publ)