Fabege has sold the Bocken 51 property to the tenant-owners’ association, Lästmakarpalatset. The association will take possession of the property on 4 January 2011 and will simultaneously take over the ongoing contract for the construction of 45 tenant-owner flats, which are scheduled for completion in November 2011.

The property will comprise a total of 2,438 sqm of floor space, comprising 2,366 sqm of housing and 72 sqm of retail space. The sales consideration amounts to SEK 139m, which matches the most recent market valuation (at 31 December 2010). For this reason, the sale, which will be recognised in the first quarter of 2011, will not give rise to a capital gain.

“We are delighted as this project will contribute to creating a vibrant city, with the new construction of housing in an inner-city location. The transaction will release capital that we will be able to invest in our prioritised commercial properties,” says Klaus Hansen Vikström, Director of Business Development at Fabege.

Fabege AB (publ)