NACKA, Sweden--(BUSINESS WIRE)--Regulatory News:
Fabege (STO:FABGA) has come to an agreement with Peab to acquire Peab’s 50 per cent stake in Visio. Following the acquisition, Fabege will own 100 per cent of Visio, which owns development rights in Solna. Furthermore, Fabege is acquiring the Distansen 4, 6 and 7 properties in Ulriksdal from Peab.
In connection with the capitalisation of Arenabolaget i Solna KB (ABS), ABS has acquired assets adjacent to the Friends Arena from Visio. Thereafter Visio retains its holding in Råsta, which includes development rights in Solna. Råsta is owned by Visio (75 per cent) and the City of Solna (25 per cent).
The purchase consideration for the shares in Visio amounts to a preliminary figure of SEK 300m, of which SEK 200m is being paid via a promissory note that expires in connection with the development rights gaining legal approval, however no later than 31 December, 2018. Through the transaction, Visio will be consolidated into the Fabege Group, which means the initial property value will increase by approximately SEK 550m.
The purchase consideration for Distansen totals SEK 570m. The property is newly built and partly leased to Johnson & Johnson. The transaction also includes a newly-constructed multistorey car park, along with a development right relating to roughly 15,000 sqm of offices.
Handover will take place in January 2017.
- “Both these transactions fit in well with Fabege’s investment in continued city district development in the various parts of Solna,” commented Christian Hermelin, CEO at Fabege AB.
Fabege AB (publ) is one of Sweden’s leading real estate companies focusing on letting and managing office premises as well as city district development. Fabege owns properties with a total carrying amount of SEK 44.7bn. The property portfolio, which is concentrated in the Stockholm region, has a rental value on an annualised basis amounting to SEK 2.3bn and a lettable area of 1.1 million sqm. Fabege’s shares are listed on Nasdaq Stockholm, in the Large Cap segment. For further information, visit www.fabege.com
This information is of the type that Fabege AB is required to disclose under the EU Market Abuse Regulation. This information was released, through the provision of the above-mentioned contact person, for publication on 25 November 2016, at 8.00 am CET.
This information was brought to you by Cision http://news.cision.com