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6 May 2019, Sweden | Corporate Finance | News

Catella advisor to Fabege

Catella has acted as advisor to Fabege in sale of Pelaren 1 in Söderstaden to KPA Pension.

Press release från Fabege:

Fabege sells Pelaren 1 in Söderstaden to KPA Pension

The sale is consistent with Fabege’s overriding strategy of divesting fully developed properties and creating new value by continuing to generate development rights in attractive growth areas in Stockholm. The property transaction is being completed as a corporate sale with an underlying property value of SEK 1,608m.

In accordance with current reporting regulations, the profit will be recognised as an unrealised change in value of SEK 138m in the second quarter of 2019. Transfer of ownership is expected to take place on 1 July 2019.

Pelaren 1, with an area of approximately 21,500 sqm, currently forms a new landmark opposite the Tele2 Arena and Globen, on a site that used to be just a gravel square. Fabege’s construction of the new office building has created a tranquil local street on Pastellvägen and separates off Nynäsvägen for residents. The ground floor houses a restaurant that is open to the public, contributing to a thriving street environment. Mobile operator 3 is the single largest tenant and has roughly 70 percent of the building at its disposal.

– “The sale is evidence that the transaction market remains strong in Stockholm. Demand for modern offices in prime locations is healthy, and we are not seeing any slowdown in the number of enquiries from institutional investors,” said Klaus Hansen Vikström, Vice President and Director of Business Development at Fabege.

The building was completed in autumn 2018, and is environmentally certified to BREEAM-SE Very Good standard.

Catella has been transaction advisor.

Fabege AB (publ)

 

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