Fabege buys and sells in Stockholm

Swedish property company Fabege has signed an agreement with the City of Stockholm to acquire the Apotekaren 22 block in Norrmalm for EUR 85 mln. The property comprises almost 30,000 m² of lettable space and a 3,000 m² car park. In addition, Fabege is buying out the freehold of Bocken 46 from the City of Stockholm for just over EUR 7 mln At the same time, the company is selling the leaseholds of Visthusboden 1, 2 and 3 in Eskede, as well as the leasehold of Orgelpipan 5 on Norrmalm to the City of Stockholm for over 35 mln.

Fabege said the acquisition of Orgelpipan 5 by the City of Stockholm guarantees implementation of a new commuter train exit to street level for the planned Citybanan line. The deals with the City of Stockholm are conditional on approval by the local government council. Fabege also sold Kurland 18 (Norrmalm), comprising 890 m² of lettable space, to Anders Ivarsson for almost EUR 4 mln.

'The deal with the City of Stockholm strengthens our presence is what is a priority sub-market for us. There is also interesting improvement potential at Apotekaren 22,' Christian Hermelin, CEO of Fabege, commented.