Fabege, one of Sweden's largest listed property companies, has obtained 46.18 million shares of its peer Klovern as part payment for 46 properties sold to Klovern in September. Fabege now hold the equivalent of 27.7% of the capital and votes in Klovern.
Fabege, one of Sweden's largest listed property companies, has obtained 46.18 million shares of its peer Klovern as part payment for 46 properties sold to Klovern in September. Fabege now hold the equivalent of 27.7% of the capital and votes in Klovern.
The portfolio sold to Klovern consists of 20 properties in Kista, 24 in Täby, one in Jarfalla and one in Sigtuna for a total price of SEK 4.040 bn (EUR 440 mln). Some SEK 1.1 bn was paid in the form of the new shares in Klovern. The divested properties were mainly offices and have a total lettable area of some 350,000 m2., with a rental value of about SEK 430 million. The transfer of ownership took place on 20 November.
Fabege has indicated it does not intend to remain a long-term shareholder of Klovern. Fabege's portfolio has a book value of SEK 30.2 bn. The portfolio, which is concentrated to the Stockholm region has an annualised rental value of SEK 2.7 bn and a lettable area of 1.9 million m2.
Klovern's principal activities are to acquire, develop and sell properties outside the major metropolitan areas in Sweden. The Group is focused on commercial properties.
