Listed Swedish real estate firm Fabege has announced the sale of the Aeolus 1 building in Gamla Stan, the old town of Stockholm, with an underlying property value of SEK 360 mln (about EUR 35 mln). The buyer is Swedish firm Dina Försäkring and the transfer date is 1 March 2010. Fabege said the sale will result in a profit after tax of SEK 10 mln for the fourth quarter of 2009.
Listed Swedish real estate firm Fabege has announced the sale of the Aeolus 1 building in Gamla Stan, the old town of Stockholm, with an underlying property value of SEK 360 mln (about EUR 35 mln). The buyer is Swedish firm Dina Försäkring and the transfer date is 1 March 2010. Fabege said the sale will result in a profit after tax of SEK 10 mln for the fourth quarter of 2009.
Aeolus 1, located on Skeppsbron, was built in 1600 and was by far the oldest asset in Fabege's portfolio. The property comprises 6,760 m2, the majority of which is office space, with an additional 300 m2 of retail.
Fabege acquired the asset for SEK 340 mln in 2006. 'Aeolus 1 is one of a kind in our portfolio and the sale generates an additional focus on our priority sub-markets in Stockholm and Solna. It's also positive that the transaction market is starting to grow,' Fabege CEO Christian Hermelin said.
Fabege is one of the largest real estate firms in Sweden. The book value of the company's property portfolio is about SEK 29.4 bn. The portfolio is concentrated to the Stockholm region and has an annualised rental value of SEK 2.4 bn and a lettable area of 1.4 million m2. Fabege's shares are listed on the Stockholm Stock Exchange, Large Cap segment.