Swedish developer Fabege has sold the Masugnen 7 commercial property in the Ulvsunda district of Stockholm to local investor JM for SEK 200 mln (€24 mln).
Swedish developer Fabege has sold the Masugnen 7 commercial property in the Ulvsunda district of Stockholm to local investor JM for SEK 200 mln (€24 mln).
Fabege said the deal will generate a profit after tax of SEK 93 mln, which will be realised in the first quarter of 2013.
Masugnen 7 currently comprises 11,000 m2 of commercial floor space and is set to be converted into housing by the new owner.
The deal is expected to close by 1 July 2013.
'Our core business comprises commercial properties in attractive areas,' said Klaus Hansen Vikström, director of business development at Fabege. 'The divestment of the Masugnen 7 property is a good example of a property that is geographically outside our priority areas and can be converted for housing.'
