Söderport Properties, a 50/50 joint venture of Swedish listed companies Sagax and Hemfosa Fastigheter, has sold a portfolio of six office properties in central Malmo, Sweden. The transaction price amounts to around SEK 380 mln (EUR 43 mln) and is in line with the assets' current market value.
Söderport Properties, a 50/50 joint venture of Swedish listed companies Sagax and Hemfosa Fastigheter, has sold a portfolio of six office properties in central Malmo, Sweden. The transaction price amounts to around SEK 380 mln (EUR 43 mln) and is in line with the assets' current market value.
The sale frees up equity of SEK 370 mln for Söderport which will be used to finance investments in existing properties and new acquisitions, the companies said.
David Mindus, CEO of Sagax, said the transaction is in line with the company's previously-announced plan to restructure the Söderports portfolio and concentrate on assets in the Västberga and Årstafältet districts of Stockholm.
Hemfosa and Sagax bought the properties from DK Properties in June 2010 as part of a larger portfolio deal involving 33 assets offering nearly 370,000 m2 of commercial space. A large part of the portfolio (88%) consisted of industrial and warehouse properties in the Årstafaltet and Västberga districts of Stockholm. The remaining 12% was made up of the office properties in central Malmö which are now being sold.
Sagax primarily focuses on warehouse and light industry real estate in Sweden, Germany, Finland and Denmark.
