Danish real estate company Sjaelso Gruppen has concluded a deal to sell a combined office, storage and retail property in Stockholm to Property Group for EUR 63.7 mln. The transfer should be finalised by the middle of 2008.
Danish real estate company Sjaelso Gruppen has concluded a deal to sell a combined office, storage and retail property in Stockholm to Property Group for EUR 63.7 mln. The transfer should be finalised by the middle of 2008.
The property, Sjaelso's largest project in Sweden to date, comprises 37,000 m2 and has been created by revamping and developing properties acquired by Sjaelso Gruppen earlier in the year. It is located in the Alvsjö area in the south of Stockholm, close to the Stockholm International Fairs, the largest rentable facility in Northern Europe. Alvsjö is currently undergoing a transformation, particularly in the retail sector. The property is fully let; tenants include the IT company TietoEnator, which accounts for some two-thirds of the project, and a large Swedish grocery concern.
The agreement with Property Group supports the Danish company's profit expectations; it still expects to meet its pre-tax profit for 2007 of EUR 107 mln to EUR 120 mln.
Copenhagen-based Property Group was incorporated on 1 January 2006 and focuses on acquisitions of retail, office, residential and hotel real estate in Denmark, Sweden, Norway, Finland, Germany and Eastern Europe.
