One of Stockholm’s largest prime shopping centres has changed hands in a SEK 3.98 bn (€375 mln) off-market deal.
Swedish listed property company Atrium Ljungberg has signed an agreement to sell Farsta Centrum in the Söderort suburb south of the capital to private property company peer Stadsrum Fastigheter.
Farsta Centrum is a long-established 1960s regional mall with 115,000 m2 of lettable space and rental income at transfer of SEK 310 mln.
Atrium Ljungberg said the transaction is via a company sale with the purchase price based on an underlying value of SEK 3.979 bn before deductions for deferred tax. CBRE advised the vendor.
Atrium will crystalise a proift after tax of approximately SEK 240 mln. This comprises SEK 75 mln in realised changes in value, SEK 225 mln in deferred tax, and SEK 60 mln for the impairment of goodwill the company reported today.
The mall attracts 17 million visitors a year and has over 150 shops, cafes and restaurants.
The CEO of Atrium Ljungberg, Annica Ånäs, said: ‘We currently have an extensive project portfolio, enabling us to invest as much as SEK 32 bn in our own properties and the land allocations we have received.
‘The sale of Farsta Centrum allows us to focus on our major urban development projects, including Sickla, Slakthusområdet and Slussen. This is such a good deal and we can reinvest the capital in areas where our urban development strategy can generate a better total return.’
