Vasallen begins sale of fully developed properties

Vasallen has announced it has started to sell off the property portfolio in seven locations in Sweden. The Swedish real estate company said it is optimistic the current market conditions will support the disposal of the 150,000 m² of developed properties.

The sales will make room for new acquisitions and are a part of Vasallen's strategy to be one of the leading property development companies in Sweden, the company said. The disposal programme is being carried out with assistance from property advisers Pangea and Leimdörfer.

The properties, most of which have public-sector tenants, are located in Östersund, Borås, Karlskrona, Visby, Uppsala, Skövde and Halmstad. 'We have successfully developed these properties into attractive areas for accommodation and commercial activity. We now wish to sell to long term buyers who can continue to manage the properties. Both we and our advisors are making the assessment that the situation on the property market has improved and prerequisites for a successful sale are good, ' said Vasallen managing director Håkan Steinbüchel.

Vasallen is a state-owned company and has since its foundation in 1997 focused on acquiring and developing closed regiments and other defence force properties. In addition to housing, Vasallen has taken the initiative to create new areas for education, offices, services and industries. Since its inception, Vasallen has acquired a total of 1.2 million m² of office space of which 670 000 m² are now fully developed and sold. The investments come to a total of SEK 4.1 bn (EUR 420 mln). In 2009 Vasallen's remit expanded to include the development of non-defence-related properties.