Skanska sells real estate to Tornet for SEK 743 M
Skanska is selling its properties, Carolus 24 (Caroli City) and Erik Menved 34, in Malmö, southern Sweden, for a total of SEK 743 M. The sale will generate a capital gain of SEK 517 M.
Skanska sells real estate to Tornet for SEK 743 M
Skanska is selling its properties, Carolus 24 (Caroli City) and Erik Menved 34, in Malmö, southern Sweden, for a total of SEK 743 M. The sale will generate a capital gain of SEK 517 M.
The properties, with a total floor space of 119,000 square meters, are being purchased by the Tornet subsidiary SkansTornet. Both properties are nearly fully occupied and generate annual rental revenues of approximately SEK 90 M.
As part of the agreement with Tornet, Skanska is acquiring six properties for development and redevelopment in Sollentuna, Malmö, Linköping, Gothenburg and Håbo for a total of SEK 43 M.
The transaction is in line with Skanska's strategic focus on project development. Fully developed properties are being sold to create opportunities for investment in new projects.
"The sale of these properties creates scope for investments in real estate with development potential, including here in the Öresund region, which is one of Skanska's prioritized areas for project development," comments Gunnar Östenson, President of Skanska Öresund.
"Tornet's cash flow and profit will increase as a result of the acquisition of these properties, while at the same time we strengthen our position in the Malmö market, one of Tornet's prioritized areas," says Sverker Lerheden, President of Tornet.
During 1998 the Skanska Group (excluding JM) has sold properties for a total of approx. 2 billion. During the same period, the capital gain on these divestments amounted to approx. SEK 1,2 billion.
Malmö, August 28, 1998
SKANSKA AB
Corporate Communications
For further information, contact:
Cecilia Schön, Senior Vice President Skanska AB, telephone +46 8 753 87 99
Gunnar Östenson, President Skanska Öresund AB, telephone +46 40 14 46 36