“Atrium Ljungberg’s focus is on developing attractive urban environments offering a mix of offices, retail, residentials, culture and education. We currently have an extensive project portfolio, enabling us to invest as much as SEK 32 billion 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,” says Annica Ånäs, CEO of Atrium Ljungberg. “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,” continues Annica Ånäs.
The sale of Farsta Centrum will take place through the sale of a company. The purchase price is based on an underlying property value of SEK 3,979 million before deductions for deferred tax. This deal represents a profit after tax of approximately SEK 240 million for the Atrium Ljungberg Group; including SEK 75 million in realised changes in value, SEK 225 million in deferred tax, and SEK 60 million for the impairment of goodwill. The earnings will be recognised in the accounts for the second quarter.
The rental value of Farsta Centrum is SEK 310 million and it has 115,000 m2 letting area, including a 15,000 m2 parking garage. Stadsrum Fastigheter AB will take possession of Farsta Centrum on 1 June 2020. The deal is conditional on the approval of the Swedish Competition Authority.