Atrium Ljungberg sells Västberga Handel

(ATRLJ-B.ST, NASDAQ Stockholm) Property company Atrium Ljungberg has today concluded an agreement on the sale of the Arbetsstolen 3 property in Stockholm, better known as Västberga Handel. The purchase price is based on an underlying property value of SEK 437 million. Serena Properties is the buyer.

“Our focus is to develop attractive urban environments with a mix of retail, offices, residentials, service, culture and education. We do not deem it possible within the foreseeable future to develop the site at Västberga Handel in a manner which supports our vision and business concept. The current market situation strongly supports divestment. Therefore, we have chosen to sell the property and instead focus on and invest in our other locations with greater development opportunities, “says Annica Ånäs, CEO, Atrium Ljungberg.

The sale of Västberga Handel will take place through divestment of the company. The purchase price is based on an underlying property value of SEK 437 million before deductions for deferred tax. The transaction will yield a profit after tax of approximately SEK 34 million for the Atrium Ljungberg Group. SEK 29 million of this amount refers to realised change in the value of property and SEK 5 million refers to deferred tax. The profit will be reported in the accounts for the fourth quarter. The property’s rental value is SEK 32 million. Serena Properties  will take possession of the property on 20 December 2018.

Atrium Ljungberg has been developing Västberga Handel as a well-functioning regional retail hub in southern Stockholm since 1995. Västberga Handel currently comprises approximately 18,200 m2letting area, which is primarily used for retail and service.

Nacka, 07/12/2018
Atrium Ljungberg AB (publ)

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