“Our focus is to develop attractive urban environments with a mix of retail, offices, residentials, service, culture and education. We assess that within the foreseeable future we cannot develop the site at Port 73 in a manner which supports our vision and business concept. The current market situation strongly supports divestment and therefore we have chosen to sell and instead focus on and invest in our other locations with greater development opportunities, says Annica Ånäs, CEO, Atrium Ljungberg.
The sale of Port 73 will take place through a divestment of shares. The purchase price is based on an underlying property value of SEK 977 million before deductions for deferred tax. The transaction will yield a positive result after tax of approximately SEK 85 million for the Atrium Ljungberg Group, whereof the majority relates to changes in deffered tax, and will be reported in the accounts for the fourth quarter of 2017.
The property’s rental value is SEK 70 million. CBRE Global Investors will take possession of the property on 1 February 2018.
Since 2009 Atrium Ljungberg has gradually expanded and transformed Port 73 to a regional retail destination in Södertörn. Port 73 now comprises approximately 36,600 m2 letting area with some forty stores, restaurants and service.
“Port 73 is now an established retail destination. The centre Is practically fully let and the property’s operating net, store sales and the number of visitors has developed strongly over the past years”, concludes Annica Ånäs.
CBRE served as advisor to Atrium Ljungberg.
Atrium Ljungberg AB (publ)