Wihlborgs has reached an agreement on the sale of the office property Lippeltstrasse 1 in Hamburg. The property has been part of Wihlborgs’ building stock since the merger with the then M2 Fastigheter AB in the year 1997. In accordance with the business strategy, Wihlborgs has worked purposefully for a long time on selling properties that do not lie in the Öresund area.
“Now that we have sold the property in Hamburg, we have left Germany completely and can continue to concentrate on our principal markets in Malmö, Lund, Helsingborg and Copenhagen,” says Anders Jarl, CEO of Wihlborgs Fastigheter.
At the same time, Wihlborgs is selling the property Måsen 16 in Lund to JM. The property was acquired in June 2005 as part of a business deal with Whitehall. Wihlborgs and JM initiated collaboration and applied together to Lund local authority for a detailed planning change in order to get permission to build housing. The detailed plan is now complete and comprises a total of approximately 20,000 m2 of building rights for housing.
“We enjoy very good collaboration with JM in both Lund and Malmö and, since we do not have any sales organisation for building rights for housing, we feel it is appropriate to allow JM to carry the baton all the way,” concluded Anders Jarl.
Both deals will cost a total of SEK 123 million and will be booked for the first quarter of 2008. Since discussions had reached an advanced stage by the time of the evaluation of the properties prior to the year end, the sale had no effect on the result. The selling price will exceed the accumulated acquisition value by SEK 25 million.
Wihlborgs Fastigheter AB (publ)
For further information contact:
Wihlborgs Fastigheter:
Anders Jarl, CEO, +46 40 690 57 10, +46 733 71 17 10
Christer Johansson, Controller and Financial Manager, +46 40 690 57 06, +46 733 71 17 06
Wihlborgs Fastigheter (publ) is a property company that focuses on commercial properties in the Öresund region. Its stock of properties is located in Malmö, Helsingborg, Lund and Copenhagen.
Wihlborgs is one of the leading property companies in Malmö and Helsingborg.
The properties’ book value totals SEK 11.7 billion with an annual rental value of SEK 1.1 billion.
Wihlborgs is listed on the Stockholm stock exchange’s Midcap list.