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Atrium Ljungberg signs 977M-Swedish-kronor agreement to sell retail hub

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Atrium Ljungberg signs 977M-Swedish-kronor agreement to sell retail hub

Atrium Ljungberg AB agreed to sell the Söderby Huvudgård 2:43 property in Haninge, Sweden, to CBRE Global Investors for 977 million Swedish kronor.

The transaction for the retail center, known by its retail hub moniker Port 73, will be conducted through a divestment of shares at a price reflecting underlying property value. The disposal of Port 73, offering a rental value worth 70 million kronor, will generate a positive result after tax of approximately 85 million kronor.

CEO Annica Ånäs said in a release the company is selling the property as it cannot develop the site in a manner that reflects its vision, adding that it will focus its investments in other locations.

In 2009, Atrium Ljungberg began the gradual expansion of the center. Its roughly 36,600-square-meter fully occupied letting area offers about 40 stores, restaurants and service. It is slated to change hands Feb. 1, 2018.

CBRE acted as adviser to Atrium Ljungberg during the deal.

As of Dec. 21, US$1 was equivalent to 8.40 Swedish kronor.