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Fabege to sell Swedish asset to Union Investment fund

Fabege AB agreed to sell the Uarda 6 building in Arenastaden, Sweden, to German fund manager Union Investment's UniImmo: Europa open-ended real estate fund.

The sale has an underlying property value of 1.2 billion Swedish kronor, before deductions for latent tax, and is projected to generate a net profit of 176 million kronor. The transaction is anticipated to close May 31.

The recently completed building has roughly 18,000 square meters of surface area, including about 17,000 square meters of office space. Tenants at the site include Siemens, H&M and Ambea.

As of March 8, US$1 was equivalent to 8.26 Swedish kronor.