Fabege leases 13,800 sqm to Skolverket in Solna Business Park
Skolverket, the Swedish National Agency for Education, is collocating its operations at Solna Business Park. The green lease contract concerns approximately 13,500 sqm, with an annual rent of around SEK 40 m, and extends for five years. Skolverket takes office in the fourth quarter of 2019.
Fabege shows positive development of all key ratios
Fabege's long-term net asset value (EPRA NAV) amounted to SEK/ 190 per share, an increase of 32 per cent compared to the same period last year. Net lettings in the period totalled SEK 190m, which is one of our best years to date. Renegotiations during the period produced an average increase in the rental value of 27 per cent, which is evidence of the robust trend we have recently observed in Stockholm’s rental market.
At Fabege’s Annual General Meeting on 29 March 2017, it was decided that the Nominating Committee, whose tasks include submitting proposals to Members of the Board, would primarily comprise representatives of the four largest shareholders. The names of the Nominating Committee's members and the owners they represent are to be announced no later than six months before the AGM and are based on the known ownership immediately before the announcement.
Fabege signs an agreement with Bilia and begins the development of Haga Norra
The new agreement with Bilia means that Fabege can now begin with the development of the Haga Norra district, featuring 900 apartments and 70,000 sqm of commercial space that have already been planned. Bilia, which has been present in the area since 1968, will remain, but now with completely new and modern full service facilities.
Swedbank is collocating large parts of its functions at Grand Central Sundbyberg. The green lease relates to approximately 16,500 sqm and extends for a period of ten years. The move is expected to take place by the end 2018. This lease means that the entire office section of the building is now fully let.
In April 2016, Fabege established an MTN programme of SEK 2bn subject to special conditions with regard to sustainability and the environment. Fabege has decided to increase the framework to SEK 5bn. In connection with the move, the company is publishing a supplementary prospectus, dated 13 September 2017, which provides updates and supplements to the Base Prospectus, dated 19 May 2017, for the MTN programme. The two prospectuses should be read together and both are approved by Finansinspektionen. The Base Prospectus is updated annually.
Higher rental income and continued low interest expenses generated a profit from property management of SEK 449m, which is the equivalent of an increase of 10 percent compared to the previous year.