Telefonplan Sells to Alm Equity for EUR 90M

Sweden Sweden As previously disclosed, Telefonplan Stockholm Property has been in the final phase of completing the previously agreed sale of the majority of its property holding at Telefonplan. The sale was completed on March 8. The buyers are Tegelberget Holding AB and Slipskäraren Holding AB.


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Curt Ahnström, CEO of Telefonplan Stockholm Property, had the following comments: "A new, creative, visionary and unique district is being added to the City of Stockholm. In collaboration with partners and the City of Stockholm, Scanprop Development has preserved the cultural and historical values in existing buildings while also adapting these to tomorrow's requirements in terms of building a city."
In addition to business premises, approximately 1,000 new residential units will be created in the area. Already during the zoning plan process, the project received international recognition as a model for urban renewal. Curt Ahnström would like to particularly highlight the successful cooperation throughout the entire process with the City of Stockholm, White arkitekter and Alm Equity AB, which is the main party behind the buyers.
The sale was carried out in the form of a company transaction. The purchase consideration amounted to MSEK 860 (EUR 90M).
Agreements in principle had been reached in 2011 and 2014 regarding the now completed transaction. These were conditional upon the development of a new zoning plan for the area. In January 2017, the new zoning plan gained legal force thus triggering the process to implement the agreed sale of the Timotejen 19 and 28 properties. The previously decided reallotment of primarily Timotejen 19 has been carried out to facilitate the continued development of the area.
The law firm Flood Herslow Holme has served as the legal advisor for the seller.

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