Peab Sells to JV with Balder

Sweden Sweden Peab has sold the property Ångkraftverket 2 in Västerås in which Steam hotel and Kokpunkten Actionbad are tenants. The divestment has been made to Centur, which is owned equally by Peab and Balder.

2019-01-04

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Peab has developed and built the hotel and bath. The hotel has been operating with ESS hotels as operator since August 2017 and has had a very good development with very positive attention. The hotel and the bath together constitute a destination that has contributed to consolidating Västerås' position on the tourist map. It is logical for ownership to be transferred to Centur for the continued administration. Through participation in Centur, Peab also participates in future results.

The transaction has no effect on earnings, but means that Peab's net debt is reduced by MSEK 765 (EUR 75M). The transaction is reported and has a liquidity effect in the fourth quarter of 2018.

"For Peab's project development activities, this is a good transaction that releases capital while we are part of the future development through our joint venture company Centur," says Göran Linder, business area manager at Peab Project Development.




Axel Ohlsson
axel@nordicpropertynews.com




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