The Trappsteget 2 property is located in the Högdalen district of Stockholm and comprises 72 apartments. The total lettable area amounts to 4,447 square metres, all of which is residential. The price is based on an underlying property value of SEK 236 million (EUR 21.5 million) before deduction for latent tax, which is SEK 4 million (EUR 364,000) below the property’s carrying amount as of the second quarter of 2023. The estimated negative earnings impact from the transaction for John Mattson amounts to about SEK 7 million (EUR 638,000) after deduction for latent tax and transaction costs as well as the reversal of recognised deferred tax. A realised change in value will be recognised for the third quarter.

The sale will take place via a corporate wrapper.

“In our continued adaptation of the company to new market conditions, the sale entails a further advance toward a lower loan-to-value ratio. Since June 2022, we have divested properties with a total underlying value of about SEK 2 billion (EUR 182 million). We do not rule out further divestments if necessary,” notes Per Nilsson, CEO of John Mattson.

The agreement is unconditional and John Mattson will transfer ownership of the property on 16 October 2023.

Wigge & Partners have acted as transaction advisors for the vendor.