Note 44 Events after the balance sheet date
Arenastaden
In December 2016 Peab and Fabege agreed that Peab would sell a number of assets in Solna to Fabege:
- Peab’s entire holdings in Arenabolaget i Solna KB which owns Friends Arena, corresponding to 17.2 percent.
- All Peab’s receivables to Arenabolaget i Solna KB.
- Peab’s entire holdings in Visio Utveckling AB, corresponding to 50 percent, which owns assets connected to Friends Arena as well as development rights in Solna.
- Property and development rights in Ulriksdal.
The divestitures in Ulriksdal refer to the completed property Distansen 6 that has 11,000 m2 rentable space where Johnson & Johnson rents as well as a garage with 327 parking spaces and 15,000 m2 commercial development rights.
The divestitures in Ulriksdal generate a positive operating result of approximately SEK 180 million. The divestitures of assets connected to Arenabolaget and Visio generate a negative operating result of approximately SEK 180 million. In a compound deal Fabege took over the assets in Arenabolaget and Visio at the same time property and building rights in the Ulriksdal area were turned over. All these transacations were based on the condition that they were carried out at the same time as the takeover in January 2017.
The transactions were implemented on 12 January 2017 and will be recognized in the first quarter of 2017. The transactions will have no net effect on the result while Peab´s liquidity increase by some SEK 900 million and net debt contract by around SEK 500 million.