Swedish property company Fabege has sold its Harpan 51 property on Gumhornsgatan/Linnégatan in Stockholm to Fastighets AB Kannan for SEK 142 mln (UER 14 mln). The 4,660 m2 property, which mainly comprises theatre premises and residential space, is being sold as a company, Fabege said in a press release.

The sale will generate an after-tax profit of SEK 14 mln, which will be realised in the first quarter of 2010.

'It’s an anomalous property for Fabege, so this sale is yet another step in our drive to concentrate our portfolio,' Christian Hermelin, Fabege’s CEO, said.

Stockholm-listed Fabege has a commercial portfolio valued at approximately SEK 29.2 bn. The portfolio is concentrated to the Stockholm region and has an annualised rental value of SEK 2.4 bn and a lettable area of 1.4 million m2.