Pandox AB (publ) has entered into an agreement to divest the hotel building, which accommodates Hotel Hasselbacken in Stockholm, for MSEK 480. Buyer is a company within the POP HOUSE SWEDEN group. Closing is planned to 2 September 2019.
The divestment is made at an underlying value for the hotel building of MSEK 480, which will have a positive impact on EPRA NAV of approximately MSEK 100 in the second quarter 2019. The hotel building will be reported as asset held for sale in the balance sheet until closing.
Hotel Hasselbacken has 113 rooms with a company within the POP HOUSE SWEDEN group as tenant and is included in the business segment Property Management.
The divestment is made at an attractive price considering the hotel building’s limited commercial development potential with Pandox as owner.