Letter of intent signed regarding takeover of operation of Friends Arena
ET | Source:Fabege AB
The owners of Swedish Arena Management AB have signed a letter of intent with
LUSS, Lagardère Unlimited Stadium Solutions, regarding the takeover of the long
-term operation of Friends Arena. The due diligence process will now commence
and is scheduled to be completed after the summer of 2014. Formal takeover of
the operating company is expected to occur no later than 1 January 2015.
LUSS is one of the largest European players in the development and operation of
multi-functional arenas. It has a network of arrangers and potential partners
and operates arenas in such countries as Germany, Brazil, Hungary, France,
Russia, Italy, Singapore and Poland. LUSS is a wholly owned subsidiary of
Lagardère Unlimited, which has its registered office in Paris.
“Friends Arena is an important piece of the puzzle in the development of
Arenastaden and it is highly gratifying that we have managed to reach an
agreement with a professional partner such as LUSS. With its competencies and
network, LUSS will be able to excellently build upon the foundation that has
been laid during the arena’s first 15 months of operations,” says Christian
Hermelin, President and CEO of Fabege.
With LUSS taking over operating responsibility for the business, a positive
earnings trend for the operation of Friends Arena is expected.
Fabege AB (publ)
For further information, please contact:
Christian Hermelin, President and CEO of Fabege, tel: +46 (0)8-555 148 25, +46
(0)733-87 18 25
Åsa Bergström, Deputy CEO and CFO, tel: +46 (0)8-555 148 29, +46 (0)706-66 13 80
This constitutes information that Fabege AB (publ) may be legally obliged to
publish under the Securities Market Act and/or the Financial Instruments Trading
Act. The information was released for publication at 11:00 CET on 18 March 2014.
Fabege AB (publ) is one of Sweden’s leading property companies focusing mainly
on letting and managing office premises and property development. Fabege owns
properties with a carrying amount of SEK 33.4bn. The portfolio, which is
concentrated in the Stockholm region, has an annualised rental value of SEK
2.4bn and a lettable area of 1.1m sqm. Fabege’s shares are listed on Nasdaq OMX
Stockholm, Large Cap segment.
GlobeNewswire, a Nasdaq company, is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
2321 Rosecrans Avenue.
El Segundo, CA 90245 Phone: (800) 307-6627 Fax: (800) 307-3567
25 Basinghall Street,
London EC2V 5HA
UK Phone: +1 866-465-8454