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| Fabege to forms residential property firm Swedish real estate firm Fabege, together with Peab and Brinova, has formed a new residential property company, Tornet AB, which will own and develop rental apartments. The company will develop and manage existing properties and will also build new rental properties in municipalities where there is currently a shortage of housing, primarily in the Stockholm, Mälaren Valley, Gothenburg and Öresund regions. Peab and Fabege will hold 45% each in Tornet and Brinova 10%. Under the terms of the deal, Fabege will exchange residential properties in Tensta/Rinkeby outside Stockholm for a 45 per cent stake in Tornet AB in January 2010. The properties have a total residential floor space of about 93,000 m2 in the form of rental apartments worth an estimated SEK 600m. write your comments about the article :: © 2009 Construction News :: home page |