ABB is to sell its entire property portfolio in Sweden to release capital, and expects to gain 10-15m SKr (£690,000-£1m). One of the largest property owners in Sweden, ABB’s real estate comprises 1.5m sq m (16m sq ft) of offices and production premises.

“We will probably have to divide the real estate up, since not many companies will be able to buy the whole portfolio,” said chief executive officer of ABB Real Estate, Gösta Ångell, who also stated that it is not yet decided whether properties in other countries will be sold.

Whether facilities management is to be part of the sale agreement has not been determined either, although the company is looking into it.

The sale will commence in the summer, led by the investment bank CSFB and real estate consultant Leimdörfer & Partners, and should be completed by the end of this year or beginning of next.

www.abb.co.uk

Jessica Jarlvi