Official: Saab reaches terms on real estate deal

Filed under: Europe, Saab, Earnings/Financials

It looks like Saab has managed to reach a deal with Hemfosa Fastigheter AB to secure short-term funding. The automaker has sold 50.1 percent of its Trollhättan properties to the Swedish real estate consortium for $39.98 million. Saab will then enter into a 15-year lease agreement in order to continue to use the properties. Right now, the deal encompasses around 5.2 million square feet of building space, though the consortium has the option to purchase more shares of the property until 30 days after closing. The deal has a ceiling of $47.12 million. Hit the jump for the press release.

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Saab reaches terms on real estate deal originally appeared on Autoblog on Tue, 28 Jun 2011 11:45:00 EST. Please see our terms for use of feeds.

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Source: http://www.autoblog.com/2011/06/28/saab-reaches-terms-on-real-estate-deal/

Peter de Klerk