New transaction: Sale of Steninge Slott AB

Keystone Advisers acted as adviser to the sellers

Press release 2009.05.18

Gelba Fastigheter AB has signed an agreement with CG Holding AS concerning the acquisition of Steninge Slott AB. The Company's assets consist of Steninge Palace, around 380 hectares of land, a marina and several interesting buildings, including the famous Stone barn from 1873. Even Steninge Cultural Centre which includes a glassworks and a sales operating in Norway are part of the transaction.

CG Holding AS owned by Atle Brynestad has recently undergone a financial reorganization. One step in this is the divestiture of Steninge Slott AB. The valuation of the assets in the transaction sums to 126 million. Gelba, owned by Per Taube, who is principal owner of Arlandastad Holding AB is already a major player in Sigtuna, which together with Arlanda Airport and Sigtuna Municipality develops Stockholm Airport City.

- Despite the ongoing recession there is a large activity in the Stockholm City Airport. The ambitious but realistic plans estimate that the number of employed persons in the airport area will increase from approximately 22,000 to 50,000 within 10 years is ambitious but entirely realistic. This requires more housing and I hope that Steninge in the long term can contribute with its unique environment, says Per Taube.

Gelba intends to eventually sell glass operations including the glass blowing workshop which is located in Stone barn. - We continue the operation. It is an important part of Steninge Cultural Centre. However, in the long term, I see another owner of the business because it is outside our core business, "says Per Taube.