Divestment triggered one-off tax
Stendörren reported Q1'24 rental income and NOI in line with expectations adjusted for one-off income from an insurance payment (~SEK 8m). During the quarter, Stendörren divested a logistics property in Botkyrka for SEK 202m to the Swedish Transport Administration, comprising 14,825 sqm (~1.8% of total lettable area). The property was to be affected by a major highway renovation, and had it not been sold voluntarily it could have been subject to eminent domain. Due to the sale being structured as a property transaction (as opposed to the customary sale of a subsidiary) the transaction triggered capital gains tax, causing a one-off spike in current tax for the quarter and a 16% miss on CEPS.
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