Carnegie Investment Bank transfers property operations
5th December 2008
Sweden-based Carnegie Investment Bank has announced that as part of its work on focusing on core operations within the four business areas, it will transfer responsibility for its property operations.
Based on a management agreement, Carnegie Investment Bank has previously assumed responsibility for company management and the administration of properties for the property company Carnegie Fastigheter Sverige (CFS), which is owned by some 20 institutions.
CFS owns properties in Stockholm, Gothenburg and Malmo, valued at approximately SEK3 billion. A team of six, all employees of Carnegie Investment Bank, were responsible for the management of these properties.
In a joint decision with the investors of CFS, Carnegie has decided to transfer the administration of CFS's properties to a new company that will be jointly owned by the investors of CFS and the property team at Carnegie. The new company will be responsible for the continued management of CFS.
Carnegie said that it will retain its 1% participating interest until further notice and that this transfer will have a marginal impact on its earnings.