Fabege: Shares tumble on negative Q3 net lettings

Atrium Ljungberg AB

21/10/2019 12:25

** Shares in Swedish real estate company Fabege  FABG.ST 
down 9% after Q3 results  urn:newsml:reuters.com:*:nFWN27503N
    ** Fabege reports Q3 negative net lettings of SEK 92 million
compared to a positive SEK 152 million figure year ago
    ** "Net lettings are not living up to our expectations,"
says Fabege CEO Stefan Dahlbo, adding that "project volumes will
likely decline somewhat next year"
    ** DNB Markets analyst Simen Mortensen says Fabege's
negative net lettings are the main driver behind the share drop
and reflect a combination of a general economic slowdown and
high property prices in Sweden
    ** Shares in rivals Castellum  CAST.ST  and Atrium Ljungberg
 ATRLJb.ST  are also down by  4.8% and 4.1%, respectively
    ** Fabege stock is set for its worst day since early 2009

 (mateusz.topa@thomsonreuters.com)