Lehman Brothers and Ratos sells Tornet

Lehman Brothers Real Estate Partners (LBREP) and Ratos have agreed to sell their combined 82.4% holding in Tornet, a Swedish property company, to Fabege for SEK3.1bn (€331m.) No return details have been disclosed for the two year investment, which saw the company build up its portfolio in Stockholm, Gothenburg and Malmo.

The two private equity firms took Tornet private in a €543m deal in December 2003 through LRT Acquisition, a company owned by 60% by LBREP and 40% by Ratos. Ratos has revealed that is expects to make just under €85m from the divestment.