Oscar Properties‘ subsidiary AlpFast AB was declared bankrupt last summer. The company owns the project property Bakaxeln near Sickla shopping district in Stockholm. Now, the bankruptcy administrator may have found a buyer who has submitted an indicative bid of 180 million SEK. On Thursday, Oscar Properties is summoned to Stockholm District Court for the bankruptcy application filed by the Swedish Tax Agency. The market value of the property was 265 million SEK three years ago.
The plan for Oscar Properties was to build 350 residential or office units right next to the new subway line in Sickla. However, in July 2024, the subsidiary AlpFast was declared bankrupt by the liquidator. Now, the bankruptcy administrator may have found a buyer for the property Sicklaön 88:1. Ahead of Thursday’s bankruptcy hearing, initiated by the Swedish Tax Agency, the bankruptcy administrator wishes to provide the following information:
„We have an interested party whom we consider to be serious, and they have submitted an indicative bid of 180 million SEK for the property Nacka Sicklaön 88:1. The interested party is now conducting due diligence with exclusivity for a limited time to make a final decision on whether they want to submit a firm bid. I estimate that we will have clarity on this matter within a few weeks. Assuming the property can be sold for 180 million SEK, I believe there will be approximately 10 million SEK available to distribute to the unsecured creditors in the bankruptcy.“
The bankruptcy administrator continues:
„Oscar Properties Holding AB has an unsecured claim of approximately 129.5 million SEK. The total unsecured claims amount to around 174 million SEK. This means that Oscar Properties Holding AB holds approximately 75% (174/129.5) of the unsecured claims. The estimated distribution to Oscar Properties Holding AB would then be around 7.5 million SEK. I believe that I can advance half of this amount fairly promptly after the property is transferred and the purchase price is paid.“
The property Sicklaön 88:1 is located in a prime location on Alphyddevägen 1–7 in Nacka, opposite Atrium Ljungberg’s Sickla shopping district, with a total of 7,400 square meters of space. Oscar Properties acquired the property in 2016 from Kaiser Cars for a quarter of a billion SEK. The original goal was to demolish and build 350–400 apartments. Subsequently, Oscar Properties worked on a project that involved adding a few floors of offices. There were also plans for educational facilities at one point.
Today, tenants such as Elektroskandia, Solar Sverige, and Ryds Bilglas occupy the property.
In conclusion, the potential sale of the property Sicklaön 88:1 could provide some relief to the creditors of AlpFast AB, including Oscar Properties Holding AB. The outcome of the bankruptcy proceedings and the final sale of the property will determine the distribution of funds to the creditors. The location and potential of the property make it an attractive investment opportunity for interested buyers.