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Oscar Properties reserves the costs accumulated in the Gas Clock project and makes more amortizations.
Oscar Properties, despite several attempts in the past year, failed to reach an agreement with the city of Stockholm on the Gasklockan housing project in North Djurgårdsstaden, which is why Oscar Properties has decided to reserve the cumulative costs of 182 SEK million that the company incurred in the project. This is what the company writes in a press release.
In addition, amortizations of SEK 125 million are made with respect to the project portfolio. The adjustments are made in the annual report for 2019, which therefore deviates from the year-end report for 2019. Following these provisions and write-downs, the equity / assets ratio amounts to 35 percent.
Oscar Properties regrets that, together with the City of Stockholm, it does not seem possible to make the Gas Clock, which has the potential to become one of the most extraordinary architectural landmarks in Sweden.
Oscar Properties has hired two separate legal representatives, who show that the company is well placed to recover at least the projected costs in the form of damages.
In addition to the provision for the costs of the Gasklockan project, additional amortizations of SEK 125 million are made in relation to the project portfolio.
The adjustments mean that the annual report will not be released until next week. More information will be presented in the next annual report. The company currently has no further comments.
Read more about the tours of the Gas Clock high-rise project next door.
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