SAS Scandinavian Airlines said on Monday it had agreed to sell six properties at airports in Sweden for a total value of SEK1.775 billion Swedish kronor (USD$264.04 million).
The loss-making airline, due to unveil its first-quarter results on Thursday, said the deal with state-owned airports operator Swedavia would generate capital gains of about SEK350 million kronor to be booked during the second quarter.
The properties being sold at Stockholm's main airport Arlanda, Landvetter in Gothenburg and Malmö's Sturup comprise mainly hangers, workshops, warehouses and offices, SAS said in a statement.
SAS said it had also signed a lease agreement with Swedavia and that the annual cost for the lease agreement was neutral, compared with ownership of the properties.
"The transaction is part of our 4Excellence strategy, in which we focus on the core business, while releasing capital and strengthening our financial preparedness," said Benny Zakrisson, Executive Vice President Infrastructure and M&A.