NCC acquires attractive right to develop from Jernhusen

11/18/2002 3:00 AM EST

Major new office development in Stockholm City:


NCC Property Development has purchased a development right in Stockholm
City permitting construction of slightly more than 18,000-square-meter
office building. The seller is Jernhusen AB.

The development right pertains to an area running parallel with
Kungsbron and extending northwards along Östra Järnvägsgatan to Norra
Bantorget. Development of the area will require a decking-over of the
track area and will include entrances down to the platforms at Central
Station.

Preparatory planning work for the site has been conducted by Jernhusen
AB which is now selling the site to NCC for development.

"The acquisition is part of our strategy of securing the supply of
attractive development rights in commercially interesting locations,"
says Magnus Mannesson, President of NCC Property Development.

"The entire district from Central Station northwards to Norra Bantorget
is one of the most attractive development areas in Stockholm. The sale
of the development right is in line with Jernhusen's efforts to develop
and add value to the western part of the City," says Lasse Jerbéus,
President of Jernhusen.

The development right is part of the Stockholm Norrmalm 5:1 property.
Detailed development planning of the area is under way.

For further information, please contact:

Olle Berntson, Manager property development NCC Property Development Tel
+46 8 585 5314 or +46 70 526 7417

Stefan Holmlund, Manager Marketing and information NCC Property
Development Tel +46 8 585 51954 or +46 70 651 1564

Gisela Lindstrand, Press Relation Manager NCC AB Tel +46 8 585 52346
or +46 70 392 9500

Lasse Jernéus, President Jernhusen Tel +46 8 762 3300 or +46 70 762 3300

All of NCC's press releases are available on www.ncc.info

NCC is one of the leading construction and property development
companies in the Nordic region. NCC had in 2001 sales of SEK 46 billion,
with 25,000 employees.