NCC sells business parks in Finland to SEB
12/21/2006 8:33 AM EST
NCC Property Development has sold the Airport Plaza Business Park Vivace and Opus Business Park 1 properties to SEB Immobilien-Investment GmbH, a German real estate investment company that is part of SEB Asset Management AG. The agreed purchase price for both buildings totals approximately SEK 450 million and the sales will generate a considerable capital gain, which will be reported during 2007.
NCC has initiated construction of the Plaza Vivace in the Vantaa Aviapolis area. This property, which will have 7,400 square meters of floor space and 192 parking spaces, will be completed in February 2008. The Business Park Opus 1 in Herttoniemi will have 13,000 square meters of floor space and 166 parking spaces. Construction of this property will commence in early January and will be completed in June 2008. The leasing rate for both of the properties is currently 20 percent. The consideration will be paid when NCC has achieved a certain leasing rate for the project.
“The transaction will be beneficial for both parties and we are delighted to cooperate with a player such as SEB. In addition to real estate portfolios, interest in real estate projects is also considerable,” says Jorma Ahokas, President of NCC Property Development Oy
For further information, please contact:
Jorma Ahokas, President, NCC Property Development Oy, tfn +358 50 67390
SEB Asset Management, Press Contact, tfn +49 (0)69 27299 1502
Malin Engstedt, Acting Media Relations Manager, NCC Group, tfn +46 (0)8 585 523 46