NCC sells development property in Copenhagen for SEK 350 million

10/24/2000 10:41 AM EST

NCC Denmark and Finansieringsinstituttet for Industri og håndvaerk, FIH,
have concluded an agreement regarding the sale of a development property
at Langelinie, Copenhagen, for SEK 350 million. The sale will generate a
healthy capital gain for NCC.

Since 1994, NCC Denmark has been developing Langelinie into an exciting
and attractive urban district in Copenhagen's harbor area. In total, the
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development comprises 61,000 m of office, retail and residential floor
space, with a project value of SEK 1.7 billion, of which turnkey contracts
completed by NCC Denmark account for SEK 1.25 billion.

The sales agreement with FIH pertains to the final section of Langelinie
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that is to be developed. NCC Denmark will develop a new 11,200-m head
office for FIH, in accordance with an exciting floor plan in terms of both
architecture and layout. The offices are scheduled for occupancy during
spring 2002.

"This agreement is in line with our strategy of offering investors
development projects in expanding markets in the Nordic region," says
Nikolaj Hertel, managing director of NCC Ejendomme.

The sale will be included in NCC Real Estate's fourth-quarter earnings, in
the real estate development category.

For further information, please contact:
Nikolaj Hertel, managing director, NCC Ejendomme (Tel: +45 45 90 37 03)

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