NCC sells property-development project in Helsinki to Nordisk Renting

12/16/2002 3:30 AM EST

NCC Property Development has sold an attractively located property-
development project in Helsinki, Finland, to Nordisk Renting. The sale
will have a favorable impact on the NCC Group's earnings during the
fourth quarter of 2002. NCC Construction Finland has been commissioned
by Nordisk Renting to construct the building for approximately SEK 200
million (EUR 22 million). At the same time, NCC Construction Finland has
concluded a 15-year contract with Nordisk Renting, whereby NCC
Construction Finland will lease the property as its own office premises.

The property concerned will mainly comprise office premises with total
floor space of approximately 8,000 square meters. The property, which
has an attractive location by Mannerheimvägen, close to Helsinki's city
center, is an approximately 20-minute drive from the airport in Vanda
and is scheduled to be completed during summer 2004.

"This sale is in line with our strategy of selling managed properties in
order to release capital for investments in new development projects",
says Jormo Ahokas, President of NCC Property Development in Finland.

"For some time, NCC Finland has required more modern premises in
Helsinki that are more appropriate as a head office and are suitable
from the viewpoint of transport and communications. It is gratifying
that we can now meet these requirements," says Timo U. Korhonen,
President of NCC Construction Finland.

"As a result of this project, we will intensify our cooperation with
NCC, with whom we are already collaborating in a number of new building
projects in the Finnish and Swedish markets," says Reinhold Geijer,
President of Nordisk Renting AB, the purchaser's Swedish parent company.
"NCC is one of the increasing number of major companies that are making
the strategic choice of leasing the premises they require for their
operations under long-term contracts, rather than owning them. We are
pleased to be able to help them pursue this strategy."

For further information, please contact:
Gisela Lindstrand, Press Relations Manager NCC AB
Tel +46 70 392 9500

Stefan Holmlund, Information Manager NCC Property Development
Tel +46 70 651 1564

Ritva Norrgrann, Information Manager NCC Construction Finland
Tel +358 9 5075 432

Reinhold Geijer, President Nordisk Renting Tel 08 670 8900

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