NCC to develop property in central Malmö for SEK 300 million

12/4/2001 5:03 AM EST

NCC is to develop the Gyllenstjärna property block, one of the oldest
and most centrally located blocks in Malmö, for a total of approximately
SEK 300 million. About 65 new apartments in four buildings and a two-
floor extension to the Åhléns department store building will be
constructed in the block.

Although the buildings in the Gyllenstjärna block originate from the
1850s and later years, Gyllenstjärna traces its roots to the 16th
Century. All of the existing buildings will be retained, and upgraded
where the need exists. On the car park behind the Åhléns building, four
residential buildings containing about 65 apartments will be constructed
above a two-story indoor car park. The ground floor of one of the
buildings will contain retail premises.

"We are well aware that many people feel a strong commitment to the
Gyllenstjärna block. For this reason, we consider that giving the Åhléns
building a proper facelift and developing its dull backyard by building
apartments is a highly stimulating task. This will add life to the
block, while simultaneously increasing the number of parking spaces,"
says Ulrika Lindmark, head of property development at NCC Property
Development.

The Palladium, a tradition-rich movie theater that is right in the
center of the block, will constitute an interesting feature of the
project.

"We have good reason to hope that the Palladium will continue to
function as a cultural venue and we have already made considerable
efforts to achieve this end. The alternative would be to convert it into
retail premises, in which case we would ensure that its attractive
interior is retained," says Ulrika Lindmark.

For further information, please contact:

Ulrika Lindmark, Manager Property Development, NCC Property Development
region Malmö Tel +46 40 31 7422 or +46 70 531 7422

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

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

NCC is one of the leading construction and property development
companies in the Nordic region. NCC has annual sales of approximately
SEK 40 billion, with 25,000 employees.