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NCC AB Sells Retail and Office Project in Malmo


Friday, 21 Dec 2012 08:45am EST 

NCC AB announced that it is selling an office property and a retail property in the Triangeln property in Central Malmo for SEK 1,195 million to Vasakronan. The sale will generate a positive impact on earnings during the fourth quarter of 2013. The transaction will be implemented as a sale of two separate companies, with a total underlying property value of SEK 1,195 million. The Company, which will be responsible for leasing the remaining vacant office space for an additional three years, has placed rental guarantees for this period and will also account for leasing of vacant retail space until Vasakronan takes possession in December 2013. Leasing of the remaining space could generate a supplementary purchase consideration of up to SEK 60 million. The office property comprises 4,600 square meters, of which 71% is leased. The retail property is a shopping mall comprising 12,000 square meters, which will be integrated with Triangeln shopping center. The leasing rate for new section is 76%. The retail property also includes a two-story underground garage, with approximately 400 parking spaces. In addition to offices and retail premises, the project includes construction of 190 apartments in the form of tenant-owned units. The Triangeln project is being implemented by NCC Property Development and NCC Housing business areas. Of the earnings from this sale and from the sale of the project’s 190 apartments, 70% will be reported in NCC Property Development and 30% in NCC Housing. 

Company Quote

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4:14am EST