NCC sells share in property project in BerlinRead original
NCC is selling a share of the Sonnengarten property project to Industria Wohnen for approximately SEK 515 million.
The project, developed and built between 1999 and 2002, comprises 362 completed rental apartments, 13 commercial units and 169 parking spaces.
The property project is located in Glienicke/Nordbahn, north of Berlin. In 2006, NCC entered a sale and leaseback agreement for the properties included in the project.
This structure has now been dissolved through this transaction and NCC’s share of the property-owning company is being sold to the Germany-based investment company Industria Wohnen. The purchase is being carried out on behalf of the residential fund Energieeffizientes Wohnen, which specializes in rental units with low energy consumption.
“This specific project on the northern Berlin city border is fully occupied and highly appreciated by tenants. Over the past fifteen years, NCC has produced more than 1,600 housing and commercial units in the area,” says Joachim Hallengren, Business Area Manager, NCC Housing.
The project will be handed over and recognized in revenue for the NCC Housing business area in the fourth quarter of 2015.
For further information, please contact:
Joachim Hallengren, Business Area Manager, NCC Housing, Tel: +46 70 0088 71 33
Anna Trane, Press and PR Manager, NCC, Tel: +46 708 84 74 69
This is the type of information that NCC could be obligated to disclose pursuant to the Securities Market Act. The information was issued for publication on November 26, at 8 a.m.
About NCC Our vision is to renew our industry and provide superior sustainable solutions. NCC is one of the leading companies in construction, property development and infrastructure in Northern Europe, with sales of SEK 57 billion and 18,000 employees in 2014. The NCC share is listed on the Nasdaq Stockholm exchange.