Drott initiates SEK 370 M building project at Marievik - new head office for AU-System
Drott initiates SEK 370 M building project at Marievik - new head office for AU-System Drott has decided to build another office property at Marievik, in the Liljeholmen district of Stockholm. The project will be initiated immediately after building permission has been granted, probably before the end of the year. The "Storseglet" property, comprising approximately 19,000 square meters of rentable floor space plus an adjoining garage, will be built by the water's edge with a view over Årstaviken Bay. Excluding the land, which Drott already owns, the project will cost about SEK 370 M. A total of 80% of the building is preleased on a seven-year contract to AU-System. This tenant, which is a publicly traded company, is Sweden's leading consulting company in the mobile Internet field, with approximately 900 employees. Occupancy is scheduled for autumn 2002. AU- System has a leasing option on the remaining 20% of the building. Drott already owns approximately 110,000 square meters of rentable floor space at Marievik, including the approximately 23,000 square-meter Millennium Building, which will be completed during the first half of the year 2001 (all office space has already been leased). The rent levels agreed for the newly signed office leases at Marievik range from SEK 2,400 to 2,800 per square meter. Drott owns a further 66,000 square meters of commercial premises plus about 25,000 square meters of development rights at nearby Årstaberg and Telefonplan. The entire Liljeholmen district, which is situated between Södermalm and the E4 Highway, has considerable development potential and is one of the areas in the Stockholm region assigned priority by Drott. Drott AB (publ) Further information: Mats Mared, President and Chief Executive Officer (Tel:+46-8-545 83 010) ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/11/10/20001110BIT00470/bit0001.doc http://www.bit.se/bitonline/2000/11/10/20001110BIT00470/bit0002.pdf