Kista Science Tower ready in February 2004
Kista Science Tower ready in February 2004 NCC and Vasakronan - the co-owners of the company implementing the Kista Science Tower project - have jointly concluded that the project will not be completed until February 1, 2004. This is due to alignments of the project, among other factors. As a consequence of this, the earliest date at which Vasakronan can exercise its option to acquire the remaining 50 percent of the project has been deferred until June 1, 2004. According to the agreement, the purchase consideration for the remaining portion will be based on a market valuation of the property at the time the option is exercised. "The decision taken by NCC and Vasakronan was arrived at jointly. We will complete the project in stages as tenants move in," says Erik Eken, head of property development at NCC Property Development and President of Kista Science Tower KB. "The rental market in Stockholm is currently weaker. In contrast, we foresee major potential that the market will become brighter by the autumn of 2004," says Håkan Bryngelson, President and Chief Executive Officer of Vasakronan. In total, Kista Science Tower comprises 55,000 square meters of floor space, of which 43,000 is rentable office space. To date, one fifth is leased. Tenants include Mentor Graphics Scandinavia, Senseboard Technologies, Handelsbanken and service suppliers SATS Sportsclub, Scandinavian Service Partner och Consess. For further information, please contact: Håkan Bryngelson, President and Chief Executive Officer, Vasakronan Tel +46 8 783 21 05 Bengt Möller, Senior Vice President Corporate Communications, Vasakronan Tel +46 8 783 21 09 or +46 70 593 9171 Erik Eken, Head of property development, NCC Property Development , Tel +46 8 585 53018 or +46 70 621 0724 Gisela Lindstrand, Press Relations Manager NCC Tel +46 8 585 52346 or +46 70 392 9500 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/12/17/20021217BIT00760/wkr0001.doc http://www.waymaker.net/bitonline/2002/12/17/20021217BIT00760/wkr0002.pdf