NCC sells its share of East India Dock office property for SEK 850 million

NCC sells its share of East India Dock office property for SEK 850 million, yielding capital gain of SEK 275 million NCC Real Estate is selling its share of the East India Dock office property in London to Capital and Income Trust (CIT) for SEK 870 million. The sale will generate a capital gain of approximately SEK 275 million for NCC. East India Dock is located in London Docklands and comprises about 56,000 square meters of floor space. The site was acquired in 1988 and the property was completed in 1992. Since 1998, the property has been fully leased to such tenants as Marsh Mc Lennan, the London Borough of Tower Hamlets, Guardian DR Ltd and Donaldson Lufkin Jenrette. The property has been owned equally by NCC and SPP since 1989. East India Dock is located in Docklands, a former dock and shipbuilding area in east London, that has been developed into a city district comprising housing and commercial properties, of which Canary Wharf is the best known. "The sale is in line with NCC Real Estate's strategy of selling fully developed properties to investors," says Magnus Mannesson, President of NCC Real Estate. The sale of East India Dock marks the end of NCC Real Estate's activities in the United Kingdom. The East India Dock property is booked among managed properties in the financial accounts and the gain on the sale will be included in NCC Real Estate's fourth-quarter earnings, 2000. For further question, please contact: Magnus Mannesson, President, NCC Real Estate (+46-8-655 22 75 or +46-70- 512 18 90) All NCC:s pressreleases can be found on www.ncc.se ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/01/02/20010102BIT00100/bit0001.doc http://www.bit.se/bitonline/2001/01/02/20010102BIT00100/bit0002.pdf

About Us

About NCC Our vision is to renew our industry and provide superior sustainable solutions. NCC is one of the leading companies in the Nordics within construction, infrastructure and property development, with sales of SEK 55 billion and 17,800 employees in 2017. The NCC share is listed on NASDAQ Stockholm.

Subscribe