NCC sells property-development project in Helsinki to Nordisk Renting
NCC sells property-development project in Helsinki to Nordisk Renting NCC Property Development has sold an attractively located property- development project in Helsinki, Finland, to Nordisk Renting. The sale will have a favorable impact on the NCC Group's earnings during the fourth quarter of 2002. NCC Construction Finland has been commissioned by Nordisk Renting to construct the building for approximately SEK 200 million (EUR 22 million). At the same time, NCC Construction Finland has concluded a 15-year contract with Nordisk Renting, whereby NCC Construction Finland will lease the property as its own office premises. The property concerned will mainly comprise office premises with total floor space of approximately 8,000 square meters. The property, which has an attractive location by Mannerheimvägen, close to Helsinki's city center, is an approximately 20-minute drive from the airport in Vanda and is scheduled to be completed during summer 2004. "This sale is in line with our strategy of selling managed properties in order to release capital for investments in new development projects", says Jormo Ahokas, President of NCC Property Development in Finland. "For some time, NCC Finland has required more modern premises in Helsinki that are more appropriate as a head office and are suitable from the viewpoint of transport and communications. It is gratifying that we can now meet these requirements," says Timo U. Korhonen, President of NCC Construction Finland. "As a result of this project, we will intensify our cooperation with NCC, with whom we are already collaborating in a number of new building projects in the Finnish and Swedish markets," says Reinhold Geijer, President of Nordisk Renting AB, the purchaser's Swedish parent company. "NCC is one of the increasing number of major companies that are making the strategic choice of leasing the premises they require for their operations under long-term contracts, rather than owning them. We are pleased to be able to help them pursue this strategy." For further information, please contact: Gisela Lindstrand, Press Relations Manager NCC AB Tel +46 70 392 9500 Stefan Holmlund, Information Manager NCC Property Development Tel +46 70 651 1564 Ritva Norrgrann, Information Manager NCC Construction Finland Tel +358 9 5075 432 Reinhold Geijer, President Nordisk Renting Tel 08 670 8900 All of NCC's press releases are available on www.ncc.info ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/12/16/20021216BIT00090/wkr0001.doc http://www.waymaker.net/bitonline/2002/12/16/20021216BIT00090/wkr0002.pdf