NCC to sell office project in Oslo for SEK 663 million

NCC Property Development AS in Norway is to sell the Akerselva Atrium office project on Chr. Kroghs gate 16 in Oslo to Vital Forsikring for SEK 663 million. The sale will generate a positive effect on second-quarter earnings, following provisions for rental guarantees for unleased space.

The property will be sold in accordance with what is known as a ³forward funding² model, which means that payment will be made as per today¹s date, with no interest rate compensation paid to the purchaser. The building comprises a total of 17,000 square meters of office space, of which 70 percent is leased. The largest tenant will be NHST Media Group, owner of such newspapers as Dagens Næringsliv, which has signed a ten-year lease pertaining to 11,000 square meters of office space.

Construction work has already commenced and occupancy is scheduled for spring 2009. NCC Property Development will complete the development and leasing of Akerselva Atrium.

“Interest in Akerselva Atrium has been considerable. A project such as this, with a solid tenant, is of immense interest to property investors right from the start and we also have parties who are interested in the unleased space,” says Rolf Thorsen, President of NCC Property Development in Norway.

Akerselva Atrium will be eleven-stories high with predominantly glass façades, which will provide excellent light conditions.

For further information, please contact:
Ulf Thorné, Press Relations Manager, NCC Group, +46 8 585 523 46, +46 70 214 77 27