Skanska selling ongoing office project in Budapest

Skanska is selling the Nepliget Center office project in Budapest for EUR 72.2 M, about SEK 670 M. The buyer is an international real estate fund that will takeover the property in pace with its completion.

Only a small portion of the project is leased out. Skanska is responsible for leasing of the project for two years after completion. The final development gain depends to a great extent on the success of the leasing activity.

The project comprises a total of 26,000 square meters being constructed in three phases. These will be completed and leased successively during 2008 and 2009.

Skanska Commercial Development Europe initiates and develops office and logistics property projects. Operations are focused on the metropolitan areas in the Czech Republic, Hungary and Poland.

Skanska Commercial Development Europe is divided into three regional companies: Skanska Property Czech Republic, Skanska Property Hungary and Skanska Property Poland.