Skanska to build two shopping malls in USA, total order in excess of USD 200 M, or SEK 1.7 billion

Skanska to build two shopping malls in USA, total order in excess of USD 200 M, or SEK 1.7 billion Skanska's USA subsidiary Sordoni Skanska has been awarded contracts to build two shopping malls in the US, corresponding to a total order value in excess of USD 200 M, or approximately SEK 1.7 billion. The customer is Taubman Centers, Inc. a real estate investment trust, which owns, develops and operates urban and suburban regional shopping centers. As of March 1999, Skanska USA had an order backlog of approximately SEK 48 billion, an increase of about 48 % during the past 12 months. Sordoni Skanska, which is part of Skanska USA, reported sales in 1998 of USD 1,1 billion, about SEK 8 billion. The two shopping centers are located in Plano, Texas, near Dallas, and in Tampa, Florida. The first contract is for The Shops at Willow Bend in Plano, Texas. Encompassing about 150,000 sq. m., the mall will feature five large department stores including Nieman Marcus, Saks Fifth Avenue, Lord & Taylor, Foley's and Dillard's. It will house about 200 specialty shops, restaurants and service facilities. Two of the mall's department stores are scheduled to open already in autumn 2000, while the others will be completed in stages between 2001 and 2004. International Plaza in Tampa, Florida, covers about 120,000 sq. m. and houses up to five department stores, including Nieman Marcus, Nordstrom, Lord & Taylor and Dillard's, as well as about 125 specialty shops, open-air restaurants and entertainment facilities. The mall is scheduled to open in 2001. These new projects are the seventh and eighth which Sordoni Skanska is carrying out for the same customer, Taubman Centers, Inc. Taubman's MacArthur Center in Norfolk, Virginia, was recently completed and last autumn, Great Lakes Crossing, a value center in Auburn Hills, near Detroit, Michigan, was inaugurated. The projects, each involving about 170,000 sq. m., were valued at a total of about USD 250 M, or about SEK 2 billion. The scheduled construction time for Great Lakes Crossing, was shortened by three months as requested by the customer. "Throughout the entire construction project, the construction team took painstaking care to perform construction operations, " stated Mike Moukalian, construction director for Taubman Company. Hundreds of hours were spent on scheduling and planning by Taubman Company and Sordoni Skanska before construction started. This proactive team approach was critical to the success of the project, and set an impressive standard for future projects." Stockholm, May 17, 1999 SKANSKA AB Group Communication For further information, please contact: Maureen Lally, Marketing Director, Sordoni Skanska +1 973 334 53 00 Tor Krusell, Director, Group Communication, Skanska AB, tel +46 70 543 87 47 This and previous press releases are also available on www.skanska.com ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/05/17/19990517BIT00200/bit0001.doc http://www.bit.se/bitonline/1999/05/17/19990517BIT00200/bit0002.pdf