NCC Purchases in Stockholm – Invests SEK 2.5 billion in Development Project
Sweden NCC is purchasing a property from ICA Fastigheter with approximately 50,000 square meters of development rights for offices, retail and a hotel. NCC has also signed 15-year leases for approximately 20,000 square meters.
The property is located adjacent to the Bromma Blocks shopping area at the entrance to Bromma Airport. NCC’s project covers approximately 50,000 square meters divided into offices, shops and hotels immediately adjacent to a planned light rail station. NCC has signed leases comprising 20,000 square meters for a Maxi ICA Stormarknad supermarket and a Biz Apartment long-stay hotel with some 175 hotel apartments. The total investment for NCC is expected to amount to approximately SEK 2.5 billion.
“We are proud to be creating a new, attractive office offering in Bromma. At the same time, we are developing a vibrant area with a strong service offering and proximity to transport links,” says Katarina Wåhlin Alm, Head of NCC Property Development Sweden.
The area has a strategic location that will provide favorable conditions for the development of new, modern workplaces. The surrounding area is also a designated urban-development area that is gradually growing to include new housing, schools and commercial premises.
The project is being carried out by the NCC Property Development business area and the purchase is conditional upon building permits being granted. Construction is expected to begin in the fourth quarter of 2018 and the contract will be registered among orders in the NCC Building Sweden business area. The project will be completed in phases, with Maxi ICA Stormarknad and Apotek Hjärtat expected to open in the first quarter of 2021. The entire project is expected to be completed in the fourth quarter of 2021.
The project will be environmentally certified according to the international BREEAM Excellent standard. NCC’s objective is to minimize the environmental impact and add value for customers and society with environmentally certified buildings, attractive workplaces and inclusive urban environments.
Cushman & Wakefield has been the financial advisory and Bright Advokat has been the legal advisor to Ica Fastigheter.