NCC to Sell Office Project to Pension Danmark
Denmark NCC is divesting the Frederiks Plads Company House office project in central Aarhus to Pension Danmark for approximately MSEK 240 (EUR 23M).
Frederiks Plads Company House comprises approximately 4,700 square meters of leasable space and has been developed according to NCC’s attractive Company House concept with a shared service offering.
“We are delighted to be taking over this property. Due to a permanent anchor tenant with a long lease, we expect the investment to generate a high return for our owners for many years to come,” says CEO Torben Möger Pedersen, Pension Danmark.
The transaction will take the form of a company divestment, with an underlying property value of approximately SEK 240 million. On the divestment date, the leasing rate will be 85 percent, and NCC will provide a five-year rental guarantee for unleased premises in connection with the divestment.
The divestment will have a positive impact on earnings in the fourth quarter of 2018 for the NCC Property Development business area.
“Frederiks Plads is a good example of how NCC is actively contributing to the development of a new area in central Aarhus. Frederiks Plads Company House is an attractive office project with a strong service offering that creates added value for the urban environment, as well as for tenants and investors,” says Ole Faurby, Head of NCC Property Development Denmark.
NCC has developed several projects in Aarhus. This project is the first phase of Frederiks Plads and NCC has a building permit for an additional 15,000 square meters in the area.
Frederiks Plads Company House is expected to achieve the Gold Award under the international DGNB Certification System. 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.