The acquisition in Solna encompasses approximately 35,000-40,000 square meters of office development rights and is conditional upon the approval of a new detailed development plan.
– Hagastaden in Stockholm is a prime example of how NCC, in cooperation with the City of Stockholm, has transformed the area into an attractive and accessible city district. In parallel with selling our second successful project in the area, we are also very pleased to be able to enter a swap arrangement with Brostaden, thereby giving us the opportunity to expand our project portfolio with a new exciting project in the attractive Solna Business Park, says Carola Lavén, Business Area Manager at NCC Property Development.
The transaction will take the form of a swap arrangement with Fastighets AB Brostaden. By means of a company transaction, NCC will sell the Torsplan 2 office project valued at approximately SEK 1.6 billion to Fastighets AB Brostaden. Brostaden is scheduled to take over the property in the first quarter of 2017. The property has a total leasable floor space of approximately 23,000 square meters comprising offices as well as retail and service premises at ground level. The leasing rate is currently 71 percent and NCC provides rental guarantees for the vacant premises for 24 months, corresponding to a value of about SEK 40 million, from the date of occupancy. Tenants include Stockholm Health Care Services, the gym chain SATS and the supermarket chain Willys Hemma. Occupancy will take place on a gradual basis starting in the fourth quarter of 2016.
In parallel, NCC is entering an acquisition agreement for an office property in Solna Business Park that is conditional upon a new detailed development plan gaining legal force. The property presently houses an office building from the 1980s with approximately 11,000 square meters of floor space. NCC intends commencing planning activities with the City of Solna to further develop the property for 35,000-40,000 square meters of offices as well as service and retail premises at ground level. The acquisition will be carried out in the form of a company transaction at a value of approximately SEK 280 million (€30.25M).
NCC aims to certify Torsplan 2 at the very highest level – Outstanding – under the international environmental certification system Breeam. The building will thus be one of the few projects in the world to be awarded this high environmental accreditation.
The sale of Torsplan 2 will have a positive impact on earnings in the first quarter of 2017 in the NCC Property Development business area.
Image: NCC
NCC Sells Office Project in Stockholm for €170 M
Sweden —
NCC is selling the Torsplan 2 office property in Hagastaden, Stockholm, and is simultaneously signing a contract to acquire an office property in Solna Business Park. The counterparty in the transaction is Fastighets AB Brostaden. The sale of Torsplan 2 will be carried out in the form of a company transaction at a value of approximately SEK 1.6 billion (€170 M).
2015-12-10