Credit Suisse buys office project in Stockholm

Credit Suisse Asset Management (CSAM) has acquired the Vasterport office development in Stockholm from the Swedish property development company NCC for about EUR 72 mln.

The project comprises about 20,000 m² of office space scheduled for delivery in mid-2008. NCC will be responsible for the development, implementation, and leasing of the property until the building is completed and will also provide rental guarantees for a three-year period after completion.

The development is located in the Northwest Kungsholmen area, one of the largest-growing areas in Stockholm 'The Vasterport project has an excellent location in northwest Kungsholmen, close to a subway station and beside the Essingeleden Highway. We are experiencing considerable interest from companies looking for premises,' said NCC Property Development's regional manager Magnus Widen. 'As a result of the major interest from
investors, we have decided to sell to Credit Suisse now.'

NCC is one of the leading construction and property development companies in the Nordic region, with sales of EUR 5.5 bn in 2005.