Credit Suisse Asset Management (CSAM) has agreed to pay Sweden's NCC Property Development SEK 658 mln (EUR 72.4 mln) for the Vasterport office project in Stockholm. The project comprises approximately 20,000 m[sup]2[/sup] of office space and will be sold in the form of a company. Credit Suisse is scheduled to take possession of the property in the summer of 2008, conditional on approval of an amendment to the development plan. NCC said the sale will generate an initial gain of SEK 30 mln, but that incentive components may have a positive influence on the price as the leasing progresses.
Credit Suisse Asset Management (CSAM) has agreed to pay Sweden's NCC Property Development SEK 658 mln (EUR 72.4 mln) for the Vasterport office project in Stockholm. The project comprises approximately 20,000 m2 of office space and will be sold in the form of a company. Credit Suisse is scheduled to take possession of the property in the summer of 2008, conditional on approval of an amendment to the development plan. NCC said the sale will generate an initial gain of SEK 30 mln, but that incentive components may have a positive influence on the price as the leasing progresses.
The Vasterport project is located in northwest Kungsholmen, close to a subway station and beside the Essingeleden highway. 'We are experiencing considerable interest from companies looking for premises and we are already engaged in several leasing discussions,' said Magnus Widen, NCC's regional manager. Up to 4,000 new homes are to be built in northwest Kungsholmen, making it the largest-growing district in the Swedish capital over the next 10 years.
Separately, NCC announced it is to lease 11,301 m2 in a new retail park in Kungsbacka, south of Gothenburg to a Coop Forum hypermarket. Occupancy is scheduled for summer 2008. The retail park comprises a total lettable area of 17,000 m2.
