NCC sells housing project in Berlin for EUR 19m

Finnish construction and development group NCC has announced that its German unit has sold a proprietary housing project in northern Berlin for SEK 176 mln (almost EUR 19 mln).

The buyer is a German residential property fund, which will take possession of the project upon completion in December 2011. The project comprises a total of 136 apartments, 39 garage slots and 45 parking spaces on the ground floor. It is situated in Niederschönhausen, an area north of Berlin.

This sale is the second phase of a major project. The first phase, which consisted of 78 apartments, was sold in December 2009 to the German pension fund, Pensionskasse der Bewag.