NCC Property Development has sold the Coop Forum hypermarket at Stenhagen Centrum, west of Uppsala in Sweden. The property was acquired by the German property fund LB Immo Invest, representing its first investment in the Swedish property market. The transaction price amounts to slightly more than SEK 168 mln (EUR 17 mln).
NCC Property Development has sold the Coop Forum hypermarket at Stenhagen Centrum, west of Uppsala in Sweden. The property was acquired by the German property fund LB Immo Invest, representing its first investment in the Swedish property market. The transaction price amounts to slightly more than SEK 168 mln (EUR 17 mln).
NCC said that the divestment, in the form of a sale of a company, will have a favorable impact on earnings, which will be recognised during the second quarter of 2010.
The Coop Forum hypermarket is being developed by NCC as part of the larger Stenhagen Centrum shopping centre project. The asset will be classed as a Green Building, meaning that it will consume 25% less energy than the norm for equivalent buildings. It will offer 8,300 m2 of retail space and will be transferred to the new owner during the second quarter of 2010.
NCC is to develop an additional 4,000 m2 of retail space at Stenhagen Centrum and discussions with interested parties are under way.