NCC sells office projects for EUR 73 mln

Sweden's NCC Property Development has sold an office project in Oslo to Aberdeen Eiendom Holding II for approximately SEK 664 million (EUR 73 mln). The Lysaker Torg 45 office project comprises 16,250 m² of office space over seven storeys, 625 m² of storage space and 309 parking spaces. The takeover date has been set at December 2006 and NCC said the transaction will have no impact on earnings in 2006. Approximately SEK 414 mln of the purchase price will be received during the fourth quarter of 2006, with the remaining portions received during the course of the construction. The property is due for completion by the autumn of 2008.

This office will be the final phase of construction at Lysaker Torg, where NCC has built about 80,000 m² of office space since 1988. No tenants have signed leases to date. But NCC said in a statement that as a result of the location and design of the project, interest from investors, both nationally and internationally, has been considerable. 'For several years, we have successfully worked together with Aberdeen in the Nordic region and, in the current case, we have jointly arrived at a transaction that will be beneficial for both parties,' said Mona Ingebrigtsen, head of NCC Property Development in Norway.