Swedish construction firm NCC and its Finnish peer Alfred A Palmberg have agreed to sell the first phase of their Polaris business park project in Helsinki to German property investor Oppenheim Immobilien-Kapitalanlagegesellschaft (OIK), part of IVG, for SEK 200 mln (EUR 22 mln). The construction companies said they will also sign a framework agreement shortly for the sale of the second and third phases of the project. Construction of the 7,500 m[sup]2[/sup] business park started in January 2007 and completion is due in April 2008.
Swedish construction firm NCC and its Finnish peer Alfred A Palmberg have agreed to sell the first phase of their Polaris business park project in Helsinki to German property investor Oppenheim Immobilien-Kapitalanlagegesellschaft (OIK), part of IVG, for SEK 200 mln (EUR 22 mln). The construction companies said they will also sign a framework agreement shortly for the sale of the second and third phases of the project. Construction of the 7,500 m2 business park started in January 2007 and completion is due in April 2008.
Separately, NCC said it has agreed to acquire privately-owned Lithuanian building firm Siauliu Titanas from its owner Stanislovas Valius. No financial details were given. Siauliu Titanas has approximately 200 employees and booked revenues of EUR 14 mln in 2006, NCC said. The Lithuanian firm is active in the construction of both residential and commercial properties. Valius will stay on as president of the company.
