Swedish construction company Skanska has sold a 38,000m[sup]2[/sup] plot of land with building rights in Warsaw for SEK 117mln (EUR 12.3mln) to the Canadian investment fund, Capital Park. The deal, which represents a capital gain of SEK 94mln, will be reported in the third quarter. The land is located in Wilanow on the outskirts of Warsaw.
Swedish construction company Skanska has sold a 38,000m2 plot of land with building rights in Warsaw for SEK 117mln (EUR 12.3mln) to the Canadian investment fund, Capital Park. The deal, which represents a capital gain of SEK 94mln, will be reported in the third quarter. The land is located in Wilanow on the outskirts of Warsaw.
Lars Vardheim, President of Skanska Commercial Development Europe, said: 'We are selling these building rights because the Wilanow area is turning into a residential area with elements of retail. That is outside our focus, which is developing commercial premises with a high environmental profile. In recent years, the price of building rights in Poland has developed strongly and we will receive excellent returns from the sale of the land, which we acquired in 2004.'
In Poland Skanska Commercial Development Europe is currently developing five commercial projects in Warsaw and Wroclaw, providing some 74,000m2 of leasable area.
