Skanska sells office project in Malmö to Aberdeen

Swedish construction and real estate group Skanska has sold its ongoing office project Citykajen in Malmö to Aberdeen Property Nordic Fund I SICAV-FIS. The handover is on September 30, 2009.

In accordance with Skanska's information policy, the sales gain for the development was not disclosed as it is still under construction. The development gain is reported quarterly in pace with completion of the project.

The sale involves two phases of the Citykajen project, which together comprise about 14,200 m² of leasable space. The project was started at year-end 2006 and will be completed during the third quarter of 2009. Skanska's investment amounts to about SEK 375 mln (EUR 34.3 mln).

Major tenants in Citykajen are Banverket (Swedish Rail Administration) and Öhrlings PriceWaterhouseCoopers and the occupancy rate is about 94%.

'We are very happy to be able to complete our portfolio with Malmö’s best office property - both in regards to location and the quality of the building as well as the tenants,' said Magnus Kenning, responsible for the transaction at Aberdeen Property Investors.

Citykajen is one of several modern office properties that Skanska is developing at Universitetsholmen in Malmö. The company has already developed the property Hjälmarekajen next to Citykajen and developed and sold the new Court of Appeals building a few blocks away. Just recently the new office project Bassängkajen was started, with Malmö University as the first tenant.