Swedish construction giant Skanska has sold the Atrium City commercial development in Warsaw for EUR 115 mln to the German investment fund Deka. Skanska said in a statement that it has booked a capital gain of EUR 37 mln through the transaction. The project is expected to be 70%-completed by the end of 2008.
Swedish construction giant Skanska has sold the Atrium City commercial development in Warsaw for EUR 115 mln to the German investment fund Deka. Skanska said in a statement that it has booked a capital gain of EUR 37 mln through the transaction. The project is expected to be 70%-completed by the end of 2008.
The new office building located in the city centre comprises 21,000 m2 of office space. Around 90% of the space is leased to tenants including Deloitte, King Sturge and Deutsche Bank. The project is expected to be completed during the second quarter of 2009.
'The continued strong demand for new and modern office space, in combination with Skanska's strong brand, has made the leasing of this project a success. Because most of the property has now been leased, it is natural for us to sell it and focus on developing new office projects in Central Europe,' said Lars Vardheim, business unit president, Skanska Commercial Development Europe.
Skanska is developing 120,000 m2 of office space in the central Europe cities of Warsaw, Wroclaw, Prague, Ostrava and Budapest.
Additionally, the company said it has been contracted to build a 27,000-m2 hypermarket in Vantaa, in the Helsinki metropolitan area. The contract sum for the Finnish project is EUR 32 mln. Construction begins this month and with completion planned for October 2009.
