Skanska to invest €200m in four European projects

Swedish construction and development group Skanska has announced in the space of a few days that it is investing just under €200 mln in four real estate development projects in Europe.

On 19 December, Skanska said it is investing €24 mln in the second phase of Kapelanka 42, its first office project in the Polish city of Krakow. Skanska started the first phase of the project in October 2012. The Kapelanka 42 complex will comprise two class A office buildings, each with nine storeys above ground and three underground. The combined leasable area will be about 30,000 m2. The entire complex will be completed in the third quarter 2014. Kapelanka 42 has been pre-certified at LEED Gold level.

Earlier in the week, Skanska said it was investing about €68 mln in The Monument Building, a new office property at Monument Street in the City of London. The total leasable area will be about 8,500 m2. Skanska is marketing The Monument Building as a sustainable office development designed to achieve a BREEAM Excellent rating, with features including LED lighting, cycle parking and a roof terrace with photovoltaic panels. Completion is scheduled for the fourth quarter of 2015.

Skanska is also investing €31 mln in the Corso Court office project located in the Czech capital Prague. Corso Court has a total office leasable area of around 17,000 m2. The project will apply for LEED certification at Gold level. Construction has started and will be completed in the third quarter of 2015.

On 17 December, Skanska said it is investing about €75 mln in the Tyfonen (Typhoon) project in Malmö, Sweden. The building will comprise 22,000 m2 over 14 floors dedicated to public spaces, offices and hotels. The first tenant, Story Hotel, has signed a 15-year lease for 4,200 m2. Tyfonen has a waterside location, with Malmö Central Station and the City Tunnel within three minutes walking distance. Skanska has previously developed several office buildings in the area. Construction of the project is planned to start in spring 2014 and scheduled to be completed in 2016.

The investment volume in the four development projects comes to a combined €198 mln.