Scandinavian Property Development (SPDE) said on Thursday it had abandoned the EUR 25 mln purchase of the Haugesund Arena development project from Flotmyr Utbygging. The company cited ‘uncertainty regarding the development and construction costs’ of the project as the reason for the withdrawal.
Scandinavian Property Development (SPDE) said on Thursday it had abandoned the EUR 25 mln purchase of the Haugesund Arena development project from Flotmyr Utbygging. The company cited ‘uncertainty regarding the development and construction costs’ of the project as the reason for the withdrawal.
The 69,100 m2 project comprises 30,000 m2 of shopping and commercial space, 19,800 m3 in residential development and 19,300 m2 of parking space.
The Haugesund Arena development is the second project SPDE has pulled out of in the past few months. Last December, the company called a halt to negotiations with Hav Eiendom, a company owned by the Oslo Port Authority, on the acquisition of Oslo’s Sørenga container terminal, citing excessive risk.
