Vasakronan buys office building in Malmo

listed property firm Vasakronan has acquired the Koggen 2 office development project in Malmö, Sweden for SEK 246 mln (EUR 27 mln). The vendor is
Swedish construction group NCC.

The asset is currently being developed and will offer 8,100 m² distributed among six floors. Vasakronan will take over the property on its completion in the autumn 2012. The building is targeting a 'Very Good' rating under BREEAM standards.

'This transaction is between two strong players who complement each other well,' said Mikael Graffman, head of Swedish operations at NCC Property Development. 'NCC is proficient with property development and is able to offer newly built, flexible and environmentally classified premises in the best locations in Malmö. Vasakronan is a well-respected landlord with a solid reputation. Furthermore, both parties are committed to climate and environmental issues.'

NCC will be responsible for development and leasing work throughout the entire project period, but the work will be carried out in close cooperation with Vasakronan.

The transaction will be conducted as a joint venture with a minimum value of SEK 246 mln.