STOCKHOLM, Sweden, Oct. 30, 2002 (PRIMEZONE) -- Skanska (Other OTC:SKSBF) is selling the Gravlingen property block in central Stockholm to DEKA Immobilien Investment GmbH, the largest open ended property fund manager in Germany. The sales price of SEK 2,326 million will generate a capital gain of SEK 1,150 million.
The sale is depending on the fulfillment of certain conditions and the capital gain is expected to be reported in either the fourth quarter of 2002 or during the first half of 2003.
Closing is expected to occur in June 2003, after all the building work in progress has been completed.
The property block was developed and built by Skanska in the early 1970s. At the beginning of 2000, a comprehensive refurbishment and expansion of the block was initiated. The project and the building were renamed CityCronan and two stories of housing were added. New office space was also added, thus increasing total rentable floor space.
DEKA Immobilien states that they see potential in the Stockholm property market. "Our strategy is long-term, and this investment is based on the high quality of the asset as well as the security of high-quality tenants and leases. The location of the property makes it a secure investment today, and the progressive redevelopment of the area will enhance its value in the future." DEKA Immobilien has been advised by Jones Lang Lasalle in Stockholm.
CityCronan is one of the flagships in the revitalization of inner-city Stockholm, which started at the end of the 1990s. Skanska was one of the initiators of the city's transformation and CityCronan is the first block in the eastern part of the city to be modernized in accordance with this concept.
Nordea has leased a major portion of the building, representing one of the largest leases that has ever been concluded in Sweden. Other tenants include Akademibokhandeln, the largest bookstore in the Nordic region, and Bodum's first store in Sweden.
The building has a total of approximately 42,000 square meters of office, retail, restaurant and residential space.
Skanska Project Development Sweden, a market leader in project development, currently has projects in progress totaling approximately 210,000 square meters, mainly involving offices in Sweden, including the Oresund region. At present, about 86 percent of the project portfolio is leased.
For further information please contact: Skanska Project Development Sweden Claes Larsson, President +46 85 04 350 18 or +46 70 581 11 08 Skanska Property Stockholm Anders Kupsu, President tel +468 504 361 85 or 070-585 61 85 Skanska AB Peter Gimbe, Press Officer, tel +468 753 88 38 DEKA Immobilien GmbH Christian Fischer, Director of Research and Marketing tel + 49 69 7147 3021
This and previous releases can also be found at www.skanska.com
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2002/10/30/20021030BIT00240/wkr0001.doc http://www.waymaker.net/bitonline/2002/10/30/20021030BIT00240/wkr0002.pdf