STOCKHOLM, July 8, 2003 (PRIMEZONE) -- The CityCronan transaction has now been completed. Consequently CityCronan - the Stockholm city block rejuvenated by Skanska - has now been taken over by DEKA Immobilien Investment GmbH, Germany.
The sale, which was agreed in the autumn of 2002 at a price of SEK 2.3 billion, was included in the second quarter of 2003. The capital gain amounts to SEK 1.1 billion. The sale is Skanska's largest transaction for an individual property to date. DEKA took over occupancy of the Gravlingen block on June 30, 2003, when the project was completed.
CityCronan contains offices, stores, restaurants and homes in the best downtown location. The property dates from 1974 and, following thorough remodeling and extension, now comprises slightly more than 42,000 square meters of floor space.
Nordea is leasing most of the building through a rental contract that is one of the largest ever signed in Sweden. Other tenants include Akademibokhandeln, the Nordic region's largest bookstore, Bodum's first store in Sweden and pop artist Dr Alban's restaurant, Stacy's. On the uppermost floors, there are 47 new apartments.
"We are proud of our first investment in Sweden which was also our first step into the Scandinavian markets. Sweden is a market which carries weight in Europe, economically and in terms of the size of its property market," says Jens Goettler, head of Deka's European Department in northern and western Europe.
Deka Immobilien Investment GmbH (member of the Sparkassen-Financial Group) is the market leader among the German open-ended property funds with properties in Germany and abroad, the total fund volume worth approx. Euro 17,8 billion. Deka Immobilien currently manages three mutual funds, open to an unlimited number of investors, six special funds and one individual property fund, reserved for institutional investors.
CityCronan is one of the flagships in the rejuvenation of downtown Stockholm, which began at the end of the 1990s. Skanska was one of the initiators of the city center transformation and CityCronan is the first block in the eastern part of the city center to be modernized as part of this concept.
For further information please contact:
Claes Larsson, President, Skanska Project Development Sweden, tel +46 8-504 350 18 or +46 70-581 11 08
Peter Gimbe, Press Officer, Skanska AB, tel +46 8-753 88 38
Christian Fischer, Marketing Manager, DEKA Immobilien GmbH Tel +49 69-7147 3021
This and previous releases can also be found at www.skanska.com
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