NCC and Alfred A Palmberg sell office project in Finland for SEK 200 million

NCC and Alfred A Palmberg sell office project in Finland for SEK 200 million

NCC Property Development and Alfred A Palmberg are selling the first phase of
the Polaris Business Park office project in Alberga, Helsinki, to German
property investor, Oppenheim Immobilien-Kapitalanlagegesellschaft mbH (OIK) who
is a subsidiary of IVG Immobilien AG, one of the largest listed real estate
companies in Europe. The purchase price is SEK 200 million.

The parties will also simultaneously sign a framework agreement for the sale of
phases 2 and 3 of the office project. 
Polaris Business Park was developed by NCC Property Development and the Finnish
construction company, Alfred A Palmberg, in an equally owned partnership
company. Oppenheim will take possession of the company and pay the purchase
price upon completion, which is scheduled for April 30, 2008. The sale will be
reported as earnings primarily in the third quarter of 2007. 
The office complex, which is located at the crossroads between the highway to
Turku and Ring Road 1, comprises five office buildings and a parking garage. The
project includes a total of 37,500 square meters and approximately 740 parking
spaces. 
The first phase of Polaris comprises 7,500 square meters plus parking spaces.
The project commenced in January 2007 and will be completed in April 2008. The
largest tenant in the first phase is AGA, which signed a 13-year lease for 3,350
square meters and will be relocating its head office, with 170 employees, to
Polaris. This means that 60 percent of Polaris has been leased. Sales personnel
will be providing a limited rental guarantee of two years for the remaining
vacant areas, for which provisions will be posted in full. 

“Polaris is a modern property close to the center of Leppävaara, a district that
is developing strongly. Leasing of the first phase has been satisfactory and
there are several interested parties that are primarily attracted by the
excellent location. The signing of a long-term lease contract by AGA is also
proof of the attractiveness of the area,” says Tapio Rantanen at NCC Property
Development Oy. 
For questions, please contact:
President Jorma Ahokas, NCC Property Development Oy, Tel: +358 10 507 5321 
Area Director Pauli Mäkelä, Oy Alfred A. Palmberg Ab, Tel:  +358 20 715 3426   
Acquisition Manager Jörg Laue, Oppenheim Immobilien-Kapitalanlagegesellschaft
mbH, 
Tel: +49 1 511 623 4755
Annica Gerentz, Senior Vice President Corporate Communications, NCC AB, Tel: +46
8 70 398 42 09


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NCC is one of the leading construction and property development companies in the
Nordic region. NCC had in 2006 sales of SEK 56 billion, with 22,000 employees.