SOLNA, Sweden, July 26, 2002 (PRIMEZONE) -- NCC has signed a contract for the sale of a property in Dusseldorf, Germany for approximately SEK 600 M. The purchaser is a subsidiary of Deutsche Bank. The sale, which will be included in the third-quarter accounts, will have a limited impact on NCC's profits.
The sale relates to the completed projects Seestern B2 and B3 in Dusseldorf with total floor space of 23,650 m2. About half of this area is offices, while the remainder is a hotel. Two thirds of the property has been leased. The purchase price amounts to approximately EUR 65 M, corresponding to about approximately SEK 600 M. The property transfer is expected to occur during the third quarter.
Seestern is located in central Dusseldorf on the west bank of the Rhine. NCC acquired the land in the early 1990s, at which time the area zoned for development included a building permit for 80,000 m2. Over the years, NCC has developed about 87,000 m2 in the area. With this sale, only a small portion (Seestern B9) of about 2,000 m2 remains.
"The sale is a further step in NCC's strategy to divest fully developed properties to investors," commented Magnus Mannesson, Business Area Manager for NCC Property Development.
For further information, please contact:
Magnus Mannesson, Business Area Manager, NCC Property Development, tel: +46 70 512 18 90 or Annica Gerentz, Investor Relations Manager, NCC AB, tel: +46 8 585 52204.
All of NCC's press releases are available on www.ncc.se
NCC is one of the leading construction and property development companies in the Nordic region. NCC has annual sales of SEK 46 billion, with 25,000 employees.
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