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Publish Date : 24-Dec-2012

NCC is selling an office property and a retail property, with a garage, in the Triangeln property in Central Malmo for SEK 1,195 million. The buyer is Vasakronan. The sale will generate a positive impact on earnings during the fourth quarter of 2013.

The transaction will be implemented as a sale of two separate companies, with a total underlying property value of SEK 1,195 million. NCC, which will be responsible for leasing the remaining vacant office space for an additional three years, has placed rental guarantees for this period and will also account for the leasing of vacant retail space until Vasakronan takes possession in December 2013. Leasing of the remaining space could generate a supplementary purchase consideration of a maximum of SEK 60 million.

The office property comprises 4,600 square meters of floor space, of which 71 percent is leased. The retail property is a shopping mall comprising 12,000 square meters of floor space, which will be integrated with the existing Triangeln shopping center. The leasing rate for the new section is 76 percent. The retail property also includes a two-story underground garage, with approximately 400 parking spaces.

“By focusing intently on sustainability, we are now finalizing Triangeln, the new face of Malmo. NCC is one of few players with proprietary resources with the ability to develop such a large and complicated city development project,” says Joachim Hallengren, President of the NCC Property Development business area. “In the region, NCC has already built the Turning Torso and been involved in building the City Tunnel and the oresund Link.”

The new Triangeln is being built and developed in a former parking site, only a few steps from Triangeln Station and the new bus hub. In addition to offices and retail premises, the project includes construction of 190 apartments in the form of tenant-owned units. The project is being implemented with high ambitions in terms of minimizing the environmental impact, with the aim of securing an environmental certification level of “Very Good” according to the BREEAM international environmental certification system.

The Triangeln project is being implemented by the NCC Property Development and NCC Housing business areas in cooperation. Of the earnings from this sale and from the sale of the project’s 190 apartments, 70 percent will be reported in NCC Property Development and 30 percent in NCC Housing.

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