NCC Property Development has divested the Sveitsin Portaali shopping center and a traffic service station in Hyvinge, Finland, to the Danish investment company EjendomsInvest. The total purchase consideration is approximately €23 million (SEK 230 mln). The sale will generate a positive result for NCC of about €4 million (SEK 40 mln), which will be included in the fourth quarter of 2006. The shopping center, which focuses on home and interior design, will be completed in time for the Christmas shopping season in 2007.
"Shop owners and consumers appreciate commercial centers with a concentrated offering on a single theme," says Petri Anttalainen, Commercial Site Director at NCC Property Development.
Such well-known Finnish interior design companies as Asko, Sotka, Vepsäläinen, Koti-Idea, Indiq Living and Markantalo will be present in the shopping center. The broad service offering makes the area even more attractive. NCC will construct other service facilities on the land adjacent to the site. The center's total retail offering will comprise about 25,000 m².
EjendomsInvest is active in the Finnish property investment market. The company has invested in NCC's projects earlier by acquiring, for example, Porttipuisto and Budget Sport in Vaanta and a commercial center in Gruvsta and Ankkuri in Lahti.