NCC sells office project in Denmark (DK)

NCC has sold Vallensbæk Company House III, an office project in the close vicinity of Copenhagen, for SEK 195 million (approx. €21 million). The buyer is the Danish pension fund PKA.
“It is gratifying that customers and investors appreciate NCC’s concept and that we are further confirming our position as a leading property developer in Denmark,” says Carola Lavén, Business Area Manager for NCC Property Development.
Vallensbæk Company House comprises a total of 8,800 m² of leasable office space and its completion is planned for the second quarter of 2015. The current leasing rate amounts to 50% and tenants include Estee Lauder Cosmetics A/S and the IT company Ricoh Danmark A/S. NCC is responsible for leasing the remaining vacant space up to completion and four years thereafter. Leasing of the remaining office space can generate a maximum supplementary purchase consideration of SEK 20 million (approx. €2million).
NCC’s goal has been to minimize the project’s environmental impact and Vallensbæk Company House III aims to reach the silver level in the DGNB environmental certification system.
The project comprises the third phase of the Vallensbæk Company Park project, where NCC has previously sold 9,000 m². NCC has the possibility of developing an additional 9,000 m² of office in the area after third phase. Vallensbæk Company Park has a strategic location in terms of transport, with direct access to the highway.
The preliminary date of occupancy is in the second quarter of 2015. The sale will have a positive impact on earnings both when the date of occupancy arrives and as additional tenants move in. The sale will be recognized in earnings for the business area NCC Property Development.
Source: NCC

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