NCC has sold Gladsaxe Company House, an office project close to Copenhagen, for SEK 353 million (approx. €40.93 million). The buyer is the Danish pension fund PensionDanmark.
“This transaction is confirmation of NCC’s strong position as one of the leading property developers in Denmark and shows that there is a healthy demand for our solutions for sustainable office buildings,” says Carola Lavén, Business Area Manager, NCC Property Development.
Gladsaxe Company House comprises a total of 15,400 m² of lettable space and will be completed in the first quarter of 2015. In conjunction with the building’s completion, NCC will move the head office of its Danish operations, which will result in a leasing rate of 70%. Work on the construction contract started in July 2013.
This is a forward funding transaction with a base purchase consideration of SEK 353 million (approx. €40.93 million). NCC is responsible for the leasing of the remaining vacant office space for a period of five years after completion and has provided a rental guarantee for this period. Leasing of the remaining office space could generate a maximum supplementary purchase consideration of SEK 22 million (approx. €2.55 million).
NCC’s goal has been to minimize the project’s environmental impact and Gladsaxe Company House aims to reach the gold level in the DGNB environmental certification system.
The project is the first stage in the transformation of an older industrial property into 120,000 m² of office, retail and housing space. The area has a prime location in terms of transport links due to its proximity to the highway. The construction of a new tramline is planned directly adjacent to Gladsaxe Company House.
The preliminary date of occupancy is in the first quarter of 2015. The sale will have a positive impact on earnings both at the date of occupancy and as tenants move in. The sale will be recognized in the profit of the business area NCC Property Development.