NCC sells yet another residential project to investor in Germany (DE)

NCC has sold 120 apartments to a value of SEK225 million (€24.2 million) to the German investor pension fund Bewag for a residential property development in the Steglitz-Zehlendorf area of Berlin.
"Berlin needs around 20,000 new homes a year to meet the demands of its ever-growing population, but currently there are only 14,000 homes in ongoing production in the Berlin housing market", says Olle Boback, Managing Director of NCC in Germany. "So we believe building more affordable new housing for as many people as possible is essential for the city’s future."
Bewag has again chosen to work with NCC on this development which is made up of 120 rental apartments in four buildings. This will be the fourth development that NCC has sold to the pension fund of Bewag, a supplier of occupational pensions for employees of the company Vattenfall Europe.
For Bewag it is important to be able to offer their tenants homes that are modern, energy-efficient and affordable. In the wake of previously successful projects in the Berlin region they are delighted to be working with NCC.
“We are happy that Bewag have chosen NCC once again. This sale confirms further our belief in the rental business as a strategic part of a well-balanced and diversified NCC Housing portfolio”, says Joachim Hallengren, Business Area Manager of NCC Housing.
Transfer and earnings recognition will occur on completion in the NCC Housing business area, during the fourth quarter of 2016.
Source: Cision