NCC has sold two developed housing projects to a German property fund, which is managed by Aberdeen Asset Management, for SEK 321 million (approx. €37 million). The housing projects are located in Hamburg and Cologne and comprise a total of 155 apartments.
“NCC is the largest residential construction company in Germany and sales to the investment market are key to NCC Housing’s business,” says Joachim Hallengren, President of NCC Housing.
The project in Hamburg-Bergedorf comprises 109 apartments in two apartment blocks totaling 8,800 m², as well as 88 garage spaces. Project construction will commence in December 2013 and completion is scheduled for the end of 2015 when occupancy and revenue recognition will also occur.
The second project comprises 46 housing units totaling 4,200 m² of housing space and 33 parking spaces in Escher Strasse in Cologne-Nippes, which has developed into a popular residential area in recent years. Project construction will commence in September and completion is scheduled for the end of 2014, when occupancy and revenue recognition will occur.