NCC Property Development is to sell phase one of Tornby Handelsgårdar outside Linköping, Sweden, for approximately SEK 200 million (approx. 22 million).
The purchaser is Cordea Savills through its fund Pro2-Immo-Holding Sweden AB. The sale will have a positive impact on earnings for the fourth quarter of 2012.
The transaction is effectuated as a company sale. Based on the current leasing ratio of 80%, the project is estimated at a value of approximately SEK 200 million
NCC is responsible for leasing the remaining vacant space up to completion of the project and for a further three years thereafter. Leasing of the remaining space can generate an additional supplementary purchase consideration of approximately SEK 10 million.
The project will be completed during the fourth quarter of 2012 and occupancy is scheduled for October 1, 2012. The total area is 11,200 m² and tenants that have signed leases include XXL Sport, Vildmark and Elgiganten. About 2,300 m² is currently vacant and available for lease.
"At Tornby Handelsgårdar, we have created an attractive trading area by completely redesigning the local area," says Joachim Hallengren, President of NCC Property Development.
"It is an excellent example of how NCC as a real estate developer is improving the townscape by placing the emphasis on people."
Tornby Handelsgårdar is being constructed with high ambitions of minimizing its environmental impact and will be classified as 'Very Good' under the BREEAM international environmental assessment method.