Citycon has announced it will acquire NCC’s 50% share of Mölndal Galleria for a purchase consideration based on a property value corresponding to €56.2m (SEK584m).
Mölndal Galleria will comprise approximately 70 stores accounting for 24,000 m² of leasable space and with parking available directly adjacent to the mall. The tenants include H&M, Lindex, ICA and Systembolaget (Swedish Alcohol Retailing Monopoly).
At present, approximately 85% of the space has been leased. NCC will not provide any rental guarantees for vacant premises when the sale to Citycon is finalised. The shopping centre is scheduled to open in September this year.
The sale of the holding will have a positive impact on earnings in the NCC Property Development business area in the third quarter of 2018. As the buyer participated as co-owner and co-financier from the start of the project, NCC's development margin is lower than in other trading projects where NCC takes full development risk.
Mölndal Galleria is certified under BREEAM, the world’s foremost environmental certification system.
