NCC is divesting the Yrket 4 office project in the City of Solna, Sweden, to KPA Tjanstepensionsforsakring AB (KPA), which is part of the Folksam Group. NCC will develop the property into a new head office for the public authority Svenska kraftnat.
The property comprises a gross floor area (GFA) of approximately 52,000m2. The transaction will take the form of a company divestment, based on a property value of c. €320.4m, after market deductions.
“There are many phases to this project and I am pleased that we have now signed an agreement with KPA Tjänstepensionsförsäkring to take over this project on its completion. Over the next few years, we will develop a modern office that will enable Svenska kraftnät to gather a large part their operations under one roof,” said Joachim Holmberg, Head of NCC Property Development.
“The premises in the building will be flexible and maintain a high standard, making it an attractive addition to our property portfolio. The focus of the Folksam Group on modern, high-quality office properties in attractive locations stands firm. We look forward to having Svenska kraftnät as our tenant,” said Jonas Bjuggren, Property Director at the Folksam Group.
NCC intends to disassemble and re-purpose parts of the existing office building. Sustainability certification with a BREEAM Excellent rating is planned for the building.
The divestment is subject to a building permit, transfer of the property, notification according to the new Foreign Direct Investment (FDI) Act and the approval of the buyer by the tenant. Disassembly of existing buildings will commence in the first quarter of 2025 and construction contracts for the entire construction project are expected to be signed in 2025.
Image source - NCC.
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