NCC is selling the Vaghuset and Brick Studios office projects to Alecta Fastigheter. The properties lie next to each other on Masthuggskajen in central Gothenburg.
The transaction will take the form of a company divestment, based on an underlying property value of just over €195.8m. Handover and payment of the purchase consideration are scheduled for December 12, 2024, and will generate a positive impact on earnings in the NCC Property Development business area in the fourth quarter of 2024.
“We are now selling two of the three projects that we have developed in one of Gothenburg’s prime locations and Alecta Fastigheter will become the owner of two of the city’s new profile buildings. It’s positive that we are seeing more activity in the property market compared with recent years,” said Petra Kruger, Head of Division Sweden, NCC Property Development.
Both of the buildings were completed in 2023 and are almost fully let. Vaghuset comprises a lettable area of 10,900m2 with tenants including audit firm PwC and Mannheimer Swartling Advokatbyra. Brick Studios comprises a lettable area of 16,100m2 and the tenants include Smarteye and More Alliance. There are services, restaurants and a gym on the bottom floor of the properties.
“Gothenburg is one of our main markets and this acquisition is an important part of our growth journey. Vaghuset and Brick Studios are two fantastic properties that complement our current portfolio very well. As a long-term owner, we look forward to contributing to Masthuggskajen’s vision and the development of Gothenburg,” said Lena Boberg, CEO of Alecta Fastigheter.
Sustainability certification with a BREEAM Excellent rating is planned for the buildings, and Masthuggskajen is the first urban area in Sweden to obtain sustainability certification according to Citylab.
NCC’s third project on Masthuggskajen, Habitat 7, lies adjacent to Vaghuset and Brick Studios. The design of this nine-story timber-framed building was inspired by nature, with the goal of sharply reducing the carbon footprint in the construction phase. Habitat 7 comprises c. 8,000m2 and is scheduled for completion in 2025.
Image source - NCC: Ake Eson Lindman.
Europe Real Estate — an overview of real estate developments in European countries.
