NCC sells property-development project in Helsinki

NCC Finland Oy reached an agreement on Monday to sell the third and final phase of its Business Park Airport Plaza property-development project in Helsinki. The buyer is the Finnish real estate group Polar Kiinteistöt Oyj. The sale will have a favorable impact on the NCC GroupÂ's earnings during the fourth quarter of 2002.

The third phase of NCCÂ's Business Park Airport Plaza property-development project is called 'Forte' and consists of about 8,000 square meters and 191 parking spaces, 151 of which are in a multi-story garage. Forte was completed in autumn 2002 and about 70 percent of the facility is occupied. The two stages of the project that were sold previously are called Airport Plaza Piano, which is now owned by the LEL Employment Pension Fund, and Plaza Presto, currently owned by the Finnish PaperworkersÂ' Union. Business Park Airport Plaza houses offices for a total of about fifty companies with some 700 to 800 workplaces. Airport Plaza is part of the Aviapolis development area in the city of Vanda, where HelsinkiÂ's airport is located.

As part of the deal, NCC is buying land from Polar Kiinteistöt with a total of about 700 development rights for housing. Most of these development rights are located in Vanda and Helsinki. The transaction also includes one building site with development rights for a 15,900 square meter office building in Aviapolis. The parties have agreed not to announce the purchase price.

(source: NCC Property Development)

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