Skanska to sell property in Malmö for SEK 93 mln with gain of SEK 20 mln

Skanska is selling the Husaren 9 property in Malmö. The sales price is SEK 93 million, and the profit from the sale amounts to SEK 20 million. The purchaser is a local real estate company with private investors.

The gain from the sale will be reported during the fourth quarter of 2002, while occupancy is expected to take place during the second quarter of 2003.

The Husaren 9 property comprises a total of 10,000 square meters of residential, retail and office premises and is located inside the canal in central Malmö.

The property, which Skanska has owned since 1996, has been gradually upgraded and is now fully rented. With this sale, the last property in Skanska´s portfolio with a substantial proportion of residential units is being divested.

'The sale is in line with Skanska´s strategy to sell fully developed properties to enable continued investment in project development in Malmö, Lund and Copenhagen,' says Nils Olof Nilsson, President of Skanska Öresund.

Skanska Project Development Sweden, which is a leader in project development, currently has some 210,000 square meters in projects in progress, primarily offices in Sweden, including the Öresund region. At present, about 86 percent of the project portfolio is leased. Skanska Öresund is a subsidiary of Skanska Project Development Sweden.

(source: Skanska)

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