NCC has sold two proprietarily developed housing projects to a German property fund, which is managed by Aberdeen Asset Management, for SEK 321 million. The housing projects are located in Hamburg and Cologne and comprise a total of 155 apartments.
“NCC is the largest residential construction company in Germany and sales to the investment market are key to NCC Housing’s business,” says Joachim Hallengren, President of NCC Housing.
The project in Hamburg-Bergedorf comprises 109 apartments in two apartment blocks totaling 8,800 square meters, as well as 88 garage spaces. Project construction will commence in December 2013 and completion is scheduled for the end of 2015 when occupancy and revenue recognition will also occur.
The second project comprises 46 housing units totaling 4,200 square meters of housing space and 33 parking spaces in Escher Strasse in Cologne-Nippes, which has developed into a popular residential area in recent years. Project construction will commence in September and completion is scheduled for the end of 2014, when occupancy and revenue recognition will occur.
The sale will be recognized in profit in the NCC Housing business area.
For further information, please contact:
Anna Trane, Press & PR Manager, NCC AB. Tel: +46 70 884 74 76
Lena Hedlund, Head of Communication, NCC Housing. Tel: +46 70 232 02 87
This is the type of information that NCC could be obligated to disclose pursuant to the Securities Market Act. The information was issued for publication on July 5, 2013 at 8:00 a.m.
All of NCC’s press releases are available on www.ncc.se/press.
NCC is one of the leading construction and property development companies in the Nordic region. In 2012, NCC reported sales of SEK 57 billion and had 18,000 employees. NCC Housing develops and sells residential properties in selected markets in the Nordic region, Germany, the Baltic countries and St. Petersburg.