NCC has signed an agreement to sell the fourth phase of the office project Plaza Business Park in Vantaa, close to Helsinki. The buyer is Finnish Fennica Toimitilat. The transaction is conducted as a sale of a company with an underlying property value of SEK 154 million. The sale will generate a positive impact on earnings during the first quarter 2014.
/ Source: Arendator.ru
“This property acquisition contributes to the development our portfolio towards the targeted yield and spread. The location is excellent, the space arrangements create modifiability, and the cost formation of the new building is predictable, says Timo Rantala, property investment director, Fennia Varainhoito.
The project, the Tuike building, is the fourth phase of Plaza Business Park and comprises of 5,200 sqm of leasable office space as well as 162 parking rights. It was completed in May 2013 and the current letting ratio amounts to 82 percent. Payment of the purchase price and transfer of ownership will take place in the end of January 2014. NCC is responsible for leasing the remaining vacant space for three years. The area has excellent communications as it is adjoining Ring Road III and the Helsinki-Vantaa airport is within easy reach.
NCC’s goal has been to minimize the project’s environmental impact and the project is aiming for the level Very Good according to the BREEAM environmental certification system.
“The Plaza Business Park projects have been successful with their sustainable profile and excellent location. Finland is an important market for us, and we have the ambition to strengthen our leading position as a property developer,” says Carola Lavén, Business Area Manager, NCC Property Development.
The sale will have a positive impact on earnings for the first quarter in 2014 and will be recognized in profit in the NCC Property Development business area.