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| NCC and Alfred A Palmberg sell office project in Finland NCC Property Development and Alfred A Palmberg are selling the first phase of the Polaris Business Park office project in Alberga, Helsinki, to German property investor, Oppenheim Immobilien-Kapitalanlagegesellschaft mbH (OIK) who is a subsidiary of IVG Immobilien AG, one of the largest listed real estate companies in Europe. The purchase price is SEK 200 million. Polaris Business Park was developed by NCC Property Development and the Finnish construction company, Alfred A Palmberg, in an equally owned partnership company. Oppenheim will take possession of the company and pay the purchase price upon completion, which is scheduled for April 30, 2008. The sale will be reported as earnings primarily in the third quarter of 2007. The office complex, which is located at the crossroads between the highway to Turku and Ring Road 1, comprises five office buildings and a parking garage. The project includes a total of 37,500 square meters and approximately 740 parking spaces. write your comments about the article :: © 2007 Construction News :: home page |