Skanska Commercial Property Development divests Epic in Malm÷, Sweden, for SEK 750M to internal property portfolio
3/31/2022 7:30 AM CET
Skanska Commercial Property Development has divested the office building Epic in Malm÷, Sweden, to Skanska Investment Properties for about SEK 750M. The internal transaction has no effect on the cash flow and will be recorded in the first quarter 2022. The transfer will take place immediately.
The office property Epic consists of two buildings with a total leasable area of approximately 12, 000 square meters. The property, which is developed and built by Skanska, was completed in 2020 and is fully let. Among the tenants are Verisure, Spaces, Baker Tilly, Delphi, Web Manuals, Sproud and LoCali.
The transaction is conducted at market value and is the first with Skanska Investment Properties as counterparty. The new business stream aims to establish a long-term portfolio of high-quality, climate-smart and healthy office buildings in Stockholm, Gothenburg and Malm÷. Epic will thus be the first addition to the portfolio, which will be built up over time.
Epic is LEED-certified, level Platinum, and WELL-certified, level Gold. LEED is a global third-party certification for environmentally friendly design, construction, operation and maintenance. WELL is based on medical and scientific research on healthy workplaces and how people are affected by the built environment.
During construction, circular solutions were applied. For the atrium, 16 tonnes of concrete from the Copenhagen metro were used and 17 tonnes of leftover bricks from Epic's own fašade in the floor. In addition, 35, 000 meters of window frames and beams from demolition projects in the wood panel and 77, 000 recycled PET bottles for sound-absorbing canvas in the fašade.
Epic is one of seven office properties that Skanska Íresund has developed in a cluster in central Malm÷, were two additional office projects are under way.