ÖSTERSUND, Sweden--()--Regulatory News:
Skanska (STO:SKAB) has signed an agreement with AFA Fastigheter on the transfer of the hotel and conference property at Malmö Kongress, concert and hotel in Malmö, Sweden. The sales price amounts to at least SEK 900 M, which will be booked as a property divestment within Skanska Commercial Development in the second quarter of 2012.
The final purchase price will be determined at transfer 2015. The sum SEK 900 M represents a minimum value, which could be adjusted upward. The project is a bundled construction, through which Skanska has utilized the Group’s financial strength to create new business opportunities. A bundled construction project is started when a long-term leasing agreement is signed.
The property is an important part of the area that will make up an entirely new district that connects Malmö City with the West Harbour. Skanska is building a hotel, conference center and concert hall with seating for 1,600 spectators. Work is conducted in close cooperation with the City of Malmö. Preliminary site works is already underway and the intention is that everything should be completed during the second quarter of 2015. Skanska will also develop offices and residential buildings in the area.
The property that is now sold to AFA Fastigheter contains the hotel and the congress part. The hotel will have 445 rooms on 25 floors and the congress section can hold up to 1,500 people. Choice Hotels Scandinavia A / S will be responsible for the operation of the hotel and congress property.
AFA Fastigheter manages, develops and rents offices, hotels and residential – mainly in Stockholm. AFA Fastigheter is a part of the asset management within AFA Försäkring that is owned by Svenskt Näringsliv, LO och PTk. AFA Försäkring administrates contractual insurances for more than four million people in the private commercial and industrial sector, municipalities, counties and regions in Sweden. The total value of the assets is about SEK 200 billions, out of which SEK 18 billion is properties.
Skanska Sweden is one of Sweden’s largest construction companies, with operations in building and civil-engineering construction. The business unit has approximately 10,000 employees and revenue in 2011 amounted to approximately SEK 27 billion. In Sweden, Skanska is also active in the development of residential construction and commercial premises.
This and previous releases can also be found at www.skanska.com
Skanska AB may be required to disclose the information provided herein pursuant to the Securities Markets Act.
For 125 years, Skanska has been a modern and innovative project-developing and construction company, building what was required by society. Today, Skanska is one of the world’s leading project development and construction companies with expertise in construction, development of commercial premises, residential projects and public-private partnerships. Based on its global green experience, Skanska aims to be the clients' first choice for Green solutions. The Group currently has 53,000 employees in selected home markets in Europe, the US and Latin America. Skanska's sales in 2011 totaled SEK 123 billion.
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