SOLNA, Sweden--(BUSINESS WIRE)--Regulatory News:
NCC (STO:NCCA)(STO:NCCB) has sold a 70 apartment housing project close to Frankfurt in Germany to an institutional investor for SEK 138 million.
“Sales towards the investor market are an important part of NCC Housing’s business model. The sale of this project situated near the big international Frankfurt Airport is in line with our strategy to sell more rental packages to investors.”, says Joachim Hallengren, Business Area Manager of NCC Housing.
The project is part of a living area in the northern part of the city Langen where in total 240 residential units will be developed. Situated in the Rhine-Main area between the financial metropolis Frankfurt and science city Darmstadt, the investment marks an attractive living location.
The project comprises two buildings with in total 70 rental units amounting to a living area of approximately 5,400 square meters. The buildings are based on NCC’s concept for residential construction.
Transfer and earnings recognition will occur in the NCC Housing business area, upon completion, in the second quarter of 2015.
According to a survey by the German market analysis company BulwienGesa, NCC is in Germany one of the largest residential developers.
This is the type of information that NCC AB could be obligated to disclose pursuant to the Securities Market Act. The information was issued for publication on December 20, 2013, at 08:50 a m CET.
All NCC’s press releases are available at: www.ncc.se/press.
NCC is one of the leading construction and property development companies in the Nordic region. In 2011, NCC reported sales of SEK 53 billion and had 17,500 employees. NCC Housing develops and sells houses in selected markets in the Nordic regions, Germany, the Baltic countries and St. Petersburg.
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