Skanska sells ongoing retail park project in Burlöv

Skanska is selling an ongoing commercial development project in Burlöv outside Malmö. Buyer is a German investment fund. Occupancy will be in two steps during the fourth quarter of 2008 and the second quarter of 2009.

In accordance with Skanska’s information policy the purchase price and the gain on commercial development projects are not disclosed during construction. The development gain is therefore reported quarterly in pace with completion of the project.

The property transaction covers all four retail warehouses at the Stora Bernstorp retail park in Burlöv’s Municipality outside Malmö. The commercial area will comprise a total of about 37,000 square meters and is divided into four stages. The construction was started in autumn 2007 and will be completed in stages between Q4 2008 and Q2 2009. Skanska’s investment amounts to about SEK 585 M. The construction project is being carried out by Skanska Sweden.

The contracted tenants include Coop Forum, Media Markt, Intersport, Flügger, Djurkompaniet, Sportex, Jula, Jysk and Sängkompaniet.

“We are very proud of being involved together with the Burlöv Municipality in developing and establishing the character of a new part of Burlöv. Previously, Skanska was involved in developing and building BMW’s Nordic spare parts warehouse in the area, where we are now also developing a logistics center for Transfargo and a truck center for Volvo. Our leasing effort in Stora Bernstorp has been successful, and combined with strong demand from inventors, we chose to sell now and focus on future project opportunities,” says Cecilia Fasth, President of Skanska Fastigheter Göteborg.