STOCKHOLM, Sweden, July 19, 2004 (PRIMEZONE) -- Skanska is selling the office property Science Park in Budapest for SEK 618 M (EUR 67.5 M). The capital gain amounts to SEK 261 M (EUR 28.5 M) and will be reported during the third quarter of 2004. The buyer is the German fund management company SachsenFonds Gmbh, linked to LandesBank Sachsen GiroCentrale.
Science Park is attractively located on the south Buda side of Budapest. The property comprises floor space of 30,000 square meters and was developed by Skanska in two stages. The second stage was completed in July 2004, and tenants are currently moving in. Work to lease the property has been very successful, with an occupancy rate over 90 percent being achieved in a short time. Tenants include a number of international companies, such as TATA, EGI, Kraft, HBO and Swietelsky.
"Science Park is in many ways a model for our project development. Through strong presence in the local market, we have developed office premises in a prime location for demanding international tenants and investors," says Fredrik Wirdenius, president of Skanska Project Development Europe.
Together with Prague and Warsaw, Budapest is one of Skanska's prioritized Central European markets for project development. In Budapest, Skanska this summer started its next development project, Light Corner. This project comprises 14,000 square meters of floor space centrally located on the Pest side of the city. Skanska's investment amounts to about SEK 200 M. The project is scheduled for completion at the end of 2005.
For further information please contact:
Fredrik Wirdenius, President, Skanska Project Development Europe, tel +46 70 553 80 62
Jan Johnsson, President, Skanska Property Hungary, tel +36 204 898 900
Peter Gimbe, SVP Communications, Skanska AB, tel +46 8 753 88 38
This and previous releases can also be found at www.skanska.com
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