NCC to sell office project in Oslo for SEK 663 million

NCC to sell office project in Oslo for SEK 663 million

NCC Property Development AS in Norway is to sell the Akerselva Atrium office
project on Chr. Kroghs gate 16 in Oslo to Vital Forsikring for SEK 663 million.
The sale will generate a positive effect on second-quarter earnings, following
provisions for rental guarantees for unleased space.

 The property will be sold in accordance with what is known as a ³forward
funding² model, which means that payment will be made as per today¹s date, with
no interest rate compensation paid to the purchaser. The building comprises a
total of 17,000 square meters of office space, of which 70 percent is leased.
The largest tenant will be NHST Media Group, owner of such newspapers as Dagens
Næringsliv, which has signed a ten-year lease pertaining to 11,000 square meters
of office space. 

Construction work has already commenced and occupancy is scheduled for spring
2009. NCC Property Development will complete the development and leasing of
Akerselva Atrium. 

“Interest in Akerselva Atrium has been considerable. A project such as this,
with a solid tenant, is of immense interest to property investors right from the
start and we also have parties who are interested in the unleased space,” says
Rolf Thorsen, President of NCC Property Development in Norway. 

Akerselva Atrium will be eleven-stories high with predominantly glass façades,
which will provide excellent light conditions. 

For further information, please contact:
Ulf Thorné, Press Relations Manager, NCC Group, +46 8 585 523 46, +46 70 214 77
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NCC is one of the leading construction and property development companies in the
Nordic region. NCC had in 2006 sales of SEK 56 billion, with 22,000 employees.