Eastern European Markets

December, the 22nd, 2010

NCC sells residental property in St. Petersburg for eur 11 m (22/12/2010)

NCC Housing in St. Petersburg has signed an agreement for the sale of one building in the second stage of the Swedish Krona project in St. Petersburg. The buyer is SATO, one of Finland’s leading corporate investors in housing.

The value of the contract amounts to about EUR 11 million and will have a positive effect on earnings in November 2012. Payments are made periodically in accordance with agreed payment plan. The building being acquired by SATO comprises 66 fully equipped apartments and will be completed in the fall of 2012. The building is part of the second stage of the Swedish Krona project which is currently under construction in Primorsk, a green suburb in the north of St. Petersburg. When fully completed, the Swedish Krona project will comprise 10 buildings with a total of 900 apartments, underground parking, kindergartens, recreation areas and much more.

“Swedish Krona fits the SATO standards well with its green location, an open customer friendly approach, and of course a level of quality we feel we can trust,” says Staffan Tast, Director General of SATO Russia.

“Housing construction is increasing in pace after the crisis, and the appearance of investors in St. Petersburg market is a good sign. Sato is an important partner for NCC in the Nordic region and St. Petersburg. We are pleased by Sato’s confidence in NCC in general and Swedish Krona in particular. Tenants of Sato apartments are high-end customers looking for comfortable living and flexible life-styles. This will increase the attractiveness and social ambience of the neighborhood,” says Juuso Hietanen, Director General of NCC Housing in St Petersburg.

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