NCC to sell logistics project in Gothenburg to Barings
NCC is divesting the Albatross logistics project in Arendal to Barings for an agreed property value of approximately SEK 530 million.
Photo of Arendal from above: NCC
Albatross is the fifth and final stage of Arendal Green Park at the Port of Gothenburg, where NCC is developing an approximately 34,000-square-meter logistics building.
“Arendal is in a prime location, which will be strategically important to us due to its close proximity to both the largest port in the Nordics and local highway network. We are delighted to be able to again cooperate with NCC, this time in the construction of our logistics building”, says Gunther Deutsch, Head of Transactions Europe and Managing Director at Barings.
The transaction will take the form of a company divestment, with an underlying property value of some SEK 530 million. No rental guarantees will be provided in connection with the sale. The property is expected to be completed in the first quarter of 2024 and will then have a positive impact on NCC Property Development’s earnings.
Arendal’s location adjacent to the Port of Gothenburg and alongside highway 155 makes it one of Sweden’s best locations logistically. NCC has developed a number of logistics projects in Arendal in partnership with, among others, ICA Fastigheter and Eliasson & Lund AB. Albatross is the fifth stage. Work is currently under way on a new detailed development plan for additional development rights on adjacent land owned by NCC in Arendal.
“We are seeing increased interest in logistics properties in pace with a growing online retail sector, and Barings’ choice of Arendal confirms the area’s attractiveness,” says Joachim Holmber, Head of NCC Property Development.
The project will be carried out in the NCC Property Development business area and the contract will be conducted by NCC Building Sweden and registered in the order book in the second quarter of 2022.
NCC aims to minimize the project’s environmental impact and to certify the property under the BREEAM international environmental certification system, with an Excellent classification.
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About NCC. NCC is one of the leading construction companies in the Nordics. Based on its expertise in managing complex construction processes, NCC contributes to a positive impact of construction for its customers and society. Operations include commercial property development, building and infrastructure project contracting, and asphalt and stone materials production. In 2020, NCC had sales of SEK 54 bn and 14,500 employees. The NCC shares are listed on Nasdaq Stockholm.