Skanska sells office project in Warsaw

Nordic construction firm, Skanska sells an ongoing development of an office building AtriumCity in Warsaw for €115 (zł.385) million to German investment fund DEKA. Skanska is expected to make €37 (zł.123) million from the sale, which will be noted in the quarterly results.

The office project comprises approximately 21,000 sqm of office space and 90 percent of leasable space is leased. The project will be completed during the second quarter of 2009.

"The continued strong demand for new and modern office space, in combination with Skanska's strong brand, has made the leasing of this project a success. Because most of the property has now been leased, it is natural for us to sell it and focus on developing new office projects in Central Europe," says Lars Vardheim, business unit president at Skanska Commercial Development Europe.

Source: Reuters