NCC sells office projects in Norway for €186M

NCC sells office projects in Norway for €186M

Nordic construction, infrastructure and property development company NCC announced that it has agreed to sell the Valle Wood and Valle View office projects including the remaining building rights in the Helsfyr area of ​​Oslo to Valle Eiendom Holding AS, a Pareto Securities newly formed real estate company, for close to SEK 2 billion (€186million). 

The deal will be implemented in two stages, the first in the fourth quarter of 2019 and the second in 2021.

NCC’s development project in Valle encompasses close to 60,000 square meters of building rights office and is strategically located, clearly visible next to the E6 and close to the subway, airport buses and thoroughfares.

The office projects are being built in stages where Valle Wood was completed in the summer of 2019 and is Norway’s largest commercial property in solid wood. The second stage, Valle View, is initiated and leased to Norwegian UDI with planned completion Q2 2021.

In addition to the first two projects, approximately 27,000 square meters of building rights remain for offices, including approximately 83 parking spaces in the Valle Vision project.

When signing this agreement, the occupancy rate is 87% for Valle Wood and 69% for Valle View. In connection with the sale, NCC will provide rental guarantees for unleased space for 5 years from the entry of each stage.

Helsfyr is an established office area in Oslo. The development of Valle is part of the overall development plan for the area, which also includes the stadium for the Vålerenga football club, shops, school and about 300 residential apartments.

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