Skanska Sells New Development Project in Budapest for SEK 273 M

STOCKHOLM, Sweden, June 9, 2005 (PRIMEZONE) -- Skanska is selling the ongoing Light Corner office project in Budapest. The buyer is an international bank group. The selling price is EUR 29.9 M, about SEK 273 M. The development gain is being reported in pace with the degree of completion and it is estimated that this will amount to a total of EUR 10 M, approximately SEK 91 M.

The property is under construction, with completion scheduled for January 2006, when the property is transferred to the buyer. Payment will be made during the first quarter 2006.

Light Corner comprises 13,600 square meters of office premises in six stories, with parking on two underground levels. The property in central Buda will be one of the city's most modern office buildings, with high comfort and security.

To date, Skanska has developed and sold four office projects and two shopping centers in Budapest, in total more than 100,000 square meters. Last year, Skanska sold Science Park, an office project comprising 30,000 square meters, which was fully leased already prior to completion.

Skanska Project Development Europe focuses on the development of commercial projects on the central European markets in Budapest, Prague and Warsaw, where the company has investment properties and land bank for development.

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