SOLNA, Sweden, May 31, 2002 (PRIMEZONE) -- NCC has reached an agreement regarding the sale of 40 properties in Sweden. The sales price of SEK 3,950 million will generate a gain of SEK 430 million for the NCC Group. The purchaser is Whitehall Street International Real Estate Limited Partnership 2001 and certain affiliated funds (Whitehall Funds), which are real estate investment funds managed by Goldman Sachs International.
The sale will affect the NCC Group's earnings during the second quarter of 2002. NCC will receive SEK 3,550 million in cash on June 28, 2002. The remaining amount of about SEK 400 million, will be paid through a promissory note that will be amortized during the following two to six years.
The current transaction is in line with the Group's strategic orientation, which entails selling all of NCC's managed properties before the end of 2003. It also increases the likelihood that the Group will meet its full-year earnings forecasts for 2002, meaning profit after financial items of at least SEK 1,300 million, including the sale of NVS. The sale will also have a favorable effect on the Group's cash flow during the second quarter of 2002 and will reduce its indebtedness.
The transaction is subject to the approval of the Swedish Competition Authority.
More detailed information on this real estate transaction will be provided at a meeting for media representatives and stock analysts to be held at 11 a.m. on Friday, May 31 at NCC's Head Office in Solna. Magnus Mannesson, President of NCC Property Development, will attend the meeting, which will be concluded with a buffet lunch.
Time: May 31, 11 a.m.
Location: NCC's Head Office, Conference Room 10, Vallgatan 3, Solna
Welcome!
Gisela Lindstrand, Press Relation Manager, Tel +46 8 585 52346, +46 70 392 9500 Annica Gerentz, Investor Relation Manager, Tel +46 8 585 52204, +46 70 398 4209
All of NCC's press releases are available on www.ncc.se NCC is one of the leading construction and property development companies in the Nordic region. NCC has annual sales of SEK 46 billion, with 25,000 employees. Whitehall Funds invest in real estate and real estate related assets around the world, principally through the acquisition of real estate companies, real property and mortgage loans. In total, the Whitehall Funds currently have invested or committed equity capital in excess of $10 billion.
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