Skanska Commercial Property Development divests Hyllie Terrass in Malmö, Sweden, for SEK 730M to internal portfolio
Skanska Commercial Property Development Nordic has divested the office building Hyllie Terrass in Malmö, Sweden, to Skanska Investment Properties for about SEK 730M after deduction of remaining investments and deferred tax. The internal transaction has no effect on cash flow and will be recorded in the fourth quarter 2023. The transfer will take place immediately.
Hyllie Terrass, which is developed and built by Skanska with focus on the wellbeing among the tenants, was completed in 2023. It has a total leasable area of approximately 14,000 square meters and is let to about 85 percent. Among the tenants are AAK, Air Liquide, Riksbyggen, Skanska, Ahlsell and Compass Group.
The transaction is conducted at market value and is the fifth with Skanska Investment Properties as counterparty. The office properties Epic and Aqua are already owned by Skanska in Malmö. The new business stream aims to establish a long-term portfolio of high-quality, climate-smart, and healthy office buildings in Stockholm, Gothenburg and Malmö.
Hyllie Terrass is built with climate-improved concrete, recycled reinforcement, energy storage and smart energy solutions, as well as with biochar in the building's green terraces and furniture production from construction waste. The office building is to be certified with LEED Platinum, WELL Gold and NollCO2.