Skanska and Bankgesellschaft Berlin enter into cooperation regarding development of housing projects
Skanska's German subsidiary, Skanska Bau Holding GmbH, and BB Privat Immobilien GmbH, a subsidiary of Bankgesellschaft Berlin, have signed a letter of intent regarding cooperation in the project development, sale and marketing of prefabricated single-family houses.
| PRESS RELEASE, MAY 31, 1999 49/99 Skanska and Bankgesellschaft Berlin enter into cooperation regarding development of housing projects Skanska's German subsidiary, Skanska Bau Holding GmbH, and BB Privat Immobilien GmbH, a subsidiary of Bankgesellschaft Berlin, have signed a letter of intent regarding cooperation in the project development, sale and marketing of prefabricated single-family houses. Skanska Bau Holding is focusing its project development activities on Berlin-Brandenburg, an area in which demand is expected to increase. Approximately 12,000 single-family houses are built annually around the German capital. It is estimated that the development of housing projects will generate sales of approximately SEK 150 million next year and some SEK 250 million in 2001. Production of about 75 houses is planned during the first phase, a figure that will be doubled during 2000. The houses, which will be prefabricated at Myresjöhus's Swedish plant, will be marketed in Germany under the Skanska Fertighaus GmbH name. Myresjöhus produced 700 houses in 1998, of which slightly more than 10% were exported. Bankgesellschaft Berlin is one of the largest banks in the Berlin-Brandenburg area. Cooperation with other banks is planned with the aim of penetrating other regional markets in Germany.
Gothenburg, May 31, 1999 SKANSKA AB
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