Skanska and Piren in cooperation on a new shopping centre in Copenhagen
A cooperation agreement was signed today between Piren and Skanska to develop the Fisketorvet shopping center in a company owned by Skanska. Piren holds an option to acquire half of the new company not later than February 1, 1999 and all of the company at a later date.
SKANSKA AND PIREN IN COOPERATION ON A NEW SHOPPING CENTER IN COPENHAGEN
A cooperation agreement was signed today between Piren and Skanska to develop the Fisketorvet shopping center in a company owned by Skanska. Piren holds an option to acquire half of the new company not later than February 1, 1999 and all of the company at a later date.
Work on the project begins immediately and an application for a principle approval of the project has been submitted to the municipality. Construction start is scheduled for the first quarter of 1999. The total investment is estimated to amount to slightly more than DKK 1 billion, about SEK 1.15 billion.
Fisketorvet, located centrally near the Copenhagen Tivoli, will contain some 80 shops and restaurants which combined are expected to generate annual sales of DKK 1.5 billion, about SEK 1.7 billion. The market area includes 2.8 million inhabitants living with one hour's travel time. The opening is scheduled for the third quarter of 2000 in conjunction with the completion of the Öresund Bridge.
About 700 persons will work in the shopping center. The main highway into Copenhagen is adjacent to the shopping center which will have 2,000 parking spaces. The Dybbelsbro commuter train station is within 200 meters of the main entrance to the center.
Piren's vision is to be the shopping center company in the Nordic region which offers the best business locations for professional retail companies and their customers. Piren is currently the leader in Sweden and owns eleven shopping centers, of which eight are in the Stockholm region. Piren is the only purely shopping center company on the Stockholm Stock Exchange.
Development of Fisketorvet is part of Skanska's strategic focusing on core operations - construction-related services and development of projects and property. In project development, Skanska's competence in construction and property is coordinated with the Group's financial strength to provide a unique combination.
Danderyd, June 29, 1998
SKANSKA AB
Group Corporate Communications
For further information, contact: Mats Wäppling, Manager, Project Development and Real Estate, Tel+46 8 753 88 99 or
Cecilia Schön, Senior Vice President Corporate Communications, Tel +46 8 753 88 00 or
Lars Söderblom, President, Piren, +46 8 623 33 00,
Lars Johansson, Real Estate Manager. +46 70 674 0515
To obtain pictures, please contact Susanne Kinnunen.