Skanska divests E18 highway in Finland for EUR 19 M, about SEK 165 M
Skanska divests its share of E18 highway in Finland, which is operated as a public-private partnership (PPP). The sales price amounts to EUR 19 M, about SEK 165 M. The buyers are Skanska pension fund, Trean Allmänna Pensionsstiftelse, and Skanska Norway pension trust, Skanska Norge Konsernpensjonskasse, each representing half of the investment. Skanska Finland will continue to manage maintenance and operation of the highway. The transaction will be recorded in the fourth quarter.
The road is about 50 kilometers of E18 between Muurla and Lohjanharju in southern Finland. The road opened for traffic in January 2009 and completed a highway between Turku and Helsinki. The highway improved safety and traffic by replacing the existing narrow, curving two-lane road. The new road has multilevel interchanges, separate lanes, animal fences and the seven tunnels on the road are fully equipped with modern traffic control and emergency systems. The construction of the road was completed a year earlier than estimated, saving about Euro 17 M for the client.
”This is another excellent investment for our pension trusts in Sweden and Norway. A road project is a favorable complement to the pension foundations’ other investments, and the return on the investment will ensure effective matching of our pension commitments over a long period,” says Jonas Granholm, responsible of Skanska’s pension trusts.
Skanska Infrastructure Development is a leader in the global Public Private Partnerships (PPP) market. The business unit invests in, develops and operates roads, hospitals, schools, power plants and other social infrastructure in partnership with the public sector.