Skanska sells Vienna hotel with gain of SEK 120 M

  Skanska sells Vienna hotel with gain of SEK 120 million

Skanska has sold the Holiday Inn Crown Plaza Hotel in Vienna to the Austrian real estate fund Immofinanz AG. The sale price totals SEK 225 million, with a capital gain of SEK 120 million.

The hotel has floor space of nearly 20,000 sq. m. and is centrally located on the banks of the Danube in the Austrian capital. Skanska has owned the property since 1989. At that time, extensive reconstruction work was carried out, which transformed the former port warehouse into a modern hotel.

"We are now leaving Austria, so that we can focus on continued project development in cities in Central Europe, where there is strong growth and an increasing demand for modern premises," says Johan Bergman, Managing Director of Skanska Project Development Europe.

Following this sale, Skanska Project Development and Real Estate has sold projects and fully developed properties with capital gains totaling approximately SEK 805 M in 1999. Of these gains, around SEK 113 M has been eliminated in the consolidated accounts in connection with the sale of a property to the associate company Piren.

Stockholm, December 28, 1999

SKANSKA AB

Group Communication

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For further information, please contact:

Johan Bergman, Managing Director, Skanska Project Development Europe, Tel: +46-8-753 83 15