NCC, a construction company in the Nordics, has divested the Yrket 4 office project located in Solna, Sweden, to KPA Tjänstepensionsförsäkring’s Litreb XII, a subsidiary of the Folksam Group.

This transaction is based on a property value of approximately Skr3.6bn ($329.76m), after market deductions.

NCC Property Development head Joachim Holmberg said: “There are many phases to this project and I am pleased that we have now signed an agreement with KPA Tjänstepensionsförsäkring to take over this project on its completion.

"Over the next few years, we will develop a modern office that will enable Svenska kraftnät to gather a large part [of] their operations under one roof.”

The property, which will become the new head office for Svenska kraftnät, spans a gross floor area of approximately 52,000m².

The sale will take the form of a company divestment, with the transfer of ownership set to occur upon the project's completion, expected in the second quarter (Q2) of 2028.

Folksam Group property director Jonas Bjuggren said: “The premises in the building will be flexible and maintain a high standard, making it an attractive addition to our property portfolio.

"The focus of the Folksam Group on modern, high-quality office properties in attractive locations stands firm. We look forward to having Svenska kraftnät as our tenant.”

The project will involve the disassembly and repurposing of parts of the existing office building, with plans to achieve a Building Research Establishment Environmental Assessment Method (BREEAM) Excellent sustainability certification for the new structure.

The divestment is contingent upon several conditions, including the acquisition of a building permit, property transfer, compliance with the new Foreign Direct Investment Act, and the approval of the buyer by the tenant.

Construction and demolition activities are set to begin in Q1 2025.

NCC anticipates signing construction contracts for the entire project in the same year.