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Nordecon to build apartment house in Sweden

BC, Tallinn, 23.01.2017.Print version
Swencn AB, a company of Nordecon Group, has entered into a contract with the Swedish property development company Brabo Stockholm AB for the construction of an eight-story apartment building in Upplands Vasby in Stockholm County, Sweden, informs LETA/BNS.

Vasby Terrass is an eight-story apartment building with 59 one to three-bedroom apartments with a large balcony or terrace, Nordecon told the stock exchange.

The value of the contract is approximately 6.3 mln euros plus value added tax. The construction work will be completed in June 2018.

"We've been active to a more significant degree in Sweden for a little bit over a year now, which considering Swedish business culture is a microscopic period of time. It seems, however, that we have managed to create initial trust in us – this is affirmed by the recently concluded contract with Brabo Stockholm AB, a very professional company with a long history," AS Nordecon CEO Jaano Vink said.

Nordecon is currently building two more apartment houses in Stockholm. "The bigger goal is to gradually increase the share of foreign markets in sales also this year, by acting also in Ukraine and Finland, in addition to Sweden," Vink said.

Swencn OU is a company established at the beginning of 2015, 60% of which belongs to Nordecon and 40% to Luksusjaht AS, a company owned by Sven Lennart Alpstal. Swencn AB is a fully owned subsidiary of Swencn OU in Sweden.

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