Industry News

Akzo Nobel Concludes Sale of Offices in Stockholm

Published on 2006-07-03. Author : SpecialChem

Arnhem, the Netherlands -- Akzo Nobel (Euronext Amsterdam: AKZ; Nasdaq: AKZOY), has concluded the sale of its Stockholm/Nacka offices in Sweden to Länsförsäkringar Liv. The property - which includes 17,000 m2 of office and laboratory space - was sold for EUR 30 million.

The offices house around 300 employees who work for Akzo Nobel AB and the company's Decorative Coatings International, Casco Adhesives and Pulp and Paper Chemicals businesses. Under the terms of the agreement, Akzo Nobel will lease back the offices and laboratory space it currently needs from Humlegården Fastigheter - who manage the purchaser's real estate - with the remaining space being made available for let to other tenants.

The Stockholm/Nacka office has, during recent years, become increasingly attractive due to the development of new housing and shopping districts in the area. The good market conditions, combined with the fact that Akzo Nobel does not occupy the entire office space, triggered the decision to sell.

Akzo Nobel has 4,000 employees in Sweden, located at more than 20 sites all over the country. Sales by origin for 2005 totaled EUR 1.2 billion, with new investments amounting to EUR 65 million.

Source: Akzo Nobel

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