Skanska to Develop and Build 17-Story Multi-Family Development in Boston

Skanska is investing USD 26 M, about SEK 220 M, in a new multi-family development in Boston, USA. A joint venture between Skanska USA Commercial Development and Prudential Real Estate Investors has awarded a contract to Skanska USA Building, the construction manager, for USD 88 M, about SEK 740 M, which will be included in the order bookings for Skanska USA Building for the fourth quarter 2015.

Skanska will develop and build the new 17-story, 17,000 square meter residential building, which will feature 212 units, 650 square meter of retail space and two parking levels. The building is targeting LEED Gold certification.

Construction will begin in October and substantial completion is expected in the fourth quarter 2017.

Skanska USA is one of the leading development and construction companies in the country, consisting of four business units: Skanska USA Building, which specializes in building construction; Skanska USA Civil, specialized in civil infrastructure; Skanska Infrastructure Development North America, which develops public-private partnerships; and Skanska USA Commercial Development, which develops commercial projects in select U.S. markets. Headquartered in New York, Skanska USA has more than 9,600 employees and its 2014 revenues were SEK 43.5 billion.

Skanska AB may be required to disclose the information provided herein pursuant to the Securities Markets Act. Skanska is one of the world’s leading project development and construction groups with expertise in construction, development of commercial and residential premises, and public-private partnerships projects. Based on its global green experience, Skanska aims to be the clients' first choice for Green solutions. The Group currently has 58,000 employees in selected home markets in Europe and North America. Skanska's sales in 2014 totalled SEK 145 billion.

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Source: http://www.skanska.com/

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