Swedish construction giant Skanska has expanded its commercial property development business to the US.
Swedish construction giant Skanska has expanded its commercial property development business to the US.
Skanska said on Friday that it would provide development services in selected US cities where Skanska conducts construction operations. Initially, the markets for Skanska USA Commercial Development will be the Washington DC area, Boston, Massachusetts, and Houston, Texas.
The first project will be in central Washington DC. The investment is expected to amount to SEK 600 mln (EUR 57 mln). The contract relates to an office building of about 16,000 m2 of floor space, with a small number of store units on street level. Construction work is scheduled to commence during the fourth quarter and the building is expected to be completed during the latter half of 2011.
Skanska said the prime-location office building - five city blocks from the White House - will be structured to meet the highest demands in terms of design, standards and environment. The intention is to achieve a minimum environmental certification rating of LEED Gold. The site has been acquired from the First Congregational United Church of Christ.
'This is an important initiative for the future development of Skanska. Our long-term strategic plan includes expansion in our development businesses. For decades, our commercial development activities have been highly successful in Sweden and Central Europe. We shall now further capitalise on the accumulated know-how in the group,' said Johan Karlström, President and CEO of Skanska.
