Skanska sells and builds City of London properties

Skanska has sold an office building in the City of London and started building a mixed-use asset in operations totaling £245 million ($327 million).

Skanska has sold The Monument Building in the City of London for about £118 million ($158 million), to Credit Suisse’s Real Estate Fund International (REFI). The transfer of the property is scheduled for February 2018.

The 10-story office building has a total leasable area of approximately 94,000 square feet. The building was completed in 2016 and is multi-let, with its office and retail floors occupied by a diverse group of tenants.

Separately, Skanska announced the signing of a contract with Partners Group Fenchurch to build 80 Fenchurch Street, a mixed-use commercial and retail development in the City of London. The contract is worth £127 million ($170 million).

80 Fenchurch Street will be a 14-story building comprising 237,000 square feet of office accommodation and 12,000 square feet of retail space. The scheme will target a BREEAM excellent rating in addition to a Wired Platinum Certification, which measures connectivity features to ensure the building will fit the digital needs of future tenants.

Construction will begin in spring 2018 and the development is due to complete in 2020.