December 17, 2015
Real Estate Buzz: Self-funding helps Skanska stand out
By NAT LEVY
Real Estate Reporter
Skanska likes to do things a little differently.
The Swedish firm's Seattle projects stand out for a number of reasons such as bold design, interesting retail and a deep commitment to sustainability. Skanska can do this because it typically self-funds its projects.
“We use 100 percent equity, so we maximize the control and our ability to dream, create and innovate on projects that benefit our community and our marketplace, namely tenants,” Lisa Picard, executive vice president and regional manager of Skanska USA Commercial Development, told the Buzz in an email.
Skanska recently sold a 90 percent stake in its South Lake Union complex called 400 Fairview to TIAA-CREF for about $235 million. That places the value of the building at about $261 million.
Picard said Skanska held onto a piece because it believes 400 Fairview's value will increase, and the company wants to be a part of that.
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