Skanska, in partnership with PGIM Real Estate, has divested its multi-family development The Harlo in Boston, USA to Invesco Real Estate, a global real estate investment manager.
Skanska’s equity ownership is 50 percent. Skanska USA Commercial Development will record the company’s portion of the divestment, USD 75 million, about SEK 675 M, in the first quarter of 2019. The transfer of the property was completed February 2019.
Skanska developed and built The Harlo, a 17-story, 17,000-square-meter tower with 212 boutique apartments and retail space in the Fenway neighborhood in Boston. Construction began in October 2015 and was completed in 2017. The project is currently 98 percent leased and has LEED® Gold certification.
Since 2009, Skanska USA Commercial Development has invested more than USD 2 billion in office and multi-family projects, and has developed office headquarters for tenants including, Waste Management Inc., Bank of America, Brooks Sports, PricewaterhouseCoopers and Tommy Bahama.