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Skanska has signed a 10 year lease with the insurance company PZU Group for 47,000 square meters office space and in addition 325 parking lots in the skyscraper office building, phase III of Generation Park in Warsaw, Poland. The tenant will start to take occupancy in the second quarter 2022. With this lease the building is now 98.5 percent occupied. This is the largest office lease agreement in terms of square meters in Skanska's history.
Skanska has signed an additional contract with existing client Virginia Hospital Center for an expansion project of site work, a new outpatient pavilion and parking garage in Arlington, Virginia, USA. The contract is worth USD 96 M, about SEK 896 M, which will be included in the US order bookings for the second quarter of 2020.
Skanska has signed a contract with the New York City Health and Hospital Corporation to renovate the North Central Bronx Hospital in Bronx, New York, USA. The contract is worth USD 64.8M, about SEK 606 M, which will be included in the US order bookings for the second quarter of 2020.
Skanska, as part of the Skanska Costain STRABAG joint venture, has signed a contract with HS2 Ltd to commence full detailed design and construction of Phase 1 of the UK's new high speed railway in the southern section of the overall project. Skanska will include GBP 1.12 billion, about SEK 13.9 billion, in the order bookings for Europe for the second quarter 2020.
Skanska has signed a contract with Amtrak to rehabilitate and restore maintenance facilities for the Next Generation Acela 21 high-speed rail service in Washington, D.C., Boston, and New York, USA. The contract is worth about USD 40 M, about SEK 390 M, which will be included in the US order bookings for the first quarter 2020.
Skanska has signed a contract with Delaware River Port Authority to rehabilitate the Benjamin Franklin Bridge connecting Philadelphia, Pennsylvania to Camden, New Jersey, USA. The contract is worth approximately USD 195 M, about SEK 1.9 billion, which will be included in the US order bookings for the first quarter 2020.
Skanska has signed additional contracts with an existing client for improvements to their corporate office in the western USA. The incremental contracts with our joint venture of Skanska Balfour Beatty are worth USD 492 M. Skanska's part is worth USD 246 M, about SEK 2.4 billion, which will be included in the US order bookings for the first quarter 2020.
Skanska has signed amendments to a contract with an existing client for transit infrastructure in New York, USA. A total of USD 34 M, about SEK 330 M, will be included in the US order bookings for the first quarter 2020.
Skanska has signed a five-year contract with Welsh Water to deliver its Asset Management Programme in the UK. The contract will be worth about GBP 193 M, about SEK 2.4 billion, over the five-year period. Skanska will include the first two years of the contract, worth GBP 52 M, about SEK 640 M, in the order bookings for Europe for the first quarter of 2020.
Skanska has signed a contract with the Swedish Transport Administration to build double-track on the West Coast Line, Sweden. The contract is worth about SEK 1.7 billion, which will be included in the order bookings for Sweden for the second quarter 2020.
Skanska has signed a contract with Regeneron Pharmaceuticals Inc. to construct the interior fit-out of their office space in Sleepy Hollow, New York, USA. The contract is worth USD 32 M, about SEK 310 M, which will be included in the US order bookings for the first quarter 2020.
Skanska has signed a contract with the New York City Economic Development Corporation (NYCEDC) for preconstruction services and site demolition related to the New York City Public Health Lab in New York City, USA. The contract is worth USD 34 M, about SEK 330 M, which will be included in the US order bookings for the first quarter of 2020.
Skanska has sold the office building Generation Park Z in Warsaw, Poland, to Deka Immobilien, one of Europe's leading real estate investment managers, for EUR 98 M, about SEK 1.0 billion. The transaction will be recorded by Skanska Commercial Development Europe in the first quarter 2020. The transfer of the property is scheduled for the second quarter 2020.
Skanska has signed a contract with Omsorgsbygg Oslo KF to build Oslo City Emergency Center, Norway. The contract is worth about NOK 1.5 billion, about SEK 1.6 billion, which will be included in the Nordic order bookings for the first quarter 2020.
Skanska has signed a contract with Oulu University Hospital to build a new hospital building in Oulu, Finland. Skanska's share of the contract is worth EUR 190 M, about SEK 2.0 billion, which will be included in the Nordic order bookings for the first quarter of 2020.
Skanska has signed an additional contract with an existing client to provide new construction work and project management services at a manufacturing facility in Western USA. The contract is worth USD 45 M, about SEK 430 M, which will be included in the US order bookings for the first quarter 2020.
Skanska has, as part of a joint venture with Corman Kokosing Construction Company and McLean Contracting Company, signed a contract with Maryland Department of Transportation - Maryland Transportation Authority to design and build the new Governor Harry W. Nice Memorial/Senator Thomas "Mac" Middleton Bridge over the Potomac River, USA. Skanska will include its share of the contract worth USD 301 M, about SEK 2.9 billion, in the US order bookings for the first quarter 2020.
(Bloomberg Opinion) -- Large infrastructure projects are almost always delivered late and massively over-budget. Then everyone forgets about the fuss and marvels at the achievement. Few people regret today that Britain and France built a rail tunnel under the English Channel, yet it cost a fortune and nearly caused the owner to collapse.One must be wary, then, of the often nimbyish opposition to Britain’s plan to build a new high-speed railway between London and the north of the country, known as HS2. Balfour Beatty Plc, Vinci SA, Eiffage SA, Skanska AB and Kier Group Plc are among the contractors slated to help deliver Europe’s largest infrastructure project.Supporters say it will boost rail capacity and connectivity between Britain’s cities, create thousands of jobs and spur economic development and urban regeneration. Their opponents argue that the project is an ill-conceived financial black hole that could end up costing 106 billion pounds ($138 billion).(2) While both sides have a point, it’s hard to believe this money will be spent wisely.Weeks after winning a thumping election victory with a promise to boost less well-off regions beyond London, Boris Johnson’s Conservatives are bitterly divided over HS2. A final decision is expected as soon as this week. Fed up of Brexit paralysis, the temptation for ministers to “just do something” must be strong. Even so, the brave move would be to call a halt, and at the very least order fundamental changes to the project.Politicians and engineers shouldn’t be afraid to think big. Britain’s overpriced and frequently overcrowded train services aren’t a patch on France’s TGV or Japan’s Shinkansen. But much of the decent infrastructure built in the U.K. lately — such as the Crossrail and HS1 rail projects and the Thames Tideway super-sewer — was constructed in the wealthy London area.Sadly, almost everything about HS2 invites disbelief. The costs are stupefying, the design is too complicated and its environmental credentials are questionable. Even now it’s not clear what problem HS2 is trying to solve or whether it’s the most cost-effective way to solve it. That’s unacceptable when it will consume more cash than Britain spends annually on education.The Johnson government may forge ahead blindly because preliminary work is already advanced. More than 7.5 billion pounds has been spent on land purchases, archaeological excavations and preliminary design and demolition work. “In a hole the size of HS2, the only thing to do is keep digging,” Johnson claimed last week, with typical bravado.In fairness, there is a lack of “shovel-ready” alternatives to ease capacity constraints on the train network. Simply upgrading existing lines would cause years of disruption to passengers. And densely-populated Britain isn’t alone in discovering that high-speed lines don’t come cheap. Costs on these projects are rising everywhere and their average time to completion in Europe is around 16 years. The first phase of HS2 connecting London and Birmingham requires more than 300 bridges and 70 viaducts.Still, HS2’s projected costs — more than 160 million pounds per km for the first section(6) — are far higher than other European high-speed lines, and most of the construction hasn’t even begun yet.(3) It’s impossible to predict the final bill because the planning for the second phase of the project is still at an early stage, warns the National Audit Office. Qualifying his call to keep digging, Johnson last week accused HS2 of being “profligate” and said the way it was managed was “hopeless”. He is right.HS2’s trains will be capable of reaching up to 225 miles per hour (360 km/hr), enabling as many as 18 hourly departures from London. Both the maximum speed and flow rate are higher than other high-speed lines in Europe or Japan. Yet successive governments and HS2 Ltd., the public body tasked with delivering the project, have consistently underestimated its complexity and cost; difficult ground conditions are the latest problem. The failure to contain and communicate these risks has undermined their credibility.The ultra-fast design has fueled suspicions that HS2 is a vanity project that will benefit business folk, especially those in London. Overcrowding is most common on local commuter routes, not intercity express lines. Rail connections between northern cities are poor. The money might be better spent on that.It’s remarkable that an infrastructure project billed as benefiting the Midlands and the north will commence work in London and the south, where expensive tunneling and ground-lowering work is required to keep wealthy locals happy. The northern section probably won’t be completed until 2040.At the same time, HS2’s environmental credentials have been undermined by the carbon expended in the project’s construction and materials. And the route doesn’t link to Heathrow airport or Eurostar international rail services in St Pancras, which might have persuaded more Brits not to fly domestically or to Europe.Perhaps there’s a way to salvage HS2 without gutting its ambition or culling it altogether. Regrettably, the findings of a government ordered review of the project still haven’t been published. The aspiration to provide decent infrastructure is noble, but it doesn’t excuse poor management, the signing of blank checks and favoring the south of England.Johnson needs to get a grip and the emergency brake is a decent place to start. As he admits, this project is in a hole; the smart thing would be to dig a better one.(1) The 106 billion pounds figure has been cited in press reports in relation to the (unpublished) Oakervee review of HS2. The latest official estimate is a maximum of 88 billion pounds.(2) Using the mid-point cost estimate in the HS2 chairman's review and a length of 230km. The calculation is in 2015 prices.(3) Making meaningfulcomparisons is difficult because HS2 includes lots of station and tunnel construction work.To contact the author of this story: Chris Bryant at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Skanska has signed a contract with North Shore University Hospital (NSUH) to construct the new advanced surgical pavilion at their campus in Manhasset, New York, USA. The contract is worth USD 238 M, about SEK 2.3 billion, which will be included in the US order bookings for the fourth quarter 2019.
Skanska has signed a contract with the University of New Hampshire of the University System of New Hampshire to construct an addition to Spaulding Hall at their University in Durham, USA. The contract is worth USD 32 M, about SEK 300 M, which will be included in the US order bookings for the fourth quarter 2019.
Skanska has signed a contract with the state of Connecticut to build a new Southern Connecticut State University health and human services building in New Haven, Connecticut, USA. The contract is worth USD 48 M, about SEK 450 M, which will be included in the US order bookings for the fourth quarter of 2019.
Skanska has, as part of a joint venture with H.J. Russell & Company, signed a contract with Grady Health System (Grady) to build the new Center for Advance Surgical Services (CASS) in Atlanta, Georgia, USA. Skanska will include its 75 percent share of the contract worth USD 113 M, about SEK 1.1 billion, in the US order bookings for the fourth quarter of 2019.
Skanska divests a 90 percent interest in the Bank of America Tower office property in Houston, Texas, USA, for USD 373 M, about SEK 3.5 billion, to an affiliate of Beacon Capital Partners. The transaction will be recorded by Skanska USA Commercial Development in the fourth quarter 2019. The transfer of ownership of the property is also expected to occur in the fourth quarter 2019.