OREANDA-NEWS. SWENCN AB, a Nordecon AS subsidiary incorporated in Kingdom of Sweden and Bostadsr?ttsf?reningen Styrmannen 49, a member of Sweden based real estate group Innovation Properties Sverige AB signed an agreement for the construction of five-storey apartment building in Stockholm. The value of the contract is approximately 8.4 million euros (excluding VAT).

SWENCN AB is a wholly owned subsidiary of SweNCN O?, a company incorporated in the Republic of Estonia. The shareholders of SweNCN O? are Nordecon AS (60%) and Luksusjaht AS (40%), a company currently holding a 11.15% shareholding in Nordecon AS.

The planned principal activity of SWENCN AB is the construction of residential buildings and non-residential buildings predominantly in Central-Sweden.

Nordecon is a group of construction companies whose core business is construction project management and general contracting in the buildings and infrastructures segment. Geographically the Group operates in Estonia, Ukraine and Finland. The parent of the Group is Nordecon AS, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 10 subsidiaries in the Group. The consolidated revenue of the Group in 2014 was 161 million euros and net profit 2.3 million euros. Currently Nordecon Group employs close to 700 people. Since 18 May 2006 the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange.