Newly-established Scandinavian Property Development (SPDE) has signed an agreement to acquire a development project in Haugesund in Norway for EUR 27 mln. The project, dubbed 'Flotmyr', is predominantly retail and commercial and is part of the Haugesund Arena, home to a new stadium for the Haugesand soccer team as well as concert facilities. Commercial and retail outlets will occupy some 69,000 m[sup]2[/sup] of the total 69,100 m[sup]2[/sup] programmed for development; 30,000 m[sup]2[/sup] has been earmarked for housing and a further 19,300 m[sup]2[/sup] will be devoted to parking. SPDE can also opt to buy adjacent properties, subject to approval by the local authorities.
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