STOCKHOLM, Sweden, Jan. 31, 2002 (PRIMEZONE) -- Drott has sold all of its holdings in Lindangen - five kilometers from central Malmo - for the equivalent of MSEK 350. The price corresponds to a present direct yield of approximately 8 percent.
The transfer of ownership will take place on March 1, 2002 and the capital gain of MSEK 120 before tax will be reported in the first quarter of 2002.
The five properties - Motetten 2, Kantaten 4 and 5, Folkvisan 3 and Bordsvisan 1 - contain 56,600 square meters of rentable space, of which 40,100 is residential (676 apartments). The economic occupancy rate is 99 per cent.
The properties are being sold via company and the buyers are Danish-based Beil & Christensen with 75 per cent (owned by Michael Christensen) and Jesper Gam with 25 per cent.
A comment from Drott's CEO Mats Mared: "The sale is part of our effort to concentrate Drott's holdings in areas where we see the greatest potential for growth."
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