STOCKHOLM, Sweden, March 6, 2002 (PRIMEZONE) -- Mandamus is buying two blocks of flats from Wihlborgs in Malmo and two from Castellum in Varnamo.
The acquisitions in Malmo comprise a total of 11,810 m2, of which the residential area is 11,300 m(2). Rental income from the properties amounts to some SEK 9.7m a year. They were built in 1968 and 1973 respectively, and underwent comprehensive renovation and conversion in the late 1990s. The total price is SEK 80.0m.
The blocks in Varnamo measure 3,953 m2, of which the residential area makes up 3,756 m2. They provide rental income of SEK 3.2m annually. The buildings were erected in 1988 and 1990 respectively, and the price is SEK 25.8m.
Mandamus VD, Anders Johansson Commented: Both these acquisitions are a good supplement to Mandamus' previous holdings in Malmo and Varnamo, and are in line with Mandamus' strategy of increasing concentration on residential properties.
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Mandamus is a property company that aims to own, develop and manage residential properties with a high yield, mainly in growth areas in Southern and Central Sweden. Mandamus owns properties with a book value of around SEK 5,700m, yielding an annual rental income of just under SEK 900m.
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