STOCKHOLM, Sweden, Oct. 1, 2003 (PRIMEZONE) -- Drott (Other OTC:DOTBF) has sold the residential properties Kallan 1 and Propellern 10 in Stockholm's Sodermalm section for a total of SEK 62 million. The price exceeds the properties' independently appraised values as of December 31, 2002 by 31 percent. The two properties have rentable space totaling 2,803 sq. m. of which 2,436 sq. m. is residential space.
The buyers are tenant-owners' associations. Closings on the sales were scheduled for September 29 and October 1, 2003.
Of the total capital gain of SEK 27 million before tax, SEK 9 million will be reported in the fourth quarter.
Thus far this year, Drott has sold ten properties to tenant-owners' associations for a total of SEK 312 million (25 percent above their December 31, 2002 appraised values).
For further information, please contact: Drott AB (publ) Anders Boos, President +46 8 769 30 10
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