STOCKHOLM, Sweden, Oct. 30, 2003 (PRIMEZONE) -- Drott has sold the residential property Fanan 32 in Karlaplan, in Stockholm's Ostermalm district, for SEK 265 million. The price is 22 percent higher than the property's independently appraised market value as of December 31, 2002. The property has 10,147 square meters of rentable space, 8,744 sq. m. of which is residential space.
The buyer is the local tenant-owner association, and closing is scheduled for today's date.
As a result, Drott has sold three residential properties to tenant-owner associations in the month of October (Propellern 10, Folkungatradet 4 and Fanan 32). Thus far this year (January-October), Drott has sold 12 properties to tenant-owner associations for a total of SEK 606 million (24 percent higher than the appraised market values as of December 31, 2002).
Drott AB (publ) For further information, please contact: President Anders Boos telephone +46 8 769 30 10
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http://www.waymaker.net/bitonline/2003/10/30/20031030BIT00810/wkr0002.pdf