Tornet Interim Report January-March 2004

STOCKHOLM, Sweden, May 12, 2004 (PRIMEZONE) -- Tornet:

                                        2004:I  2003:I
 Rental income, SEK m                      582     614
 Profit after tax, SEK m                   205     700
 Earnings per share, SEK                  7.94   26.36
 Operating profit, SEK m                   334     362
 Income from property sales net, SEK m     186     245
 Income after financial items, SEK m       285     351
 Cash flow from operations, SEK m          338     394
 Shareholders' equity per share, SEK       222     210
 Occupancy ratio area, %                  88.6    89.4
 Occupancy ratio financial, %             90.5    91.5

Profit after tax Profit after tax amounted to SEK 205 million (700).

Sales and acquisitions

Five properties (27) have been sold for SEK 516 million (964) with a capital gain of SEK 186 million (245). Three properties (3) have been acquired for SEK 155 million (1 004).

Events after the end of the period

After the end of the period three properties have been sold for SEK 83 million with a capital gain of SEK 3 million.

New strategic and business plan

As announced on 30 January a review of the strategic and business plan is taking place, the outcome of which will be provided in good time before the Annual General Meeting on 28 June.

Danderyd, 12 May 2004

Fastighets AB Tornet (publ)

For further information, please contact: Christel Armstrong Darvik, Managing Director, Fastighets AB Tornet, +46-8-544 905 02

Fastighets AB Tornet is one of Sweden's major listed property companies. Its holding has a lettable area of approximately 2.7 million square metres and a book value of approximately SEK 19 billion. Nearly 97 per cent of the property holdings, measured as book value, are in Sweden and mainly concentrated in Sweden's six largest cities, Norrkoping and Karlstad. The properties are owned and managed by the subsidiaries ArosTornet, Malmstaden, MalarTornet, SkansTornet and Euro Tower.

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