Tornet: Interim Report January-September 2004

STOCKHOLM, Sweden, Nov. 11, 2004 (PRIMEZONE) --

                                       2004:III 2003:III
 Rental income, SEK m                  1 709    1 797
 Profit after tax, SEK m               331      942
 Earnings per share, SEK               12.80    35.85
 Operating profit, SEK m               1 008    1 076
 Income from property sales net, SEK m 236      343
 Income after financial items, SEK m   459      660
 Cash flow from operations, SEK m      613      803
 Shareholders' equity per share, SEK   100      216
 Occupancy ratio area, %               87.7     89.2
 Occupancy ratio financial, %          89.4     91.2

Profit after tax

Profit after tax amounted to SEK 331 million (942).

Sales and acquisitions

Nineteen properties (62) have been sold for SEK 705 million (1 759) during the period with a capital gain of SEK 236 million (343). Three properties (3) have been acquired for SEK 155 million (1 004).

On 17 September, Fastighets AB Tornet signed agreements for the sale of all properties in the subsidiary Malmstaden. These transactions include 128 properties with a total lettable are of 580 400 sq.m. The price is 9 per cent over the valuations made by Tornet at the turn of year 2003/2004 and the net profit, which will be reported in the fourth quarter results, is estimated to exceed SEK 600 million.

Events after the end of the period

After the end of the period, besides sale of Malmstaden's properties, four properties have been sold for SEK 39 million with a capital gain of SEK 6 million.

After the end of the period, Fastighets AB Tornet has applied for and been approved for -- listing on Nya Marknaden. Trading with the Tornet share on Nya Marknaden started in 1 November 2004.

 Danderyd, 11 November 2004 
 Fastighets AB Tornet (publ) 

For further information, please contact:

Christel Armstrong Darvik, Managing Director, Fastighets AB Tornet, +46-8-544 905 02, +46-70-542 34 84

Fastighets AB Tornet is a property company listed on Nya Marknaden. Its holding has a lettable area of approximately 2.6 million square metres and a book value of approximately SEK 18 billion. More than 97 per cent of the property holdings, measured as book value, are in Sweden and mainly concentrated in Sweden's five largest cities and Karlstad.

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