STOCKHOLM, Sweden, July 16, 2002 (PRIMEZONE) -- During June, Mandamus disposed of an office building in Norrkoping with a rentable area of 814 m2 and a shop-cum-office property in Ljungby with a rentable area of 745 m2. The total sale price for these two disposals was SEK 6.3m, representing a disposal loss of SEK 2.7m.
In early July, an office property in Huddinge, in southern Greater Stockholm, was sold for SEK 37m at a disposal profit of SEK 3.6m. The completion date for the sale of this building, which has a rentable area of 5,174 m2, is 17 July 2002. The disposal profit on this sale is not included in the interim (six-month) accounts.
Comments from Mandamus' Managing Director, Anders Johansson The sales of these commercial buildings are part of our strategy of focusing the company's property stock on residential properties in growth areas. The fact that these sales were implemented at prices slightly below the assessed market value at year-end 2001 is not entirely surprising. For more than a year now, the trend of prices for commercial properties generally has been downward, owing to the economic slowdown.
Queries
Please address any queries to Mandamus' Managing Director Anders Johansson on phone +46-8-566 13000 or e-mail anders.johansson@mandamus.se, or Deputy Managing Director Bengt Evaldsson on phone +46-8-566 130 00, e-mail bengt.evaldsson@mandamus.se.
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 5,800m, yielding an annual rental income of just under SEK 900m.
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