STOCKHOLM, Sweden, Dec. 3, 2002 (PRIMEZONE) -- Drott (Stockholm:DROTa) has sold a residential property in the Norrmalm section of Stockholm for SEK 72 million, or SEK 18,700 per square meter. The price, which is 24 percent higher than the property's market value as of December 31, 2001, corresponds to a direct yield of 4.3 percent.
The property, Apeltradet 7, is in need of extensive renovation and has rentable space of 3,852 sq. m., of which 1,981 sq. m. is residential space (14 apartments).
The buyer is a condominium association. Closing took place on November 29, 2002 and the capital gain amounts to SEK 24 million.
To date in 2002 Drott has sold a total of 16 properties for SEK 740 million, with capital gains of SEK 220 million before tax.
Drott AB (publ)
For further information, please contact:
President, Mats Mared, telephone +46 8 769 30 10
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