STOCKHOLM, Sweden, Sept. 17, 2004 (PRIMEZONE) -- Fastighets AB Tornet has previously announced the sale of its subsidiary Malmstaden. Agreements covering all Malmstaden's properties have now been signed.
Purchase agreements have been signed with:
-- The municipal company Hyresbostader relating to residential properties
in central Norrkoping.
-- A consortium of four local property owners, represented by
PricewaterhouseCoopers, relating to the residential properties in
central Linkoping.
-- Keoterra AB, which is owned by the Danish listed company Keops A/S
and Althen Perez & Co, relating to Malmstaden AB which will include
the remaining properties with the exception of the shopping centre
properties.
In addition, a declaration of intent has been signed with the property company Keops A/S regarding the shopping centre properties Disponenten 2, Linkoping, and Johannes 21, Norrkoping.
The transactions are based on a total property value of SEK 4 313 million.
The transactions include 128 properties with total lettable area of 580 400 sq.m. The price is 9% above Tornet's valuation on 31 December 2003 and the net profit, which will be reported in the fourth quarter results, is estimated to exceed SEK 600 million. There are certain conditions attached to the transactions, mainly concerning financing. All transactions are expected to be completed this year.
Tornet's advisers in the transaction have been Leimdorfer Fastighetsmarknad AB and Lehman Brothers Europe Limited.
In addition, Tornet has sold four properties at total sales price of SEK 59 million and a capital gain of SEK 43 million. Three of the properties are situated in Gothenburg and one in Karlstad.
The sales comply with Tornet's strategy of winding up its assets and repaying freed-up capital to the shareholders. More information about the properties sold is available on Tornet's website, www.tornet.se under the heading properties
Danderyd 17.09.2004 Fastighets AB Tornet (publ)
For more information, please contact: Christel Armstrong Darvik, Managing Director, Fastighets AB Tornet, +46-8 544 905 02, mobile +46-70 542 34 84
FASTIGHETS AB TORNET (publ)
Fastighets AB Tornet is one of Sweden's major listed property companies. Its Swedish holding has a lettable area of around 2.6 million square metres and a book value of approximately SEK 19 billion. Over 97 per cent of the property holdings, measured as book value, are in Sweden and mainly concentrated in Sweden's six largest cities and in Norrkoping and Karlstad. The properties are owned and managed by the subsidiaries ArosTornet, Malmstaden, MalarTornet, SkansTornet and Euro Tower.
This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/09/17/20040917BIT00200/wkr0001.pdf
-0-