Interim report for the period 1 January - 30 June 2009

Published to NASDAQ OMX Copenhagen on 31 August 2009.
This translation is an unauthorized translation of the summary. The interim
report is only published in Danish. In case of discrepancies between the
English Summary and the Danish summary, the Danish version shall prevail. 

Summary:

The Group earned a profit before tax of DKK 32,217k compared to DKK 27,133k in
the comparative period; the first half of 2008. The primary reason for the
increased result is a positive income from value adjustments. 

Revenue for the period amounts to DKK 110,694k, which is a decline of 15 per
cent primarily due to sale of six properties in 2008 and four properties in
2009. 

Profit before value adjustment of investment properties, debt, derivatives and
tax amounts to DKK 16,480 k compared to DKK 21,368 k in comparative period;
first half of 2008. The primary reason for the decline is reduced revenues and
increased costs due to the reconstruction of the company. 

The equity per 30 June 2009 amounts to DKK - 125,534 k, which is an improvement
by 14,4 per cent. 

The value of the investment properties at 30 June 2009 amounts to DKK
1,638,417k. In the first half year 2009 the properties have been written-down
with 4 per cent corresponding to DKK 67,206k. 

Furthermore a positive value adjustment has been made regarding the property
bonds and the seller note in the amount of DKK 100,674k, and a negative value
adjustment of derivatives with DKK 17,731k. 

The senior loan is still in breach, due to the value of the property portfolio
according to an external valuation collected by the senior banks is not in
compliance with a loan-to-value clause in the senior loan agreement. The
company has after 30 June 2009 received a waiver regarding the loan to value
clause, as described in section Events after the balance sheet date. As a
consequence hereof the senior and bond loan will be classified as non-current
liabilities after 30 June 2009. 

The Supervisory Board considers the achieved result satisfactory.

Please address questions relating to this Notice to Klaus T. W. Lund on
telephone +45 3378 4000.