STOCKHOLM, Sweden, April 01, 2003 (PRIMEZONE) -- Fastighets AB Tornet and JM are carrying out a property transaction in Stockholm where Tornet is selling housing properties and purchasing office properties. The sale will give rise to a large capital gain for Tornet.
The transaction consists of three parts:
- Tornet is selling its housing holding in Alta, Stockholm, including eleven properties to JM for approximately SEK 600 million with a capital gain of approximately SEK 215 million. The sales price is on a level with the properties' assessed market value as at December 31, 2002.
- Tornet has issued a purchase option to JM to acquire the shares of AB Vaxholmsbostader. This company includes 30 housing properties in Vaxholm. The option runs from 1 July 2003 to 30 August 2003 and the sales price is on a level with the properties' assessed market value as at December 31, 2002.
- Tornet is acquiring JM's eleven properties in the Svardet block in Morby Centre for approximately SEK 900 million.
Provided that JM exercises the option, Tornet's pro forma shareholders' equity per share at the end of the first quarter of the year will be approximately SEK 200 million and the pro forma net worth will exceed SEK 260 per share. The equity ratio pro forma amounts to approximately 26.5 per cent.
More information on sold properties is available on Tornet's website www.tornet.se under the heading Properties.
For further information, please contact: Fastighets AB Tornet (publ) Sverker Lerheden, Managing Director +46-8-544 905 00 Britt-Marie Einar, IR Manager +46-8-544 905 08, +46-70-576 92 08
Fastighets AB Tornet is one of Sweden's major listed property companies. Its Swedish holding has a lettable area of around 2.9 million square metres and a book value of approximately SEK 19 billion. Almost 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.
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