Reported via Stockwise to the Copenhagen Stock Exchange on 30 March 2007:
Keops has sold the office property in Stockholm, Fatburen, to Dublin based Vico
Capital at a price of SEK 2,660 million.
The property was acquired by Keops in May 2005 at a total price including costs
of SEK 2 billion. Since then, the price of Stockholm office property has
developed favourably. Accordingly, Keops realises a considerable increase in
value on the sale.
In connection with the sale, early redemption will be announced of all bonds
issued by Keops EjendomsObligationer V (Fatburen) A/S. The relevant bonds are:
• 6% Keops EjendomsObligationer V 2012
• 7% Keops EjendomsObligationer V 2015
Vico Capital is a property investment company owned and controlled by Brian
O'Donnell and Dr Mary Patricia O'Donnell. Vico Capital has been very active on
the London City market and owns large office buildings in Canary Wharf and
Westminster. This is Vico Capital's first acquisition in Stockholm.
Catella acted as broker on the sale.
Keops expectations of the future
The Fatburen property is included in the three property portfolios which were
designated as ready for sale as a part of Keops' six-point plan for
consolidating, focusing and increasing professionalism of the Group.
The sales process for the last remaining sale (the remaining properties in the
Malmstaden portfolio) follows the determined plan.
The agreements on the sale of a number of Swedish residential properties
(notice to the Stock Exchange no. 290 of 8 March 2007) and the present sale of
Fatburen support the expectations stated in the six-point plan regarding profit
and cash flow proceeds from the property portfolios designated as ready for
sale. After transaction costs, the two sales are expected to generate approx.
DKK 700 million of liquidity and a profit before tax of approx. DKK 90 million
exceeding the carrying amount of the portfolios at 30 September 2006.
Accordingly, management maintains the most recently reported expectations of
Keops Group's consolidated profit before tax for this financial year. The
expectations of profit before tax for 2006/07 accordingly constitute DKK
500-700 million. The expectations of profit include value adjustments of
properties and debt of a total of approx. DKK 170 million.
Please address questions relating to this Notice to
Keops: Deputy CEO Karsten Poulsen or Head of Communications Susanne Lindø on
telephone +45 3341 0000.
Vico Capital: Chairman Brian O'Donnell or Denise Dowling Vico Capital
Communications
+ 353 1 678 7544.
This notice to the Stock Exchange has been prepared in a Danish language
version and has been translated into an English language version. In the event
of any discrepancies between the two versions, the Danish language version
shall be the governing text.
Forward-looking Statements
This notice to the Stock Exchange may contain forward-looking statements within
the meaning of US Private Securities Litigation Act of 1995 and similar laws
and regulations in other countries regarding expectations of the future
development. Forward-looking statements provide our expectations or forecasts
of future events. You can identify these statements by the fact that they do
not relate strictly to historical or current facts. They use words such as
anticipate, estimate, expect, project, intend, plan, believe and other words
and terms of similar meaning in connection with a discussion of future
operating or financial performance.
Such forward-looking statements are subject to risks, uncertainties and
inaccurate assumptions. This may cause actual results to differ materially from
expectations and it may cause any or all of our forward-looking statements here
or in other publications to be wrong. Factors that might affect such
expectations include, but are not limited to, general economic and business
conditions and interest rate and currency exchange rate fluctuations.
As a result you should not rely on these forward-looking statements. Keops is
under no duty to update any of the forward-looking statements or to confirm
such statements to actual results, except to the extent required by law.
Reference is also made to the description of risk factors on pages 30-33 of
Keops' Annual Report 2005/06, which is available from www.keops.dk.
