TK Development sells its share of two investment properties in the Czech Republic

Summary

•TK Development has sold its share of the Futurum Ostrava Shopping Centre and
the Haná Olomouc Shopping Centre, both in the Czech Republic, to the property
fund manager Pradera - AM PLC. 
•TK Development continues to expect a profit of about DKK 300 million after tax
for the 2008/09 financial year. 

Properties sold to the UK fund manager Pradera for EUR 104 million

Through Euro Mall Holding, TK Development owns 20 % of the joint venture Euro
Mall Ventures S.à.r.l., Luxembourg, which has entered into an agreement to sell
the Futurum Shopping Centre in Ostrava and the Haná Shopping Centre in Olomouc,
the Czech Republic. The selling price for the two shopping centre amounts to
EUR 104 million. 

The buyer is the UK-based retail specialist fund manager Pradera - AM PLC
founded in 1999, with currently EUR 2.6 billion of assets under management.
Pradera - AM PLC currently manages a portfolio of 32 retail properties
totalling more than 650,000 m2 and accommodating more than 1,500 tenants. 

Both of the newly acquired shopping centres will form part of the Pradera PCEF
Fund which is focused on acquiring shopping centres and retail warehouse parks
in Central and Eastern Europe, currently with a value in excess of EUR 300
million. 

TK Development's share of the sold shopping centres forms part of the Group's
portfolio of in-vestment properties. The sale of the shopping centres has
generated an excess value over the carrying amount of about DKK 40 million. The
previously estimated increase in value plus rent and less financing costs has
been included in the profit estimate for 2008/09, which means that the sale
will have a net effect of about DKK 20 million. 

Outline of investment properties

The Futurum Ostrava Shopping Centre opened on 25 May 2000. The centre, which
has been fully let, is situated in Ostrava, which, with almost 350,000
inhabitants, is the Czech Republic's third-largest town. Consisting of 90
retail stores as well as restaurants and a cinema, Futurum Ostrava covers a
total floor space of 26,600 m2. 

The Haná Shopping Centre, which opened on 19 September 2002, is situated in
Olomouc, the fifth-largest town in the Czech Republic with more than 100,000
inhabitants. The Haná Shopping Centre has been fully let and consists of 60
stores with a total floor space of 10,100 m2. 

GE Real Estate, Heitman Central Europe Property Partners II and TK Development
still own the Futurum Shopping Centre in Hradec Králové, the Czech Republic,
and plan to start expanding the centre in the course of the next year. 

TK Development maintains its profit forecast for 2008/09

TK Development continues to expect a profit of about DKK 300 million after tax
for the 2008/09 financial year. 

Further information is available from Frede Clausen, President and CEO, tel.
+45 88 96 10 10.