Higher rents and lower vacancies - Vasakronan interim report January-June 2008

Higher rents and lower vacancies - Vasakronan interim report January-June 2008

Rental revenues increased by 9% and the vacancy rate declined to 4% (5),
according to Vasakronan's interim report January-June 2008.

 “During the first six months of 2008, Vasakronan reported the strongest
earnings in its history,” commented Håkan Bryngelson, President & CEO of
Vasakronan. “Rental revenues rose, operating expenses declined and interest
expenses increased, which combined led to improved income after financial items
and before changes in value of SEK 918 M (777).”

	Rental revenues increased by 9% to SEK 1,539 M (1,418). Leased annual rent
increased to SEK 3,427 M and exceeded the reported annual rent of SEK 2,995 M by
14%.
	The vacancy rate declined to 4% (5) of rental revenues.
	Income after financial items before value changes increased to SEK 918 M
(777), as a result of improved operating income.
	The market value of properties increased to SEK 46,685 M (41,243). The
unrealized increase in value for the first six months amounted to SEK 160 M
(2,422).
	During the first six months of 2008, rental levels increased somewhat in the
central parts of Stockholm, Göteborg and Malmö. The property market was
characterized by lower sales and a somewhat higher yield requirement. 
	AP Fastigheter acquired Vasakronan after the end of the period. The
transaction valued the property portfolio at SEK 41.1 billion. Ownership will be
transferred to AP Fastigheter on September 1, 2008 and the new company will be
called Vasakronan. After the end of the period, AP Fastigheter sold a property
portfolio primarily from Vasakronan's property portfolio to Niam for SEK 7.1
billion, with transfer occurring on October 1, 2008.




Real offices for real people.
Vasakronan AB is one of the leading real estate companies in Sweden. Vasakronan
is the largest supplier of commercial premises, primarily office properties,
with locations in Stockholm, Göteborg, Malmö, Lund and Uppsala.