Nordisk Renting acquires SAS' properties

Nordisk Renting acquires SAS' properties in Frosundavik for just over SEK 1,100m

Stockholm, SWEDEN

STOCKHOLM, Sweden, Nov. 11, 2003 (PRIMEZONE) -- Nordisk Renting is acquiring Scandinavian Airlines' headquarters in Frosundavik, just north of Stockholm city, for just over SEK 1,100m. At the same time, SAS is signing a long-term leasing contract with Nordisk Renting.

The headquarters encompass a total area of 57,000 square metres, mainly comprising office space with glazed facades. The property consists of seven interlinked and two free-standing buildings. The seven main buildings surround an atrium housing common facilities such as the reception lobby, conference premises, shops and restaurants. In conjunction with the sale, SAS is concentrating its Stockholm-based operations into the property, thereby making it the airline's corporate head office for the Nordic region. The contract entitles SAS at certain points and on pre-determined terms to acquire the property or designate another buyer.

"The sale is part of the SAS Group's focus on its core business," says Jorgen Lindegaard, CEO of SAS. "We are releasing capital that can partly be used in airline operations, while at the same time allowing a professional real estate owner to acquire the office properties. The leasing contract means that SAS will continue to have a presence in Frosundavik in the future."

SAS AB is the Nordic region's largest publicly listed airline and travel group, and the fourth largest airline group in Europe in terms of passenger numbers and income.

Nordisk Renting already owns hotel properties with Rezidor SAS Hospitality as the tenant and hotel operator, along with shares in several airport-related properties in Norway, Denmark and Sweden with SAS as the tenant.

"It is very stimulating to expand our co-operation and in this way help SAS strengthen its position in the long term as northern Europe's leading airline group," says Reinhold Geijer, CEO of Nordisk Renting AB. "Moreover, the headquarters in Frosundavik have an attractive location in Solna, right on the approach to Stockholm city near the E4 European Highway, with direct connections to Stockholm Arlanda airport."

The property sale is dependent on the necessary approval from the authorities.

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