STOCKHOLM, Sweden, April 7, 2003 (PRIMEZONE) -- The property market is liquid and price levels are on a par with Tornet's assessed market value. This is evident now that Fastighets AB Tornet is selling properties at unprioritised locations in Norrland, among other places. The sales produce a capital gain of approximately SEK 30 million.
A total of ten properties are being sold in Norrland, four of which are in Ostersund, three in Kiruna and one each in Pitea, Bollnas and Boden. The sales are part of Tornet's endeavour to concentrate its property holdings to eight prioritised cities. Seven of the properties sold were included in the acquisition of Amplion. The sales mean that Tornet will leave Pitea, Boden, Ostersund and Bollnas.
An office/shop property is being sold in Malmo and a housing property in Vaxholm and Uppsala respectively. The total sales price amounts to approximately SEK 310 million and the capital gain to approximately SEK 30 million. The total sales price is on a level with Tornet's assessed market value as at 31 December 2002. All properties have been divested during the first quarter of 2003.
More information on sold and acquired 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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