- Landic Property completes sale of Finnish subsidiaries and signs agreement for sale of Danish and Swedish subsidiaries

Landic Property completes sale of Finnish subsidiaries and signs agreement for
sale of Danish and Swedish subsidiaries 

Landic Property hf. has completed the sale of its Finnish subsidiaries to
Trackside Holding and has also signed an agreement with them in relation to the
sale of its Danish and Swedish subsidiaries. As a part of this agreement,
Landic Property hf. will retain a 20% share in the Danish and Swedish entities.
The Danish and Swedish transactions will be finalised upon completion of
confirmatory due diligence and bank  approval. Trackside Holding is an
investment company whose owners already hold significant real estate
investments in Europe. 

As previously announced, Landic Property has conducted a strategic review
during the last few months. Part of the strategic review, lead by financial
advisers UBS and Catella, has been to explore the possible disposal of certain
asset platforms or subsidiaries. This has culminated in the agreement with
Trackside Holding and represents an important milestone in Landic Property´s
ongoing restructuring process. 
 
The restructuring work has been carried out in close co-operation with the main
creditors of the company, which is reflected in the fact that a new board of
Landic Property hf. has been elected, representing the company's main
creditors. 

When the Danish and Swedish transactions have been completed, Landic Property
hf.'s real estate exposure will mainly be in Iceland, where it remains the 
single largest owner of property. 

For further information please contact:
Landic Property hf	
Vidar Thorkelsson, CEO	
Phone +354 575 9000			
E-mail: vth@landicproperty.com

Landic Property A/S		
Michael Sheikh				
Phone: +45 33 78 40 00 			
E-mail: ms@landicproperty.com