Diligentia finishes sale of Quinta da Fonte in Portugal

Diligentia finishes sale of Quinta da Fonte in Portugal Diligentia has sold the remaining land area in "Quinta da Fonte Office Park", which is situated between Lisbon and Cascais in Portugal. The buyer is Akeler S.A., a company in the Security Capital Group. This purchase means that Akeler exercises the option they have on the land since the transaction between Diligentia and Akeler last year. One element of the transaction when Akeler purchased properties in Quinta da Fonte from Diligentia in September 1998, was an option to purchase the land in the same area. This option is now exercised as Akeler purchase 28,000 square meters land area from Diligentia, taking possession gradually from 1999 to 2001. Akeler have also taken over the entire Diligentia organisation in Portugal with 18 employees. The purchase price amounts to 4.3 billion escudos, the equivalent of approximately SEK 192 million or SEK 6,500 per square meter building right. The sale has no impact on earnings. Diligentia's international property portfolio has through the latest sales decreased considerably. Almost the entire Spanish portfolio is sold and there remains only two building sites with a total book value of approximately SEK 50 million in Portugal after this transaction. "As a result of our steady work to reduce Diligentia's international portfolio, the international property portfolio has more halved since year-end and the book value is now approximately SEK 560 million," says Anders Jarl, Managing Director of Diligentia Real Estate. Stockholm, August 10, 1999 Diligentia is one of Sweden's largest real estate companies. The book value of the Group's Swedish property assets amounted to SEK 10,455 million on March 31, 1999. The book value of its international properties was SEK 850 million. Diligentia's overall strategy is to concentrate its operations on select market sectors in Stockholm, Gothenburg and the Öresund region. Diligentia is quoted on the A-list of the Stockholm Stock Exchange. For further information, please contact: Anders Jarl, Managing Director of Diligentia Syd, telephone: +46-40-690 84 11 or +46-70-426 84 11, e-mail: anders.jarl@diligentia.se Göran O. Westerberg, Head of Group Communications and Investor Relations, telephone: +46-8-5875 8120 or +46-70-426 8120 e-mail: goran.westerberg@diligentia.se www.diligentia.se ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/08/10/19990810BIT00080/bit0001.doc http://www.bit.se/bitonline/1999/08/10/19990810BIT00080/bit0002.pdf

Subscribe