Office property in Stockholm acquired for SEK 308 million

Office property in Stockholm acquired for SEK 308 million Drott has acquired the Blästern 14 property at the Norra Station area in Stockholm. The freehold property contains 17,000 square meters of rentable floor space, including 14,000 square meters of office space, and is fully occupied. The purchase price of SEK 308 million corresponds to a yield of 6%, based on current leases. The property, whose address is Gävlegatan 16-18, was refurbished and extended in 1990-1991 and has about 20 tenants. The standard of the premises is very high and the average rent for office space is currently slightly more than SEK 1,400 per square meter. The location is experiencing strong growth and the property is highly compatible with Drott's existing portfolio of office properties in Stockholm. The seller is Evidentia Fastigheter AB and the takeover date October 1, 1999. Drott AB (publ) Additional information: Mats Mared, president Tel: +46-8-545 83 010 Drott AB (publ) is a pure real estate company that focuses on the Swedish market. The Company's mission is to generate a return on shareholders' equity through the management of its own real estate and the active use of the capital structure. With the support of satisfied tenants, profitable properties and a strong position in local growth markets - mainly for offices and housing - Drott aims to secure a rising operating surplus per property in real terms combined with growth in cash flow per share. At the end of June 1999, Drott owned 556 properties with 3.0 million square meters of rentable floor space, of which housing (about 18,500 apartments) accounted for 1.3 million square meters. Rental revenues (including vacant premises) amounted to SEK 2.7 billion, with the Stockholm area accounting for half. The Company has 300 employees. Drott has 55,000 shareholders and is the largest real estate company on the Stockholm Stock Exchange. ------------------------------------------------------------ Please visit for further information The following files are available for download: