Drott sells additional UK properties - capital gain of SEK 70 million

Report this content

Drott sells additional UK properties - capital gain of SEK 70 million *Sale of five UK properties for a total of SEK 410 million *Pretax capital gain of SEK 70 million *Since year-end 1998, Drott has sold ten properties in the UK - three remain to be sold The portfolio of properties outside Sweden that Drott took over through its acquisition of Näckebro is being phased out gradually. The transactions announced today involve the sale of five properties in and around London. The sales prices correspond to an average of SEK 38,400 per square meter and an average yield of 7.5%. Takeover will occur during July 1999. Sales announced today Transaction Rentable floor space sq. m. Status Park 6 188 Brompton Road 560 Symal House 1 320 The Vale 1 513 Leatherhead 1 097 Total 10 678 Change in Drott's real estate portfolio since December 31, 1998 1 Drott's properties Portfolio Sales Acquisi Current Dec. 31, 1999 tions portfolio 1998 1999 2 No. of properties 500 41 92 553 Rentable floor space, sq. m. 2 910 570 229 282 236 2 950 3 451 200 No. of apartments 17 454 1 556 2 615 18 513 Rental revenues, Dec. 31, 1998 (incl. 4 3,4 rent for vacant space) SEK million 2 619 198 231 2 656 Interest subsidies 1999F, SEK million 40 1 3 42 Drott AB (publ) For further information, contact Mats Mared, CEO (Tel: +46-70-640 5715). 1.Including 50% of properties in companies owned on a 50-50 basis. 2.Including two properties that have been partitioned. 3.The difference between this figure and "data at Dec. 31, 1998 adjusted for sales and acquisitions during 1999" corresponds to the changes during 1999 in existing portfolio. 4.With respect to acquired properties, "Rental revenues, incl. rent for vacant space" refers to the rent level at the date of acquisition ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/07/12/19990712BIT00040/bit0001.doc http://www.bit.se/bitonline/1999/07/12/19990712BIT00040/bit0002.pdf

Documents & Links