JM sells hotel property for SEK 575m to Norwegian insurance company

JM sells hotel property for SEK 575m to Norwegian insurance company In a deal with the Norwegian insurance company Vital Forsikring ASA, JM is selling the hotel property Pennfäktaren 10 at Vasaplan in Stockholm. The sales price totals SEK 575m and provides JM with a capital gain of SEK 57m. This result will be reported in the first quarater of 2003. "Vital wishes to invest a greater part of policyholders' assets in real estate. The purchase of Pennfäktaren 10 is a natural follow on of our investment in Kortbyrån 17. Their location and quality means that we believe in a positive development for these investments," says Vital Forsikring's Managing Director Bjørn Østbø. "This is a further sale where JM's business concept of developing and subsequently selling commercial properties has yielded a good result," says Sten Hamberg, Head of JM Commercial. "This deal also indicates a continued interest from foreign real estate players to invest in modern properties on prime sites in Stockholm." For additional information please contact: Sten Hamberg, JM AB, telephone +46 8 782 88 52 or Eva Eriksson, JM AB, telephone +46 8 782 88 99. Managing Director Bjørn Østbø, Vital Forsikring ASA, telephone +47 55 17 86 08 or Managing Director Kjell Sagstad, Vital Eiendomsforvaltning AS, telephone +47 93 41 56 50. Stockholm, 17 February 2003 JM AB Corporate Communications This and earlier press releases are also available at www.jm.se JM AB is a public limited company listed on the Stockholm Stock Exchange. JM has around 2,600 employees in Sweden, Norway, Denmark and Belgium, and sales in 2001 amounted to approximately SEK 9 billion. The company is Sweden's leading housing developer, and the core business is project development of residential and commercial properties in central areas of growth markets. JM's operations are characterised by a focus on quality and the environment. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/04/07/20030404BIT01170/wkr0001.doc http://www.waymaker.net/bitonline/2003/04/07/20030404BIT01170/wkr0002.pdf