Mandamus expands its stock in growth areas

MANDAMUS EXPANDS ITS STOCK IN GROWTH AREAS Mandamus has reached an agreement with Huge Bostäder AB, the municipal housing company, on the acquisition of a stock of residential properties in the municipality of Huddinge, south of Stockholm. Mandamus will acquire a total of 1,355 flats, including 789 in Västra Skogås and 566 in Visättra. Altogether, annual rents from the properties to be acquired amount to around SEK 74m. Their aggregate rentable space is some 105,000 m2: 65,000 m2 in Västra Skogås and 40,000 m2 in Visättra. The total purchase price, including stamp duty, is SEK 465.5m, and the completion date is 2 April 2001. Comments from Mandamus' MD Anders Johansson This acquisition represents a further concentration of Mandamus' business operations in growth areas, with a focus on residential properties. After the purchase, more than 68 per cent of the property stock, in terms of book value, will be located in the company's growth areas and 84 per cent of the property stock will consist of residential properties. Taking into account the impact of this deal on profit for 2001, and also the effect of the property sales implemented so far this year, we expect management profit for 2001 to reach approximately the same level as last year, i.e. around SEK 140m. Queries Please address any queries to Mandamus' Managing Director Anders Johansson on phone +46-8-566 130 00 or e-mail; Deputy Managing Director Bengt Evaldsson, phone +46-8-566 130 00 or e-mail; or Regional Manager Christer Carlsson, phone +46-8-566 130 00 or e-mail Mandamus is a property company that aims to own, develop and manage residential properties with a high yield, mainly in growth areas in Southern and Central Sweden. Mandamus owns properties with a book value of around SEK 5,500m, yielding an annual rental income of over SEK 800m. ------------------------------------------------------------ This information was brought to you by BIT The following files are available for download: