Näckebro property transactions in 1997: purchases of SEK 6 billion, sales of SEK 1 billion

Näckebro property transactions in 1997: purchases of SEK 6 billion, sales of SEK 1 billion Näckebro public offer for fellow listed company Fabege has brought the company an additional SEK 5,500 M in terms of property value. Some SEK 4,500 M of this refers to properties in Stockholm. Other important acquisitions during the year included Alvik Terrass and Varuhissen in Årsta. All acquisitions were thus effected in the Stockholm market, with the exception of the World Fashion Centre in Amsterdam which came with the acquisition of Fabege. The value of the year's property sales was approx. SEK 1,000 M, of which SEK 600 M was generated in Sweden and SEK 400 M outside Sweden. There was a capital loss of less than SEK 10 M on property sales. "The year's transactions accord with Näckebro strategy which aims to concentrate our properties to Stockholm, Malmö, Gothenburg and London. Näckebro assets and rents from the important Stockholm market increased during the year from about 25% to about 55%," comments Chief Executive Lennart Scönning. With the transactions that were finalised in 1997, the number of investment properties has been brought up to around 200, plus a number of undeveloped sites. About 90% of these properties are in Näckebro four key cities. About 85% of the assets, based on book value, are also concentrated there. Sale of Liljan 31 The residential property Liljan 31 in Stockholm was sold in 1997 to a newly- formed tenant-owners society. The purchase price was SEK 35 M and the transaction resulted in a capital gain of some SEK 8 M. The property had previously been cleared, totally renovated, and new floor space created. Since the completion of the rebuilding programme, the property now comprises 1,916 sq m of housing units, 230 sq m of restaurant space, and 300 sq m of garage/parking space. For further information, please contact: Lennart Scönning, Chief Executive, Näckebro, tel.: +46-(0)8-412 19 00, mobile 070-645 02 50