Agilia sells remaining 51% of Stenvalvet

Agilia sells remaining 51 percent of Stenvalvet to consortium comprising Credit Suisse First Boston and the National Pension Insurance Fund, Fifth Fund Board (5th AP Fund) Agilia Holding AB, an affiliated company of Vasakronan, is selling the remaining 51 percent of Stenvalvet to the current owners Credit Suisse First Boston and the 5th AP Fund Stenvalvet Fastighets AB was formed in June 1997 when 188 properties in 100 communities were acquired from Vasakronan for a total of SEK 4,850 M. At that time, Stenvalvet Invest AB owned 49 percent of Stenvalvet, with an option within a two-year period to take over the entire company. Stenvalvet Invest AB was formed by a consortium comprising Credit Suisse First Boston, the 5th AP Fund and Crown NorthCorp. Vasakronan sold its 51 percent holding during 1997 to the affiliated company Agilia Holding AB. The transaction is now being accelerated and the options which were to be exercised in September 1998 and September 1999 are being exercised at this time. The payment price for the shares and shareholder loans amounts to SEK 558 M. Thereafter, the consortium holds 100 percent of Stenvalvet. "In its structure, the transaction has become a model for the real estate industry," says Håkan Bryngelson, President of Vasakronan AB. "This is the first time that an international owner acquired a complete package of properties in Sweden. There have been many similar deals since." "During its first year, Stenvalvet has developed into a specialised real estate company focusing on midsize communities in Sweden," comments Claes Kjellander, President of Stenvalvet. "We now own 184 properties in 100 communities generating rental revenues of SEK 700 M." For further information, contact: Claes Kjellander, President of Stenvalvet +46 8 566 12 200 Håkan Bryngelson, President of Vasakronan AB +46 8 783 21 05 Bengt Möller, Senior VP Corporate Communications, Vasakronan +46 8 783 21 09