Vasakronan acquires NCC's portion of Kista Science Tower

Vasakronan acquires NCC's portion of Kista Science Tower Vasakronan has acquired NCC's remaining holding in Kista Science Tower in accordance with the option contract signed in 2001. At the beginning of June 2004, Vasakronan exercised its option, and subsequently three independent valuation companies appraised the building. Vasakronan and NCC then finalized the transaction on the basis that Kista Science Tower has a market value of SEK 1,208 M. In 2001, Vasakronan decided to prioritize Kista and acquired two project properties. Kista Entré was bought from Skanska and half of Kista Science Tower was acquired by NCC. These transactions were included in exchange agreements involving land on the Järvafältet area, which resulted in capital gains for Vasakronan that amounted to SEK 1 billion. In the 2003 year-end report, Vasakronan's earnings were charged with the write-down of the Kista Science Tower property by SEK 315 M and by SEK 108 M for the write-down of the holding in the jointly owned company. The market valuation is now higher than the valuation conducted at the end of 2003. "Kista Science Tower is Sweden's most modern office building and we look forward to being able to offer a stimulating office environment with a rich service offering for new tenants," comments Håkan Bryngelson, President of Vasakronan. "We own the two most interesting buildings in Kista as a result of the acquisition of Kista Science Tower and the earlier purchase of Kista Entré. "The market trend in Kista has been positive in 2004 and interest in becoming established in Kista has grown in the past six months. "The development potential in Kista is large. Already now, there are as many employees in Kista as there were during the economic boom in 2001, which reinforces our hope of an improvement in the vacancy rate in Kista within a couple of years." Kista Science Tower comprises 52,000 m2 of floor space, of which 43,000 m2 is rentable office space, as well as 18,500 m2 of garage space. To date, slightly less than 40 percent has been leased. The tenants include Cabling, Component Software, Etac, IHC Networks, JustNu, Handelsbanken, Hi3G with a "3" store, Mentor Graphics Scandinavia, Portwise, Realab, Sprint, Symsoft, Symantec, Unisys, ZTE Wistron, Tower Office Suites (office hotel with some 20 tenants), SATS Sportsclub, Scandinavian Service Partner and Consess. For further information, please contact: Håkan Bryngelson, President, Vasakronan +46 70 545 36 55 Bengt Möller, Senior VP, Corporate Communications +46 70 593 91 71 Real offices for real people. Vasakronan AB is one of the leading real estate companies in Sweden. Vasakronan is the largest supplier of commercial premises, primarily office properties, with locations in Stockholm, Göteborg, Malmö, Lund and Uppsala. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/08/02/20040802BIT20560/wkr0001.pdf Vasakronan acquires NCC's portion of Kista Science Tower