Vasakronan and Skanska carry out major exchange deal

Vasakronan and Skanska carry out major exchange deal in Stockholm Vasakronan is acquiring the Lagern 11 and Gamen 10 properties from Skanska for SEK 488 M and is selling Grönlandet Södra 13 for SEK 153 M. These transactions create the conditions for further development of Vasakronan's market position in Stockholm. Vasakronan is acquiring the two properties Lagern 11 and Gamen 10. Lagern 11 is located at the intersection of Kungsgatan/Klara Norra Kyrkogata in central Stockholm and has 9,500 m2 of floor space. The major tenants are Marsh & McLennan, AEA, Hermes Kredit Försäkringer and Thai Airways. The purchase price is SEK 320 M. The Gamen 10 property is adjacent to the Tax Building (Skattehuset) on Götgatan in the Södermalm district of Stockholm. The building is newly built, with floor space of slightly more than 5,500 m2. A new tenant, Linq Systems Svenska AB, is contracted to lease the entire property. The purchase price is SEK 169 M. Concurrently, Vasakronan is selling the Grönlandet Södra 13 property, with slightly more than 8,400 m2 in floor space, at Adolf Fredriks Kyrkogata/Wallingatan. The National Swedish Social Insurance Board is the sole tenant and leases all premises in the building. The purchase price is SEK 153 M, with a capital gain of SEK 46 M. "Vasakronan is carrying out this exchange deal with Skanska to strengthen its market position in Stockholm City and on Södermalm," says Christer Alvemur, Vice President and Manager of the Stockholm Region. "The Grönlandet Södra property is facing an extensive renovation and in this respect Skanska has a natural and high competence. As a result of this exchange deal, however, we are divesting a very attractive property. Accordingly, there is a buy-back clause in the agreement with Skanska. An agreement was signed regarding terms for a new six-year leasing contract with the National Swedish Social Insurance Board." Vasakronan is one of the largest property owners in Stockholm, with 90 properties and floor space of slightly more than 1,150,000 m2 in Stockholm. For further information, please contact: Christer Alvemur, Executive Vice President, Manager Stockholm Region +46-8-783 23 05 Bengt Möller, Senior Vice President, Corporate Communications+46-8-783 21 09 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/04/05/20000405BIT00600/bit0001.doc http://www.bit.se/bitonline/2000/04/05/20000405BIT00600/bit0002.pdf