Wallenstam expands in Gothenburg

Wallenstam expands in Gothenburg Wallenstam Göteborg AB has agreed to purchase parts of SPP's property holdings, mainly residential properties and commercial premises, in the centre of Gothenburg. The purchase sum is SEK 501 million and the purchase includes 746 apartments. The properties are located in the districts Nordostpassagen and Vita Björn. The total floor space amounts to approx. 75,000 m 2, with apartments accounting for approx. 56,000 m 2. The takeover date is 1 December, 2000. Hans Wallenstam, Group Managing Director, comments: "In our view, the housing market in Gothenburg is particularly attractive. The demand for apartments is rising and little new housing is being built, which means that these properties have a good rent potential. This acquisition should also be seen in the light of the increased interest among tenants in forming tenant-owners' associations. Accordingly, we feel that the potential for an increase in value in these properties is very good." Lennart Wallenstam Byggnads AB Gothenburg, 17 october 2000 For further information, please contact Hans Wallenstam, Managing Director, or Anders Berntsson, Deputy Managing Director, phone +46 31 200 000. Wallenstam was established in 1944 and is one of Sweden's major dedicated property companies with more than 300 properties in the three major urban areas Gothenburg, Stockholm and Helsingborg. The focus of the Group's portfolio is residential and commercial properties. The Group's rental income is about SEK 800 million and the value of its property portfolio is about SEK 7.5 billion. Wallenstam's Series B shares have been listed on the Stockholm Stock Exchange since 1984 ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/10/18/20001018BIT00060/bit0001.doc http://www.bit.se/bitonline/2000/10/18/20001018BIT00060/bit0002.pdf