Sjælsø sells retail projects in Denmark of approx. DKK 160 million

Lagt online 25.06.08

Sjælsø has to investors sold a retail project comprising six shops in Vejle as well as three groceries stores in the Copenhagen area of a total project value of approx. DKK 160 million. In the well-established shopping area in Vejle Nord with Bilka and Bauhaus, among others, a retail project of approx. 8,200 m2 is being constructed on Dandyvej. The project comprises six shops leased out to among others Stay Køkken & Bad, Aubo Køkken & Bad, Kitchn, Hurup Møbelfabrik and Comfort Center. The property is expected ready for use in the spring of 2009.

In addition to this, Sjælsø has sold three groceries stores leased out to Irma and Fakta on Sluseholmen in Copenhagen and in TV-Byen in Gladsaxe. The total area is of approx. 2,500 m2, and the shops will be ready during the autumn of 2008. Furthermore, Sjælsø has leased out a grocery store to Rema1000 in TV-Byen of approx. 1.000 m2. The store is expected to be sold in 2008.

Sjælsø states a continued good level of activities on the retail market. As such, negotiations are in process with several tenants and investors regarding projects in progress, and Sjælsø expects to be able to lease out and sell more retail projects in the coming months. Expectations of profit for 2008 unchanged

The sale of the projects in Vejle and Copenhagen supports Sjælsø’s formerly announced expectations of profit for 2008. As such, the expectations are still a profit at the level of DKK 800 million before tax and exclusive of any value adjustments.

Further information: Sjælsø Gruppen A/S Flemming Joseph Jensen, CEO tel. 48 10 00 00.

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