8,200 m² office property in Copenhagen sold (DK)

TKD Nordeuropa, TK Development's wholly-owned subsidiary group, has sold the office property at Sankt Annæ Plads no. 13 in Copenhagen. This approx. 8,200 m² five-storey property is situated on the street corner between Sankt Annæ Plads and Amaliegade in Copenhagen (Denmark).

Over the years, the property has served as corporate headquarters for a number of major companies but is currently unlet. Jeudan A/S, a Danish listed property company, is the buyer. The selling price has been agreed at DKK 139.5 million (approx. €20 million) and the new owner will take possession as of 20 July 2005.

The agreement regarding the sale of the office property underpins Management's expectations as to a TKD Nordeuropa post-tax profit hovering around DKK 70 million (approx. 20 million) for the 2005/06 financial year, and DKK 50 million (after tax - approx. €7 million) for TK Development for the same period.

Source: TK Development

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