Landic Property hf.
– Landic Property completes sale of Finnish subsidiaries and signs agreement for sale of Danish and Swedish subsidiaries
Landic Property hf. / Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Landic Property completes sale of Finnish subsidiaries and signs agreement for sale of Danish and Swedish subsidiaries Landic Property hf. has completed the sale of its Finnish subsidiaries to Trackside Holding and has also signed an agreement with them in relation to the sale of its Danish and Swedish subsidiaries. As a part of this agreement, Landic Property hf. will retain a 20% share in the Danish and Swedish entities. The Danish and Swedish transactions will be finalised upon completion of confirmatory due diligence and bank approval. Trackside Holding is an investment company whose owners already hold significant real estate investments in Europe. As previously announced, Landic Property has conducted a strategic review during the last few months. Part of the strategic review, lead by financial advisers UBS and Catella, has been to explore the possible disposal of certain asset platforms or subsidiaries. This has culminated in the agreement with Trackside Holding and represents an important milestone in Landic Property´s ongoing restructuring process. The restructuring work has been carried out in close co-operation with the main creditors of the company, which is reflected in the fact that a new board of Landic Property hf. has been elected, representing the company's main creditors. When the Danish and Swedish transactions have been completed, Landic Property hf.'s real estate exposure will mainly be in Iceland, where it remains the single largest owner of property. For further information please contact: Landic Property hf Vidar Thorkelsson, CEO Phone +354 575 9000 E-mail: vth@landicproperty.com Landic Property A/S Michael Sheikh Phone: +45 33 78 40 00 E-mail: ms@landicproperty.com News Source: NASDAQ OMX 16.04.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Landic Property hf. Iceland Phone: Fax: E-mail: Internet: ISIN: IS0000007763 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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