Nordicom A/S
Nordicom has entered into negotiations concerning the sale of 5 German investment properties and a plot of land at Amager Strandvej

Nordicom A/S 

17.11.2010 11:40

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Nordicom has entered into negotiations with German investors concerning the
sale of five of its German investment properties (3 situated in Hamburg and 2
in Lüneburg). Several conditions are still to be agreed upon, but it is
expected that the sales price will be in line with the book value as at
September 30th 2010 (approx. EUR 11 m). With a loan to value of 70%, Nordicom
will thereby free up liquidity of approx. DKK 25 m. After the sale Nordicom
will own only one German property (Lippeltstrasse 1 in Hamburg), which is
currently under development. 
 
Nordicom is also witnessing increasing interest in its plot of land at Amager
Strandvej. Negotiations are also under way here, strengthening the board of
directors' expectations of a sale of the whole or parts of the plot of land at
a sales price of around the book value (DKK 220 m for the entire plot with
55,000 m2 of right to build). The loan to value at Amager Strandvej is approx.
75%. 

Several conditions remain to be agreed upon and it must be emphasized that the
sale of the plot of land is more complex that the sale of the German investment
properties. 

If the two above-mentioned transactions are carried out, Nordicom's operating
profit after interest expenses is expected to increase by DKK 5 m p.a. 


Best regards,

Nordicom A/S
Managing Director Niels Troen
Tel: +45 51 51 23 42
www.nordicom.dk

News Source: NASDAQ OMX



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Language:     English
Company:      Nordicom A/S
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0010158500
WKN:          
 
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