Agat Ejendomme

M&A Activity • May 14, 2015

Company announcement no. 9/2015

Aalborg, Denmark, 2015-05-14 09:11 CEST (GLOBE NEWSWIRE) --

Summary:

-- TK Development has obtained a CSM approval of the BROEN shopping centre in
Esbjerg, Denmark
-- Accordingly, the conditional agreement to sell 65 % of the project to
CapMan Real Estate will become unconditional.
-- Construction has started, and the centre is expected to be completed in
spring 2017.

The conditional sale of 65 % of the BROEN shopping centre in Esbjerg, Denmark,
will now be completed

Reference is made to company announcement no. 5/2015 of 25 March 2015 in which
TK Development announced the conditional sale of 65 % of the shares in the
company owning the BROEN development project in Esbjerg to CapMan Real Estate.
The sale was subject to the condition that a so-called CSM approval was
obtained which is a validation and approval procedure relating to the project
to ensure safe railway operations.

The process to obtain this approval has been under way for a prolonged period,
and TK Development has now been informed that the approval has been granted by
The Danish Transport Authority.

Accordingly, the conditional agreement with CapMan Real Estate will be
completed and become unconditional.

In recent months preliminary construction works have been carried out that were
useful to have completed prior to actual project construction. Headed by design
build contractor KPC, construction will now be initiated, and as most recently
announced the shopping centre is expected to be completed in spring 2017.

The completion of the 65 % sale of the project does not change the announced
profit estimate of about DKK 40 million before tax for the continuing
activities for the 2015/16 financial year.

Contact information:

TK Development A/S, Frede Clausen, President and CEO, tel. +45 8896 1010.