Agat Ejendomme

Capital/Financing Update • Nov 18, 2015

Company announcement no. 19/2015

Aalborg, Denmark, 2015-11-18 16:34 CET (GLOBE NEWSWIRE) --

Summary:

-- TK Development has entered into an agreement with PKA on a five-year
refinancing scheme of the Sillebroen shopping centre in Denmark with DKK
500.0 million.
-- The refinancing is part of the plans for the shopping centre, where
additional leasing and operations optimisation are to contribute to a sale
of the centre in the medium term.

TK Development implements a five-year refinancing scheme of the Sillebroen
shopping centre, Denmark

Since the construction of the Sillebroen shopping centre in Frederikssund,
Denmark, TK Development has had the centre financed by two foreign banks. This
was short-term financing, which has now, through the subsidiary KAS
Frederikssund Shoppingcenter, been refinanced by the PKA pension fund, from
which a five-year financing loan of DKK 500.0 million has been obtained.

The Sillebroen shopping centre opened in 2010, but because of the financial
crisis the running-in and maturing phases took longer than expected. As stated
in company announcement no. 2/2015, management focuses on improving the influx
of customers and revenue of the shopping centre, including attracting new shops
and concepts. An extension of the centre by some 1,400 m2 to about 26,400 m2 is
currently in progress with a view to opening a Nordisk Film cinema in the
autumn of 2016. Most recently, new shops such as Imerco, Søstrene Grene and
Normal have opened, taking the occupancy rate to 95 %. The leases intensify the
influx of customers and improve the shopping centre revenue, and the new
tenants contribute to the planned improvement and optimisation of the tenant
mix of the centre, while also underpinning the sales perspectives for the
centre in the medium term.

PKA is one of Denmark's largest pension companies with 270,000 members and
total assets of DKK 215 billion. TK Development finds it interesting to extend
its business relations to this sector, including to PKA, which has both the
will and the capacity to contribute to both investment and financing solutions
for attractive property projects.

The refinancing implemented does not affect the Group's earnings expectations
for the 2015/16 financial year.

Contact details:

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