Agat Ejendomme

Regulatory Filings • Dec 14, 2016

Company announcement no. 14/2016

Aalborg, Denmark, 2016-12-14 17:29 CET (GLOBE NEWSWIRE) --

Summary:

-- TK Development develops and builds 57 apartments of 4,900 m2 at Østre Havn
in Aalborg, Denmark.
-- The apartments have been sold conditionally as an overall project to a
private investor.
-- Construction is to start at the beginning of 2017, with completion and
handover scheduled for spring 2018.

TK Development develops, builds and sells a 4,900 m2 residential project

In spring 2016 TK Development obtained a local plan for a total area of 34,000
m2 on part of the land being developed by the Group at Østre Havn in Aalborg in
cooperation with Frederikshavn Maritime Erhvervspark (Lauritzen-Gruppen).

Based on the local plan, TK Development is now initiating a residential project
comprising 57 apartments for rental. The construction project comprises a
10-floor high-rise building with total premises of 4,900 m2, in addition to a
basement of 500 m2 and 57 parking spaces.

TK Development has conditionally sold the entire project. The buyer is a
private investor, who will handle the letting process. The sale will be based
on forward funding, which means that the investor will pay for the project by
instalments as the project increases in value during the construction period.

A building permit for the project has been applied for, and a design & build
contract has been concluded with HP Byg A/S, a firm of contractors, regarding
construction of the apartments. Construction is expected to start at the
beginning of 2017, with completion and handover to the buyer scheduled for 1
April 2018.

TK Development's profit share of the project represents 70 %. The start-up and
sale of this project will not impact the previously announced results estimate
for the 2016/17 financial year, but will impact the Group’s earnings for the
2018/19 financial year.

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