Castellum's income from property management improved by 12%

  • Rental income for the period January-September 2004 amounted to
  • Net income after tax for the period amounted to SEKm 476 (428).
  • Earnings per share amounted to SEK 11.61 (10.44).
  • Income from property management improved by 12% to SEKm 461
  • During the period 23 properties were sold for a total of SEKm 450

Income from property management during the period, i.e. net income
excluding capital gains from property sales, items affecting
comparability and tax, amounted to SEKm 461 (412), equivalent to SEK
11.24 (10.05) per share, which is an improvement of 12 % compared
with the same period 2003. The improvement has been achieved, mainly
through lower interest rate levels.

During the period 23 properties were sold for a total of SEKm 450
(386) with a capital gain
of SEKm 184 (179). Net income after tax for the period
January-September amounts to SEKm 476 (428), equivalent to SEK11.61
per share (10.44). Investments during the period were SEKm 1,086
(723).

"The continued positive earnings trend in Castellum as well as the
improvement in the overall economic activity is satisfying", comments
CEO, Lars-Erik Jansson. "However, in order for the commercial rental
market to speed up, higher employment rates are needed which has not
yet been seen", adds Lars-Erik Jansson.

Enclosed: Interim Report January-September 2004

Castellum is one of the major listed real estate companies in Sweden.
The book value of the real estate portfolio amounts to approx. SEK 15
billion, and comprises mainly commercial properties. The real estate
portfolio is owned and managed by six subsidiaries with strong local
roots in five growth regions: Greater Gothenburg, the Öresund Region,
Greater Stockholm, Western Småland and Mälardalen. The Castellum
share is listed on Stockholmsbörsen's O-list.

For further information, please contact
Lars-Erik Jansson, CEO, phone +46 31 60 74 00 / mobile +46 705-92 06
70
Håkan Hellström, CFO/deputy CEO, phone +46 31 60 74 00 / mobile +46
705-60 74 56