Nordic Business Report-September 13, 2006-TK Development A/S divests shopping centre in Poland

The Danish property developer TK Development A/S said on Wednesday (3 September) that it has sold the Plejada shopping centre in Sosnowiec, Poland to Dutch company St Martins Europe BV, part of St Martins Property Corporation Ltd.

As part of the agreement TK Development's subsidiary Euro Mall Holding will expand the the centre by 5,000 square metres.

"The selling price is based on a rate of return for the investor of 6.75%. This represents a lower return - and consequently a higher price - than that previously used by TK Development when valuing its Central European investment properties," TK Development said.

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