Summary:
• TK Development has taken over the development of a 5,400 m2 project at
Trøjborgvej in Århus and set up a joint venture with Nordica Real Estate A/S to
complete the project. 
• Nordica Real Estate A/S owns 80 % of the project company, and TK Development
owns 20 %. 
• In conjunction with the take-over of the Trøjborgvej project, TK Development
has sold two retail parks in operation, totalling 3,900 m2, to the jointly
owned company. 
• The sale contributes to the current year's profit, which the Group still
expects to total around DKK 100 million after tax for the 2010/11 financial
year. 

TK Development takes over the development of a property project

TK Development is to complete a project for the construction of 5,400 m2 at
Trøjborgvej i Århus. To complete the project, the Group has set up a joint
venture with Nordica Real Estate A/S, which owns 80 % of the project company,
while TK Development owns the remaining 20 %. Nordica Real Estate A/S is a
privately owned construction and investment company based in Ikast. 

The 5,400 m2 project premises consist of a 1,200 m2 supermarket unit for REMA
1000, a business lease of 870 m2 currently the subject of negotiation with
potential tenants, as well as rental housing of 3,330 m2. 

A local plan and a building permit already exist, and the project has been
fully financed. Construction is to start as soon as possible, and the overall
project is expected to be completed in autumn 2011. 

TK Development will be paid on a fee basis for the services made available by
the Group to the jointly owned project company. 

TK Development sells two retail parks

In conjunction with the take-over of the Trøjborgvej project, TK Development
has sold two retail parks in operation to the jointly owned project company
that will generate positive earnings and positive cash flows for the company.
Consisting of 2,800 m2 at Anelystparken in Århus and 1,100 m2 in Brønderslev,
both retail parks have been fully let, with tenants including Punkt1, Petworld
and Butler. 

Upon acquiring these two retail parks, the jointly owned project company thus
has three projects in its portfolio. Once completed and matured, the three
projects are to be sold. 

The sale of the two retail parks contributes to this year's consolidated
profits. 

TK Development still expects to generate a profit after tax of about DKK 100
million for the 2010/11 financial year. 

Further information is available from Frede Clausen, President and CEO, tel.
+45 88 96 10 10.