Nordicom sells development property in Germany - and continues its strategic focus on cash flow properties

As part of the implementation of Nordicom's new strategy, the company has just
sold the recently completed property of Eidelstedter Brook 7-19, Hamburg at a
price of EUR 9.6 m (DKK 72 m). The property is being taken over on 1st March
2010 by a German fund. It is a residential property consisting of 49 rental
apartments with a total area of 6,589 m², in which all the apartments were let
prior to completion. 

After redemption of the construction loans, the sale will give Nordicom a
positive liquidity of approx. DKK 35 m, and 50% of the proceeds will be paid
before the end of the year. 

In addition, Nordicom has entered into an exchange involving the office
property at Kongensgade 67/ Vindegade 53 in Odense (3,700 m2) for 7 newly
constructed apartments at Vesterhavnen 17 in Nyborg. The apartments will be
taken over as at December 31st 2009 and are all currently let. They will
therefore provide positive cash flows from day one. The value of the exchange
amounts to approximately DKK 22 m and has been entered into as a result of
Nordicom's decision not to go ahead with the development project. Instead, the
management intends to focus on the group's completed investment properties. 

The impact on Nordicom's accounts is neutral as both the sale and the exchange
have been done at or close to book values. 

Nordicom intends to continue to look for opportunities in the market for
disposal of plots of land and development projects. The company therefore
expects to enter into agreements to sell further non-strategic properties in
the near future. 

Best regards,

Nordicom A/S
Managing Director Niels Troen
Tel: +45 51 51 23 42